MIRA
INFORM REPORT
|
Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AK GIDA SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
AK ENTEGRE GIDA SANAYI VE TICARET A.S. |
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Registered Office : |
B. Camlica Kisikli Mah. Ferah Cad. No:1 Uskudar Istanbul |
|
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|
Country : |
Turkey |
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|
Financials (as on) : |
30.06.2008 |
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|
Date of Incorporation : |
23.07.1996 |
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|
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|
Com. Reg. No.: |
349976 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Milk and Diary Products, Powder Fruit Juice,
Ketchup, Mayonnaise |
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 65 million |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
NOTE
The address at your inquiry is the former address of the firm. The
company moved from “Ramazanoglu Mah. Mahmut Bayram Cad. No: 88 Pendik- Istanbul” to “B. Camlica Kisikli Mah. Ferah Cad. No:1 Uskudar
Istanbul” on 14.04.2008.
COMPANY IDENTIFICATION
|
NAME |
: |
AK GIDA SANAYI VE
TICARET A.S. |
|
ADDRESS |
: |
Registered Head Office: B. Camlica Kisikli
Mah. Ferah Cad. No:1 Uskudar Istanbul/ Turkey Administrative Office & Factory:
Gokgoz Koyu Pamukova Sakarya/ Turkey |
|
PHONE NUMBER |
: |
90-216-524 25 00 (Registered Head Office) 90-264-554 00 00 (Administrative Office
& Factory) |
|
FAX NUMBER |
: |
90-264-554 00 29 (Administrative Office
& Factory) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 0110076014 |
|
REGISTRATION NUMBER |
: |
349976 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
23.07.1996 (Commercial Registry Gazette
Date/No: 30.07.1996/4091) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 70,000,001.92 |
|
PAID-IN CAPITAL |
: |
YTL 70,000,001.92 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Ak Entegre Gida Sanayi ve Ticaret A.S. |
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|
|
|
Name Changed On |
: 04.02.1997 (Commercial Registry Gazette
Date/No:12.02.1997/4227) |
|
|
|
|
Previous
Registered Capital |
: YTL 12,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 16.05.2003 (Commercial Registry Gazette
Date/No:22.05.2003/5803) |
|
|
|
|
Previous
Registered Capital |
: YTL 49,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 15.05.2007 (Commercial Registry Gazette
Date/No:21.05.2007/6812) |
|
|
|
|
Previous Address |
: Ramazanoglu Mah. Mahmut Bayram Cad. No:
88 Pendik- Istanbul |
|
|
|
|
Address Changed On |
:14.04.2008 (Commercial Registry Gazette
Date/No:18.04.2008/7045 ) |
|
|
|
|
Other Historical Events |
:The subject company has took over and
merged with “Sakarya Gida Sanayi ve Ticaret A.S.” on 28.12.2007 (Commercial
Registry Gazette Date/No:04.01.2008/6970) As a consequence of the merger, the
registered capital of the firm changed from YTL 70,000,000 to YTL
70,000,001.92 on 28.12.2007 (Commercial Registry Gazette
Date/No:04.01.2008/6970) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Latif
Topbas Yildiz Holding
A.S. Ahmet Arif
Topbas Orhan Ozdemir Zeki Ziya Sozen Ibrahim Halit
Cizmeci |
37 % 32 % 12 % 10 % 6 % 3 % |
|
GROUP PARENT COMPANY |
: |
Yildiz Holding A.S. Yildiz Holding A.S. is a conglomerate which deals with trade of food products
and packaging materials; and also participates in and coordinates the
activities of Ulker group of companies. The group is specialized mainly at
food sector. Some of the companies operating within
Ulker group are declared to be as follows: -Ags-Anadolu Gida Sanayi ve Ticaret A.S. -Ak Gida Sanayi Ve Ticaret A.S.
(manufacture and trade of milk and diary products, powder fruit juice,
ketchup, mayonnaise) -Atlas Gida Pazarlama San. ve
Tic.A.S. (trade of food) -Baycan Ciklet ve Gida Sanayi A.S.
(Manufacture and trade of chewing gums, candies) -Besler Gida ve Kimya Sanayi A.S. (manufacture and trade of
grease and butter) -Birlesik Dis Ticaret A.S. (international
trade of food) -Birlik Pazarlama Sanayi ve Ticaret A.S. -Biskot Biskuvi Gida Sanayi ve Ticaret
A.S. (manufacture and trade of biscuits…) -Bizim Toplu Tuketim AS -Bizpro Sistem Bilisim Hizmetleri Tic.
A.S.(setting of computer systems and trade of computer parts.) -Buyuk Endustriyel Urunler Pazarlama Ve
Sanayi Ltd.Sti. |
|
|
|
-Datateknik Bilgisayar Sistemleri A.S.
