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Report No. : |
346759 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
FERMAN HIRDAVAT ULUSLAR ARASI NAKLIYAT GIDA INSAAT TEKSTIL ITHALAT
IHRACAT SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Karasoku Mah.Karasoku Sok. Misir Carsisi No:22/1-101 Seyhan Adana |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
50767 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale Trade of Hardware. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix.
Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 97% of its energy needs.
After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis, and GDP rebounded strongly to around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.
Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.
The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.
|
Source
: CIA |
The full name of the firm was missing at your inquiry. The registered full
name of the firm having the address stated at your inquiry is "FERMAN
HIRDAVAT ULUSLAR ARASI NAKLIYAT GIDA INSAAT TEKSTIL ITHALAT IHRACAT SANAYI VE
TICARET LTD. STI."
Full name of the firm was missing at your inquiry.
Address at your inquiry is the former address.
COMPANY
IDENTIFICATION
|
|
|
||
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NAME |
: |
FERMAN HIRDAVAT ULUSLAR ARASI NAKLIYAT GIDA INSAAT TEKSTIL ITHALAT
IHRACAT SANAYI VE TICARET LTD. STI. |
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HEAD OFFICE ADDRESS |
: |
Karasoku Mah.Karasoku Sok. Misir Carsisi No:22/1-101 Seyhan Adana /
Turkey |
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PHONE NUMBER |
: |
90-322-351 84 10 |
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FAX NUMBER |
: |
90-322-351 84 10 |
LEGAL
STATUS AND HISTORY
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TAX OFFICE |
: |
Seyhan |
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TAX NO |
: |
3850504297 |
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REGISTRATION NUMBER |
: |
50767 |
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REGISTERED OFFICE |
: |
Adana Chamber of Commerce |
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DATE ESTABLISHED |
: |
14.11.2006 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
27.11.2006/6691 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 300.000 |
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HISTORY |
: |
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PREVIOUS
SHAREHOLDERS |
: |
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OWNERSHIP
/ MANAGEMENT
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SHAREHOLDERS |
: |
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DIRECTORS |
: |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
Wholesale trade of hardware. |
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NACE CODE |
: |
G .51.54 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
0 |
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REMARKS ON NUMBER OF EMPLOYEES |
: |
The firm has no employees. Operations are carried out by the
shareholders. |
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NET SALES |
: |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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EXPORT VALUE |
: |
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HEAD OFFICE ADDRESS |
: |
Karasoku Mah.Karasoku Sok. Misir Carsisi No:22/1-101 Seyhan Adana / Turkey |
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INVESTMENTS |
: |
None |
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SIZE OF BUSINESS |
: |
Moderate |
FINANCE
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MAIN DEALING BANKS |
: |
Albaraka Turk Katilim Bankasi Kucuksaat Branch Turk Ekonomi Bankasi Kucuk Sanayi Branch |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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COMMENT
ON FINANCIAL POSITION
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THE DETAILS OF THE CAPITAL INCREASE
AFTER LAST BALANCE SHEET |
: |
Cash Part |
:130.784,32 TL |
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Equity Part |
:19.215,68 TL |
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Payment Due Date |
:14.01.2017 |
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Capitalization |
Insufficient |
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Remarks on Capitalization |
There has been capital increase after the last balance sheet date. The
capital increase is expected to have a slight positive effect on equity total
since the last balance sheet date. |
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Liquidity |
Low |
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Remarks On Liquidity |
The capital increase after the last balance sheet is expected to have
a positive effect on liquidity since the last balance sheet date. |
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Profitability |
Low Operating Profitability in
2014 Low Net Profitability in 2014 |
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Gap between average collection and payable periods |
Favorable in 2014 |
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General Financial Position |
Unsatisfactory |
CREDIT
OPINION WITHOUT OBLIGATION
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
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( 01.01-30.09.2015) |
7,81 % |
2,6640 |
2,9843 |
4,0944 |
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( 31.12.2014 ) TL Thousand |
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CURRENT ASSETS |
184 |
0,10 |
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Not Detailed Current Assets |
0 |
0,00 |
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Cash and Banks |
4 |
0,00 |
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Marketable Securities |
0 |
0,00 |
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Account Receivable |
85 |
0,05 |
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Other Receivable |
8 |
0,00 |
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Inventories |
65 |
0,04 |
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Advances Given |
0 |
0,00 |
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Accumulated Construction Expense |
0 |
0,00 |
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Other Current Assets |
22 |
0,01 |
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NON-CURRENT ASSETS |
1.575 |
0,90 |
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Not Detailed Non-Current Assets |
0 |
0,00 |
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Long-term Receivable |
0 |
0,00 |
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Financial Assets |
0 |
0,00 |
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Tangible Fixed Assets (net) |
1.575 |
0,90 |
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Intangible Assets |
0 |
0,00 |
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Deferred Tax Assets |
0 |
0,00 |
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Other Non-Current Assets |
0 |
