MIRA INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ABDI IBRAHIM ILAC SANAYI VE TICARET A.S. |
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|
|
|
Registered Office : |
Eski Buyukdere Cad. Ayazaga Yolu No:5
Maslak Istanbul |
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|
Country : |
Turkey |
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|
|
Financials (as on) : |
31.12.2007 |
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|
|
Date of Incorporation : |
20.12.1974 |
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|
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|
Com. Reg. No.: |
130296 |
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|
Legal Form : |
Joint Stock Company |
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|
|
Line of Business : |
Manufacture and trade of medicine |
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 : |
EUR 90 million |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ABDI IBRAHIM ILAC SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office : Eski Buyukdere Cad. Ayazaga
Yolu No:5 Maslak Istanbul/ Turkey Factory: Hadimkoy Yolu Hosdere Mevkii Tunc
Cad. No:3 Buyukcekmece- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-366 84 00 |
|
FAX NUMBER |
: |
90-212-286 91 77 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 0010052149 |
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|
REGISTRATION NUMBER |
: |
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||
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Industry Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
20.12.1974 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 105,000,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 105,000,000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous Registered Capital |
: YTL 1.5 million |
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|
|
|
Regist. Capital Changed on |
: 04.12.2002 (Commercial Registry Gazette
Date/No: 12.12.2002 / 5695) |
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|
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Previous Registered Capital |
:YTL 84 million |
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|
|
|
Regist. Capital Changed on |
:10.07.2006 (Commercial Registry Gazette
Date/No: 13.07.2006 / 6598) |
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Previous Address |
: Kore Sehitleri Caddesi No : 19
Zincirlikuyu- Istanbul |
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Address Changed On |
: 10.09.2007 (Commercial Registry Gazette
Date/No: 13.09.2007 / 6894) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Abdi Ibrahim Holding A.S. Nezih Barut Nesrin Esirtgen Bell Holding A.S. Perfektup Ambalaj San.Ve Tic.A.S. Ahmet Cenan Esirtgen |
49,9996 % 24,5 % 24,5 % |
|
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|
GROUP PARENT COMPANY |
: |
Abdi Ibrahim Holding A.S. |
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||
|
SISTER COMPANIES |
: |
Abdi Ibrahim Holding A.S. Abdi Ibrahim Ilac Pazarlama A.S. Aktivita Saglik Hizmetleri Sanayi ve
Ticaret A.S. Barut Ilac San Ve Tic. A.S. Mecofarm Ilac ve Kozmetik Tanitim Hizmetleri
Ticaret A.S. Mecom Saglik Urunleri San. ve Tic Tripharma Ilac San. ve Tic.A.S. |
|||
|
SUBSIDIARIES |
: |
Abdi Ibrahim Ilac Pazarlama A.S. (50 %) Abdi Ibrahim sp.zo.o (Poland-Warsaw) (20
%) Aktivita Saglik Hizmetleri Sanayi ve
Ticaret A.S. (5 %) Barut Ilac San ve Tic. A.S. (5 %) Mecofarm Ilac ve Kozmetik Tanitim
Hizmetleri Ticaret A.S. (20 %) |
|||
|
BOARD OF DIRECTORS |
: |
Nezih Barut Nesrin Esirtgen Ahmet Kamil Esirtgen Erman Atasoy |
Chairman Vice Chairman Member Member |
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GENERAL MANAGER |
: |
Erman Atasoy |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of medicine |