(assembling computers and developing I.T. systems) -Della Gida Sanayi Ve
Ticaret AS.( Manufacture and trade of non-alcoholic beverage) -Dinamik Bilisim
Hizmetleri Ltd. Sti. -Dogan Matbaacilik Ambalaj San ve Tic A.S.
(printing, manufacture and trade of cardboard boxes ) -Doruk Gida Kimya Ambalaj San ve Tic A.S.(investment) -Dura Unlu ve Sekerleme Gida San (special
type biscuits packaging and chewing gum production) -Esas Pazarlama ve
Ticaret A.S. -FFK Fon Finansal Kiralama
A.S. -Folyomak Ambalaj Maddeleri Ve Ambalaj
A.S. (manufacture and trade of hard PVC folio) -Fresh Cake Gida Sanayi A.S. (manufacture
and trade of cake) -Garanti Gida Sanayi
ve Ticaret A.S. -Golf Gida Pazarlama
ve Dagitim Ltd. Sti. -Hizli Sistem Magazacilik A.S. -Ideal Gida Sanayi ve Tic A.S.
(manufacture and trade of biscuits…) -Integral Bilgisayar Endustri Urunleri
Sanayi ve Ticaret Ltd. Sti. -Istanbul Gida Dis Ticaret A.S.(trade of
food stuff) -Kaynak Finansal Kiralama AS -Link Gida Yatirim Sanayi Ticaret A.S -Merkez Gida Pazarlama San ve Ticaret AS.
(trade of automotive dealership and appliances marketing) -Mersa Elektronik ve Teknolojik Urunler
Ticareti A.S. -Natura Gida Sanayi ve Ticaret A.S.
(manufacture of ice-cream) -Orgen Gida San. ve Tic. A.S. -Pakyag Gida Sanayi ve Ticaret A.S.
(manufacture and trade of grease) -PNS Pendik Nisasta Sanayi
A.S.(manufacture and trade of corn starch, glucose and derivatives) -Polinas Plastik Sanayi Ticaret A.S.
(manufacture and trade of packaging materials) |
|
|
|
-Pri-Pack Ambalaj Sanayi Ve Ticaret A.S.
(manufacture and trade of cardboard box) -Rekor Gida Pazarlama San ve Tic A.S
(domestic trade of food) -Rozi Kagit ve Temizlik Urunleri San ve
Tic A.S. (Manufacture and trade of paper sanitary articles, hygienic pad and
nappies. The firm was acquired by Yildiz Group in October 2004) -Seher Gida Pazarlama
San. ve Tic. A.S. -Tac Yatirim Ortakligi A.S. (portfolio
investment) -Topkapi Makina (engineering for plants
and machine equipment) -Ulker Biskuvi Sanayi A.S. (manufacture
and trade of biscuit, chocolate and confectionery) -Ulker Cikolata Sanayi A.S. (manufacture
and trade of chocolate products) -Ulker Uluslararasi Tasimacilik
(international transportation) -Yildiz Holding A.S. |
|
SUBSIDIARIES |
: |
-Seher Gida Pazarlama San. ve Tic. A.S. -Bahar Su Sanayi ve Ticaret A.S. -Tekozel Gida Temizlik Saglik Marka
Hizmetleri Sanayi ve Ticaret A.S. -Karma Gida Yatirim Sanayi ve Ticaret A.S. |
|
BOARD OF DIRECTORS |
: |
Mustafa Latif Topbas Murat Ulker Orhan Ozokur Metin Yurdagul Zeki Ziya Sozen Mehmet Tutuncu Ibrahim Halit Cizmeci |
Chairman Vice-Chairman Member Member Member Member Member |
|
DIRECTORS |
: |
Huseyin Avci Hakan Pekin Halil Cukutli |
General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of milk and diary
products, powder fruit juice, ketchup, mayonnaise. |
|
|
|
NUMBER OF
EMPLOYEES |
: |
1,736 ( including subcontractors) |
|
|
|
NET SALES |
: |
(YTL) 445,147,756 504,499,737 586,766,152 764,099,706 447,845,314 |
(2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
|
IMPORT VALUE |
: |
USD 35,766,000 |
(2007) |
|
|
IMPORT COUNTRIES |
: |
Germany, France and other European Union
Countries |
|
|
|
MERCHANDISE
IMPORTED |
: |
Raw materials, machinery |
|
|
|
EXPORT VALUE |
: |
(YTL) 18,831,645 29,860,500 30,953,040 19,560,264 |
(2005) (2006) (2007) (01.01.-30.06.2008) |
|
|
EXPORT COUNTRIES |
: |
Middle East Countries, European Union
Countries |
||
|
MERCHANDISE
EXPORTED |
: |
Milk and diary products, powder fruit
juice |
||
|
PREMISES |
: |
Head Office: B. Camlica Kisikli Mah. Ferah Cad. No:1 Uskudar Istanbul Administrative Office & Factory: Gokgoz Koyu Pamukova- Sakarya