0,00 |
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TOTAL ASSETS |
1.759 |
1,00 |
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CURRENT LIABILITIES |
320 |
0,18 |
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Not Detailed Current Liabilities |
0 |
0,00 |
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Financial Loans |
148 |
0,08 |
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Accounts Payable |
160 |
0,09 |
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Loans from Shareholders |
0 |
0,00 |
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Other Short-term Payable |
0 |
0,00 |
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Advances from Customers |
0 |
0,00 |
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Accumulated Construction Income |
0 |
0,00 |
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Taxes Payable |
12 |
0,01 |
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Provisions |
0 |
0,00 |
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Other Current Liabilities |
0 |
0,00 |
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LONG-TERM LIABILITIES |
1.226 |
0,70 |
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Not Detailed Long-term Liabilities |
0 |
0,00 |
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Financial Loans |
1.226 |
0,70 |
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Securities Issued |
0 |
0,00 |
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Long-term Payable |
0 |
0,00 |
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Loans from Shareholders |
0 |
0,00 |
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Other Long-term Liabilities |
0 |
0,00 |
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Provisions |
0 |
0,00 |
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STOCKHOLDERS' EQUITY |
213 |
0,12 |
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Not Detailed Stockholders' Equity |
0 |
0,00 |
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Paid-in Capital |
150 |
0,09 |
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Cross Shareholding Adjustment of Capital |
0 |
0,00 |
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Inflation Adjustment of Capital |
0 |
0,00 |
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Equity of Consolidated Firms |
0 |
0,00 |
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Reserves |
19 |
0,01 |
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Revaluation Fund |
0 |
0,00 |
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Accumulated Losses(-) |
-4 |
0,00 |
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Net Profit (loss) |
48 |
0,03 |
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TOTAL LIABILITIES AND EQUITY |
1.759 |
1,00 |
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REMARKS ON FINANCIAL STATEMENT |
: |
At the financial statements according to TAS, "Cheques
Received" and "Outstanding Cheques" figures are under
"Cash And Banks" figure.Beginning from the financial statements of
31.12.2011, "Cheques Received" and "Outstanding Cheques"
figures are given under "Account Receivable" figure and
"Account Payable" figure respectively. In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade
Receivables" at the last balance
sheet. The details of "Other Receivable" figure at the last balance
sheet (TL Thousand): Due From Shareholders:0, Due From Participations:0, Due
From Affiliated Companies:0,Due From Personnel:0 Other Miscellaneous
Receivables:8 Other Receivable Total:8
TL thousand 0 of "Tax Payable" is due to "Overdue,
Delayed or Deferred Tax by Installments and Other Liabilities" at the
last balance sheet. |
INCOME
STATEMENT
|
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(2014) TL
Thousand |
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Net Sales |
7.383 |
1,00 |
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Cost of Goods Sold |
7.283 |
0,99 |
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Gross Profit |
100 |
0,01 |
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Operating Expenses |
49 |
0,01 |
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Operating Profit |
51 |
0,01 |
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Other Income |
9 |
0,00 |
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Other Expenses |
0 |
0,00 |
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Financial Expenses |
0 |
0,00 |
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Minority Interests |
0 |
0,00 |
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Profit (loss) of consolidated firms |
0 |
0,00 |
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Profit (loss) Before Tax |
60 |
0,01 |
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Tax Payable |
12 |
0,00 |
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Postponed Tax Gain |
0 |
0,00 |
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Net Profit (loss) |
48 |
0,01 |
FINANCIAL RATIOS
|
|
|
|
(2014) |
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LIQUIDITY RATIOS |
|
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Current Ratio |
0,58 |
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Acid-Test Ratio |
0,30 |
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Cash Ratio |
0,01 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,04 |
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Short-term Receivable/Total Assets |
0,05 |
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Tangible Assets/Total Assets |
0,90 |
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TURNOVER RATIOS |
|
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Inventory Turnover |
112,05 |
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Stockholders' Equity Turnover |
34,66 |
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Asset Turnover |
4,20 |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,12 |
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Current Liabilities/Total Assets |
0,18 |
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Financial Leverage |
0,88 |
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Gearing Percentage |
7,26 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,23 |
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Operating Profit Margin |
0,01 |
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Net Profit Margin |
0,01 |
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Interest Cover |
|
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COLLECTION-PAYMENT |
|
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Average Collection Period (days) |
4,14 |
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Average Payable Period (days) |
7,91 |
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WORKING CAPITAL |
-136,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.71.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
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 |
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|
-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.