|
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SECTOR |
: |
Chemicals |
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|
NUMBER OF
EMPLOYEES |
: |
1,113 |
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|||
|
NET SALES |
: |
(YTL) 7,429,443 14,896,572 32,146,151 55,880,736 89,735,890 150,952,892 245,053,936 360,461,836 361,436,309 424,215,258 477,197,464 507,652,466 42,491,763 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
||
|
CAPACITY |
: |
(Boxes/Yr) 42,112,000 42,112,000 42,112,000 |
(Bottles/Yr) 57,456,000 57,456,000 57,456,000 |
(Tubes/Yr) 18,144,000 18,144,000 18,144,000 |
(2006) (2007) (2008) |
|
|
IMPORT VALUE |
: |
USD 59,694,842 USD 89,600,894 USD 92,070,975 USD 142,646,712 USD 133,158,480 USD 208,651,367 USD 191,190,107 YTL 22,300,000 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
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IMPORT COUNTRIES |
: |
Switzerland, France,
UK, Germany, Ireland... |
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MERCHANDISE
IMPORTED |
: |
Medicine and raw materials of medicine |
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|
EXPORT VALUE |
: |
USD 125,499 USD 240,934 USD 556,389 YTL 667,689 YTL 540,637 YTL 4,647,292 YTL 7,015,320 YTL 11,406,659 YTL 17,198,013 YTL 21,479,103 YTL 17,107,424 YTL 23,538,042 YTL 2,842,665 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|||
|
EXPORT COUNTRIES |
: |
Northern
Cyprus Turkish Republic, Libya, Algeria, Serbia, Uzbekistan, Kazakhstan,
Russia, Ukraine, Switzerland, Denmark, Indonesia, Afghanistan, Yemen, Panama,
Belize, Czech Republic, Netherlands… |
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MERCHANDISE
EXPORTED |
: |
Medicine |
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PREMISES |
: |
Head Office: Eski Buyukdere Cad. Ayazaga
Yolu No:5 Maslak Istanbul (owned) Factory: Hadimkoy Yolu Hosdere Mevkii Tunc
Cad. No:3 Buyukcekmece Istanbul (18,000 sqm closed area over a land of 40,000
sqm) (owned) Branch & Warehouse: Omerli Koyu
Maltepe Mevkii Hadimkoy - Istanbul. (rented) |
|
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|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
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TREND OF
BUSINESS |
: |
Trend of business was steady in 2005, 2006
and 2007. There appears a considerable decline at sales volume in the first 3
months of 2008, but this is due to the structure of medicine sector. The sales
of the firm does not realize orderly. |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Istanbul
Kurumsal branch in Istanbul Turkiye Is Bankasi Maslak branch in
Istanbul HSBC Bank Merkez branch in Istanbul Turk Ekonomi Bankasi
Gayrettepe branch in Istanbul Yapi ve Kredi Bankasi Levent branch in
Istanbul |
|
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) |
||
|
High |
As of 31.12.2007 |
|
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LIQUIDITY |
||
|
High |
As of 31.12.2007 |
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|
PROFITABILITY |
||
|
Profitability was high in 2007. There was a considerable decline at sales volume in the first 3 months
of 2008. So the firm had heavy operating loss and net loss in the first
quarter of 2008. However the sales volume of the first 3 months does not
reflect the trend of business as the sales of the firm does not realize
orderly. (For example the firm had YTL 51,367,449 net sales and YTL 7,568,535
loss between 1.1.-31.3.2007. However at the end of the year the sales reached
up to YTL 507,652,466 and it had net profit of YTL 76,373,326 in 2007) |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2006 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
The capitalization, liquidity and the profitability was high in 2007.
