MIRA
INFORM REPORT
|
Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ERSIN TEKSTIL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Karadurmuslu Yolu Uzeri Kirikhan-Hatay |
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|
Country : |
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|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
08.04.1996 |
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|
Com. Reg. No.: |
2019 |
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|
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|
Legal Form : |
Joint Stock Company |
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|
|
Line of Business : |
The firm which was dealing with Manufacture
and Trade of Yarn and Fabric but it has stopped Manufacturing activity. It
started to deal with Trade of Ready-Wear in 2008. |
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 750.000 |
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|
|
|
Status : |
Satisfactory |
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|
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|
Payment Behaviour : |
No Complaints |
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|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ERSIN TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Production Plant/Warehouse:
Karadurmuslu Yolu Uzeri Kirikhan-Hatay / Branch: Ambarli Cihangir Mah. Dolum Tesisleri
Yolu No:9 Avcilar |
|
PHONE NUMBER |
: |
90-326-345 06 49 (Pbx) |
|
FAX NUMBER |
: |
90-326-345 19 99 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Kirikhan / 3690039651 |
|
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|
REGISTRATION NUMBER |
: |
2019 |
|
|
|
REGISTERED OFFICE |
: |
Kirikhan Chamber of Commerce |
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|
DATE ESTABLISHED |
: |
08.04.1996 (Commercial Registry Gazette
Date / No: 17.04.1996 / 4021) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 15.000.000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
:YTL 5.000 |
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|
|
|
Regist. Capital Changed on |
:10.01.2001 (Commercial Registry Gazette
Date/No:26.01.2001/5223) |
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|
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|
Previous Registered
Capital |
:YTL 760.000 |
|
|
|
|
Regist. Capital Changed on |
:16.12.2004 (Commercial Registry Gazette
Date/No:18.01.2005/6222) |
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Previous
Registered Capital |
:YTL 4.000.000 |
|
|
|
Regist. Capital
Changed on |
:28.07.2006 (Commercial Registry Gazette
Date/No:10.08.2006/6618) |
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|
|
Previous
Registered Capital |
:YTL 8.000.000 |
|
|
|
Regist. Capital
Changed on |
:19.08.2008 (Commercial Registry Gazette
Date/No:27.08.2008/7136). This increase is decided to be financed by
equity items. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Hasan Guven Recep Guven Kiymet Guven Nursen Guven Bilge Guven Gizem Guven |
51 % 24,4 % 24,3 % 0,1 % 0,1 % 0,1 % |
|
|
GROUP PARENT COMPANY |
: |
None |
||
|
SISTER COMPANIES |
: |
Divateks Tekstil San. ve Tic. A.S. Bilina Orgu Kumas San. ve Tic. Ltd. Sti. Fer-Kon Tekstil San. ve Tic. Ltd. Sti. H.e.a.t.p.a.n Isi Sistemleri Imalat
Ticaret ve Sanayi Ltd. Sti. Guvenler Pamuk Circirlama Ve Ticaret Ltd
Sti |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Recep Guven Kiymet Guven Cemal Guven |
Chairman Vice-chairman Member |
|
|
DIRECTORS |
: |
Recep Guven |
General Manager |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The firm which was dealing with
manufacture and trade of yarn and fabric but it has stopped manufacturing
activity. It started to deal with trade of ready-wear in 2008. |
|
SECTOR |
: |
Commerce |
|
NUMBER OF
EMPLOYEES |
: |
185 |
|
NET SALES |
: |
(YTL) 40.572.650 30.971.902 44.196.478 72.375.870 28.432.479 |
(2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
CAPACITY |
: |
(Tons/Yr.) 4.000 4.000 4.000 6.500 6.500 6.500 6.500 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) |
|
IMPORT VALUE |
: |
(USD) 2.500.00 1.882.000 4.000.000 |
(2005) (2006) (01.01-31.07.2007) |
|
IMPORT COUNTRIES |
: |
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|
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MERCHANDISE
IMPORTED |
: |
Cotton, spare parts, machinery, canvas |
|
|
EXPORT VALUE |
: |
(YTL) 9.088.102 8.619.476 16.271.788 22.078.540 7.038.752 |
(2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
EXPORT COUNTRIES |
: |
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|
|
MERCHANDISE
EXPORTED |
: |
Fabric, yarn… |
|
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PREMISES |
: |
Head Office/Production Plant/Warehouse:
Karadurmuslu Yolu Uzeri Kirikhan-Hatay (owned) Branch: Ambarli Cihangir Mah. Dolum
Tesisleri Yolu No:9 Avcilar |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was upwards trend at sales volume in
2006 and 2007. However there was a decline at sales volume in the first 6
months of 2008. The subject has
stopped manufacturing activity and it started to deal with trade of
ready-wear in 2008. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Antakya branch in Hatay Alternatifbank Gunesli branch in HSBC Bank Merter branch in Asya Katilim Bankasi Avcilar branch in |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of short-term and long-term credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No
payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
The firm had fair capitalization as of 31.12.2007. The registered
capital was increased from YTL 8.000.000 to YTL 15.000.000 on 19.08.2008.