(108,000 sqm closed area, over a land of 426,431 sqm) (owned) Factory: Karaman Organize Sanayi Bolgesi Karaman (owned) Factory: Akyazi-Sakarya (owned) Branch: Bursa Yolu 5. Km. Karacabey Bursa Factory & Branch: Koyalti Iki Yol Arasi Evrensekiz Luleburgaz
Kirklareli |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
|
SIZE OF BUSINESS |
: |
Giant |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Bakirkoy Kurumsal branch
in Istanbul Yapi ve Kredi Bankasi Galata branch in
Istanbul Turkiye Finans
Katilim Bankasi Sakarya branch in Sakarya |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was in order as of 30.06.2008. Furthermore it has to be
noted that 5 % of total liabilities and equity was due to loans from
shareholders rather than liabilities to third parties as of 30.06.2008
indicating not too high indebtedness to third parties. |
||
|
LIQUIDITY |
||
|
Good |
As of 30.06.2008 |
|
|
PROFITABILITY |
||
|
High |
Between 01.01.- 30.06.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01.- 30.06.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
In order |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 65 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
30.6.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
146.157.029 |
|
0,64 |
|
208.532.348 |
|
0,52 |
|
275.443.726 |
|
0,69 |
|
|
|
Cash and
Banks |
1.912.066 |
|
0,01 |
|
929.322 |
|
0,00 |
|
927.251 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
101.517.927 |
|
0,44 |
|
123.579.286 |
|
0,31 |
|
164.720.615 |
|
0,41 |
|
|
|
Other
Receivable |
1.554.656 |
|
0,01 |
|
14.108.672 |
|
0,04 |
|
12.213.552 |
|
0,03 |
|
|
|
Inventories |
31.290.764 |
|
0,14 |
|
51.069.583 |
|
0,13 |
|
65.870.851 |
|
0,16 |
|
|
|
Advances
Given |
3.122.025 |
|
0,01 |
|
4.904.353 |
|
0,01 |
|
7.849.895 |
|
0,02 |
|
|
|
Other
Current Assets |
6.759.591 |
|
0,03 |
|
13.941.132 |
|
0,03 |
|
23.861.562 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
82.868.397 |
|
0,36 |
|
190.937.589 |
|
0,48 |
|
125.670.330 |
|
0,31 |
|
|
|
Long-term
Receivable |
5.916 |
|
0,00 |
|
68.723.485 |
|
0,17 |
|
11.765 |
|
0,00 |
|
|
|
Financial
Assets |
19.193.874 |
|
0,08 |
|
23.864.059 |
|
0,06 |
|
23.864.299 |
|
0,06 |
|
|
|
Tangible
Fixed Assets (net) |
62.633.063 |
|
0,27 |
|
82.296.559 |
|
0,21 |
|
86.994.337 |
|
0,22 |
|
|
|
Intangible Assets |
1.035.544 |
|
0,00 |
|
15.949.274 |
|
0,04 |
|
14.797.633 |
|
0,04 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
104.212 |
|
0,00 |
|
2.296 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
229.025.426 |
|
1,00 |
|
399.469.937 |
|
1,00 |
|
401.114.056 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
97.959.154 |
|
0,43 |
|
147.145.007 |
|
0,37 |
|
200.253.055 |
|
0,50 |
|
|
|
Financial
Loans |
19.717.554 |
|
0,09 |
|
11.962.588 |
|
0,03 |
|
35.152.493 |
|
0,09 |
|
|
|
Accounts
Payable |
50.932.189 |
|
0,22 |
|
81.788.581 |
|
0,20 |
|
74.622.008 |
|
0,19 |
|
|
|
Loans
from Shareholders |
58.955 |
|
0,00 |
|
0 |
|
0,00 |
|
20.000.000 |
|
0,05 |
|
|
|
Other
Short-term Payable |
54.073 |
|
0,00 |
|
15.159.147 |
|
0,04 |
|
45.257.917 |
|
0,11 |
|
|
|
Advances
from Customers |
16.639.493 |
|
0,07 |
|
18.697.423 |
|
0,05 |
|
8.480.787 |
|
0,02 |
|
|
|
Taxes
Payable |
1.299.397 |
|
0,01 |
|
1.594.906 |
|
0,00 |
|
2.186.942 |
|
0,01 |
|
|
|
Provisions |
8.961.296 |
|
0,04 |
|
16.401.346 |
|
0,04 |
|
1.264.545 |
|
0,00 |
|
|
|
Other
Current Liabilities |
296.197 |
|
0,00 |
|
1.541.016 |
|
0,00 |
|
13.288.363 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
12.756.613 |
|
0,06 |
|
86.069.467 |
|
0,22 |
|