There was a considerable decline at sales volume in the first 3 months of
2008. So the firm had heavy operating loss and net loss in the first quarter
of 2008. However the sales volume of the first 3 months does not reflect the
trend of business as the sales of the firm does not realize orderly. |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 90 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.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
31.12.05 |
|
|
31.12.06 |
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
317.978.078 |
0.79 |
|
275.423.311 |
0.73 |
|
356.358.880 |
0.73 |
|
|
|
Cash and Banks |
48.566.782 |
0.12 |
|
19.251 |
0.00 |
|
89.162.173 |
0.18 |
|
|
|
Marketable Securities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Account Receivable |
218.806.165 |
0.54 |
|
206.079.383 |
0.54 |
|
212.717.621 |
0.44 |
|
|
|
Other Receivable |
1.704.620 |
0.00 |
|
8.031.790 |
0.02 |
|
6.136.287 |
0.01 |
|
|
|
Inventories |
31.716.015 |
0.08 |
|
46.619.401 |
0.12 |
|
36.568.770 |
0.08 |
|
|
|
Advances Given |
1.144.329 |
0.00 |
|
133.612 |
0.00 |
|
775.888 |
0.00 |
|
|
|
Other Current Assets |
16.040.167 |
0.04 |
|
14.539.874 |
0.04 |
|
10.998.141 |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
86.041.774 |
0.21 |
|
103.451.263 |
0.27 |
|
129.521.836 |
0.27 |
|
|
|
Long-term Receivable |
15.324 |
0.00 |
|
50.011 |
0.00 |
|
39.548 |
0.00 |
|
|
|
Financial Assets |
362.931 |
0.00 |
|
389.920 |
0.00 |
|
809.872 |
0.00 |
|
|
|
Tangible Fixed Assets (net) |
80.763.728 |
0.20 |
|
94.514.509 |
0.25 |
|
119.298.805 |
0.25 |
|
|
|
Intangible Assets |
4.629.023 |
0.01 |
|
8.181.492 |
0.02 |
|
9.047.660 |
0.02 |
|
|
|
Other Non-Current Assets |
270.768 |
0.00 |
|
315.331 |
0.00 |
|
325.951 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
404.019.852 |
1.00 |
|
378.874.574 |
1.00 |
|
485.880.716 |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
139.851.511 |
0.35 |
|
87.360.544 |
0.23 |
|
115.812.348 |
0.24 |
|
|
|
Financial Loans |
72.444.446 |
0.18 |
|
38.271.030 |
0.10 |
|
81.195.193 |
0.17 |
|
|
|
Accounts Payable |
51.509.171 |
0.13 |
|
35.894.335 |
0.09 |
|
15.849.323 |
0.03 |
|
|
|
Loans from Shareholders |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Short-term Payable |
4.358.223 |
0.01 |
|
2.687.970 |
0.01 |
|
3.840.114 |
0.01 |
|
|
|
Advances from Customers |
1.961.292 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Taxes Payable |
9.591.614 |
0.02 |
|
9.379.525 |
0.02 |
|
13.935.172 |
0.03 |
|
|
|
Provisions |
-1.219.329 |
0.00 |
|
-132.880 |
0.00 |
|
-292.439 |
0.00 |
|
|
|
Other Current Liabilities |
1.206.094 |
0.00 |
|
1.260.564 |
0.00 |
|
1.284.985 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
7.572.638 |
0.02 |
|
8.566.364 |
0.02 |
|
10.747.376 |
0.02 |
|
|
|
Financial Loans |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Securities Issued |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Long-term Payable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Loans from Shareholders |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Long-term Liabilities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Provisions |
7.572.638 |
0.02 |
|
8.566.364 |
0.02 |
|
10.747.376 |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
256.595.703 |
0.64 |
|
282.947.666 |
0.75 |
|
359.320.992 |
0.74 |
|
|
|
Paid-in Capital |
84.000.000 |
0.21 |
|
105.000.000 |
0.28 |
|
105.000.000 |
0.22 |
|
|
|
Inflation Adjustment of