This increase is decided to be financed by equity items. So we do not expect
an improvement at equity total since 31.12.2007. |
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|
LIQUIDITY |
||||
|
Liquidity ratios were in order as of 31.12.2007 but there was an
unfavorable gap between the collection and payment periods adversely
affecting liquidity. Furthermore, current assets consist mainly of account receivable
and inventories; the amount of cash&banks is low. |
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PROFITABILITY |
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|
Low |
In 2007 |
In order |
Between 1.1.-30.06.2008 |
|
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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
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 750.000 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.-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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|
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|
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|
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|
|
|
|
|
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CURRENT ASSETS |
18.259.595 |
|
0,49 |
|
26.416.320 |
|
0,61 |
|
48.494.288 |
|
0,76 |
|
|
|
Cash and
Banks |
2.229.381 |
|
0,06 |
|
-2.313.688 |
|
-0,05 |
|
47.038 |
|
0,00 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
5.379.223 |
|
0,14 |
|
7.885.019 |
|
0,18 |
|
25.793.904 |
|
0,41 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
10.371.781 |
|
0,28 |
|
19.510.966 |
|
0,45 |
|
19.252.650 |
|
0,30 |
|
|
|
Advances
Given |
279.210 |
|
0,01 |
|
479.313 |
|
0,01 |
|
2.740.333 |
|
0,04 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
854.710 |
|
0,02 |
|
660.363 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
18.974.817 |
|
0,51 |
|
17.098.184 |
|
0,39 |
|
15.030.677 |
|
0,24 |
|
|
|
Long-term
Receivable |
6.525 |
|
0,00 |
|
7.375 |
|
0,00 |
|
7.375 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
18.807.346 |
|
0,51 |
|
16.975.663 |
|
0,39 |
|
14.914.257 |
|
0,23 |
|
|
|
Intangible
Assets |
156.458 |
|
0,00 |
|
104.005 |
|
0,00 |
|
95.180 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
4.488 |
|
0,00 |
|
11.141 |
|
0,00 |
|
13.865 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
37.234.412 |
|
1,00 |
|
43.514.504 |
|
1,00 |
|
63.524.965 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
17.200.693 |
|
0,46 |
|
17.884.189 |
|
0,41 |
|
36.548.436 |
|
0,58 |
|
|
|
Financial
Loans |
8.684.339 |
|
0,23 |
|
9.598.894 |
|
0,22 |
|
16.094.076 |
|
0,25 |
|
|
|
Accounts
Payable |
3.275.326 |
|
0,09 |
|
5.212.371 |
|
0,12 |
|
18.120.632 |
|
0,29 |
|
|
|
Loans from
Shareholders |
4.343.951 |
|
0,12 |
|
2.093.170 |
|
0,05 |
|
28.888 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
2.242 |
|
0,00 |
|
2.243 |
|
0,00 |
|
|
|
Advances
from Customers |
419.004 |
|
0,01 |
|
586.205 |
|
0,01 |
|
1.954.364 |
|
0,03 |
|
|
|
Taxes
Payable |
478.073 |
|
0,01 |
|
391.307 |
|
0,01 |
|
348.233 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
8.220.374 |
|
0,22 |
|
8.123.924 |
|
0,19 |
|
7.970.518 |
|
0,13 |
|
|
|
Financial
Loans |
8.220.374 |
|
0,22 |
|
8.123.924 |
|
0,19 |
|
7.970.518 |
|
0,13 |
|
|
|
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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
11.813.345 |