18.888.611 |
|
0,05 |
|
|
|
Financial
Loans |
2.819.055 |
|
0,01 |
|
77.292.930 |
|
0,19 |
|
9.311.871 |
|
0,02 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
3.992.204 |
|
0,02 |
|
1.150.597 |
|
0,00 |
|
1.296.524 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
7.625.940 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Provisions |
5.945.354 |
|
0,03 |
|
0 |
|
0,00 |
|
8.280.216 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
118.309.659 |
|
0,52 |
|
166.255.463 |
|
0,42 |
|
181.972.390 |
|
0,45 |
|
|
|
Paid-in
Capital |
49.000.000 |
|
0,21 |
|
70.000.002 |
|
0,18 |
|
70.000.002 |
|
0,17 |
|
|
|
Inflation
Adjustment of Capital |
17.871.705 |
|
0,08 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
17.303.963 |
|
0,08 |
|
33.706.112 |
|
0,08 |
|
76.255.460 |
|
0,19 |
|
|
|
Revaluation Fund |
445.053 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
-3.299.648 |
|
-0,01 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
33.688.938 |
|
0,15 |
|
65.848.997 |
|
0,16 |
|
35.716.928 |
|
0,09 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
229.025.426 |
|
1,00 |
|
399.469.937 |
|
1,00 |
|
401.114.056 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
586.766.152 |
|
1,00 |
|
764.099.706 |
|
1,00 |
|
447.845.314 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
455.201.341 |
|
0,78 |
|
594.349.696 |
|
0,78 |
|
343.537.309 |
|
0,77 |
|
|
|
Gross Profit |
131.564.811 |
|
0,22 |
|
169.750.010 |
|
0,22 |
|
104.308.005 |
|
0,23 |
|
|
|
Operating
Expenses |
86.244.725 |
|
0,15 |
|
98.364.954 |
|
0,13 |
|
67.572.951 |
|
0,15 |
|
|
|
Operating Profit |
45.320.086 |
|
0,08 |
|
71.385.056 |
|
0,09 |
|
36.735.054 |
|
0,08 |
|
|
|
Other
Income |
7.329.417 |
|
0,01 |
|
31.295.752 |
|
0,04 |
|
11.283.948 |
|
0,03 |
|
|
|
Other
Expenses |
1.373.929 |
|
0,00 |
|
3.788.553 |
|
0,00 |
|
4.013.164 |
|
0,01 |
|
|
|
Financial
Expenses |
9.372.527 |
|
0,02 |
|
17.327.624 |
|
0,02 |
|
8.288.910 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
41.903.047 |
|
0,07 |
|
81.564.631 |
|
0,11 |
|
35.716.928 |
|
0,08 |
|
|
|
Tax
Payable |
8.214.109 |
|
0,01 |
|
15.715.634 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
33.688.938 |
|
0,06 |
|
65.848.997 |
|
0,09 |
|
35.716.928 |
|
0,08 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.08 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,49 |
|
|
|
1,42 |
|
|
|
1,38 |
|
|
|
|
|
Acid-Test Ratio |
1,07 |
|
|
|
0,94 |
|
|
|
0,89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,14 |
|
|
|
0,13 |
|
|
|
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,45 |
|
|
|
0,34 |
|
|
|
0,44 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,27 |
|
|
|
0,21 |
|
|
|
0,22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
14,55 |
|
|
|
11,64 |
|
|
|
5,22 |
|
|
|
|
|
Stockholders' Equity Turnover |
4,96 |
|
|
|
4,60 |
|
|
|
2,46 |
|
|
|
|
|
Asset Turnover |
2,56 |
|
|
|
1,91 |
|
|
|
1,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,52 |
|
|
|
0,42 |
|
|
|
0,45 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,43 |
|
|
|
0,37 |
|
|
|
0,50 |
|
|
|
|
|
Financial Leverage |
0,48 |
|
|
|
0,58 |
|
|
|
0,55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,28 |
|
|
|
0,40 |
|
|
|
0,20 |
|
|
|
|
|
Operating Profit Margin |
0,08 |
|
|
|
0,09 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,06 |
|
|
|
0,09 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
62,29 |
|
|
|
90,60 |
|
|
|
132,42 |
|
|
|
|
|
Average Payable Period (days) |
43,44 |
|
|
|
50,24 |
|
|
|
79,56 |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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%)