Capital |
42.194.700 |
0.10 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Reserves |
103.920.707 |
0.26 |
|
147.238.914 |
0.39 |
|
177.947.666 |
0.37 |
|
|
|
Revaluation Fund |
10.481 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Accumulated Losses(-) |
-21.542.739 |
-0.05 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
48.012.554 |
0.12 |
|
30.708.752 |
0.08 |
|
76.373.326 |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
404.019.852 |
1.00 |
|
378.874.574 |
1.00 |
|
485.880.716 |
1.00 |
|
INCOME STATEMENTS
|
|
|
|||||||||
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2005 |
|
|
2006 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
424.215.258 |
1.00 |
|
477.197.464 |
1.00 |
|
507.652.466 |
1.00 |
|
|
|
Cost of Goods Sold |
200.344.512 |
0.47 |
|
215.169.166 |
0.45 |
|
222.882.666 |
0.44 |
|
|
|
Gross Profit |
223.870.746 |
0.53 |
|
262.028.298 |
0.55 |
|
284.769.800 |
0.56 |
|
|
|
Operating Expenses |
164.526.329 |
0.39 |
|
211.821.096 |
0.44 |
|
172.794.925 |
0.34 |
|
|
|
Operating Profit |
59.344.417 |
0.14 |
|
50.207.202 |
0.11 |
|
111.974.875 |
0.22 |
|
|
|
Other Income |
11.395.022 |
0.03 |
|
15.131.627 |
0.03 |
|
10.538.794 |
0.02 |
|
|
|
Other Expenses |
10.379.833 |
0.02 |
|
19.344.448 |
0.04 |
|
24.575.927 |
0.05 |
|
|
|
Financial Income-Expenses(net) |
4.267.835 |
0.01 |
|
-7.063.314 |
-0.01 |
|
-2.293.347 |
0.00 |
|
|
|
Profit (loss) Before Tax |
64.627.441 |
0.15 |
|
38.931.067 |
0.08 |
|
95.644.395 |
0.19 |
|
|
|
Tax Payable |
16.614.887 |
0.04 |
|
8.222.315 |
0.02 |
|
19.271.069 |
0.04 |
|
|
|
Net Profit (loss) |
48.012.554 |
0.11 |
|
30.708.752 |
0.06 |
|
76.373.326 |
0.15 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
2006 |
|
|
2007 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2.27 |
|
|
3.15 |
|
|
3.08 |
|
|
|
|
Acid-Test Ratio |
1.92 |
|
|
2.45 |
|
|
2.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.08 |
|
|
0.12 |
|
|
0.08 |
|
|
|
|
Short-term Receivable/Total Assets |
0.55 |
|
|
0.57 |
|
|
0.45 |
|
|
|
|
Tangible Assets/Total Assets |
0.20 |
|
|
0.25 |
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6.32 |
|
|
4.62 |
|
|
6.09 |
|
|
|
|
Stockholders' Equity Turnover |
1.65 |
|
|
1.69 |
|
|
1.41 |
|
|
|
|
Asset Turnover |
1.05 |
|
|
1.26 |
|
|
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.64 |
|
|
0.75 |
|
|
0.74 |
|
|
|
|
Current Liabilities/Total Assets |
0.35 |
|
|
0.23 |
|
|
0.24 |
|
|
|
|
Financial Leverage |
0.36 |
|
|
0.25 |
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0.19 |
|
|
0.11 |
|
|
0.21 |
|
|
|
|
Operating Profit Margin |
0.14 |
|
|
0.11 |
|
|
0.22 |
|
|
|
|
Net Profit Margin |
0.11 |
|
|
0.06 |
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
185.70 |
|
|
155.50 |
|
|
150.88 |
|
|
|
|
Average Payable Period (days) |
92.56 |
|
|
60.05 |
|
|
25.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
42.491.763 |
|
1.00 |
|
|
|
Cost of Goods Sold |
27.255.554 |
|
0.64 |
|
|
|
Gross Profit |
15.236.209 |
|
0.36 |
|
|
|
Operating Expenses |
33.728.625 |
|
0.79 |
|
|
|
Operating Profit |
-18.492.416 |
|
-0.44 |
|
|
|
Other Income |
5.841.124 |
|
0.14 |
|
|
|
Other Expenses |
2.406.407 |
|
0.06 |
|
|
|
Financial Expenses |
988.186 |
|
0.02 |
|
|
|
Profit (loss) Before Tax |
-16.045.885 |
|
-0.38 |
|
|
|
Tax Payable |
0 |
|
0.00 |
|
|
|
Net Profit (loss) |
-16.045.885 |
|
-0.38 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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%)