|
0,32 |
|
17.506.391 |
|
0,40 |
|
19.006.011 |
|
0,30 |
|
|
|
Paid-in Capital |
4.000.000 |
|
0,11 |
|
8.000.000 |
|
0,18 |
|
8.000.000 |
|
0,13 |
|
|
|
Inflation
Adjustment of Capital |
1.784.202 |
|
0,05 |
|
1.784.202 |
|
0,04 |
|
1.784.202 |
|
0,03 |
|
|
|
Reserves |
5.194.551 |
|
0,14 |
|
6.029.143 |
|
0,14 |
|
7.722.189 |
|
0,12 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
834.592 |
|
0,02 |
|
1.693.046 |
|
0,04 |
|
1.499.620 |
|
0,02 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
37.234.412 |
|
1,00 |
|
43.514.504 |
|
1,00 |
|
63.524.965 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
30.971.902 |
|
1,00 |
|
44.196.478 |
|
1,00 |
|
72.375.870 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
25.678.128 |
|
0,83 |
|
37.300.173 |
|
0,84 |
|
67.727.966 |
|
0,94 |
|
|
|
Gross Profit |
5.293.774 |
|
0,17 |
|
6.896.305 |
|
0,16 |
|
4.647.904 |
|
0,06 |
|
|
|
Operating
Expenses |
3.712.936 |
|
0,12 |
|
2.165.978 |
|
0,05 |
|
2.417.258 |
|
0,03 |
|
|
|
Operating Profit |
1.580.838 |
|
0,05 |
|
4.730.327 |
|
0,11 |
|
2.230.646 |
|
0,03 |
|
|
|
Other
Income |
1.446.460 |
|
0,05 |
|
243.804 |
|
0,01 |
|
2.053.713 |
|
0,03 |
|
|
|
Other
Expenses |
608.314 |
|
0,02 |
|
1.484.617 |
|
0,03 |
|
462.476 |
|
0,01 |
|
|
|
Financial
Expenses |
1.584.392 |
|
0,05 |
|
1.796.468 |
|
0,04 |
|
2.322.263 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
834.592 |
|
0,03 |
|
1.693.046 |
|
0,04 |
|
1.499.620 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
834.592 |
|
0,03 |
|
1.693.046 |
|
0,04 |
|
1.499.620 |
|
0,02 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,06 |
|
|
|
1,48 |
|
|
|
1,33 |
|
|
|
|
|
Acid-Test Ratio |
0,44 |
|
|
|
0,31 |
|
|
|
0,71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,28 |
|
|
|
0,45 |
|
|
|
0,30 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,18 |
|
|
|
0,41 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,51 |
|
|
|
0,39 |
|
|
|
0,23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,48 |
|
|
|
1,91 |
|
|
|
3,52 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,62 |
|
|
|
2,52 |
|
|
|
3,81 |
|
|
|
|
|
Asset Turnover |
0,83 |
|
|
|
1,02 |
|
|
|
1,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,32 |
|
|
|
0,40 |
|
|
|
0,30 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,46 |
|
|
|
0,41 |
|
|
|
0,58 |
|
|
|
|
|
Financial Leverage |
0,68 |
|
|
|
0,60 |
|
|
|
0,70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,10 |
|
|
|
0,08 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,11 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,04 |
|
|
|
0,02 |
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
62,60 |
|
|
|
64,29 |
|
|
|
128,34 |
|
|
|
|
|
Average Payable Period (days) |
45,92 |
|
|
|
50,31 |
|
|
|
96,32 |
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
28.432.479 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
22.346.731 |
|
0,79 |
|
|
|
Gross Profit |
6.085.748 |
|
0,21 |
|
|
|
Operating
Expenses |
2.556.680 |
|
0,09 |
|
|
|
Operating Profit |
3.529.068 |
|
0,12 |
|
|
|
Other
Income |
103.451 |
|
0,00 |
|
|
|
Other
Expenses |
415.822 |
|
0,01 |
|
|
|
Financial
Expenses |
1.967.510 |
|
0,07 |
|
|
|
Profit (loss) Before Tax |
1.249.187 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.249.187 |
|
0,04 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
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%)