MIRA INFORM REPORT

 

 

Report No. :

340158

Report Date :

10.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SOKTAS TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

SOKTAS PAMUK VE TARIM URUNLERINI DEGERLENDIRME TICARET VE SANAYI A.S.

 

 

Registered Office :

Cumhuriyet Mah. Akeller Cad. No:54 09201 Soke Aydin

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2015

 

 

Date of Incorporation :

24.02.1971

 

 

Com. Reg. No.:

958-Soke

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :
  • Manufacture and trade of yarn.
  • The subject was dealing with manufacture and trade of fabric, yarn and milk.

 

 

No. of Employee :

2.055

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

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

 

COMPANY IDENTIFICATION

 

NAME

:

SOKTAS TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Akeller Cad. No:54 09201 Soke Aydin / Turkey

PHONE NUMBER

:

90-256-518 22 55

 

FAX NUMBER

:

90-256-518 45 39

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Soke

TAX NO

:

7780013436

REGISTRATION NUMBER

:

958-Soke

REGISTERED OFFICE

:

Soke Chamber of Commerce

DATE ESTABLISHED

:

24.02.1971

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   96.000.000

PAID-IN CAPITAL

:

TL   31.620.000

HISTORY

:

Previous Name

:

Soktas Pamuk Ve Tarim Urunlerini Degerlendirme Ticaret Ve Sanayi A.S.

Changed On

:

10.04.2003 (Commercial Gazette Date /Number 15.04.2003/ 5778)

Other Changes

:

The authorized capital was increased from TL 8.000.000 to TL 32.000.000.

Changed On

:

06.05.2005 (Commercial Gazette Date /Number 13.05.2005/ 6303)

Other Changes

:

The paid- in capital was increased from TL 2.400.000 to TL 12.000.000.

Changed On

:

25.04.2006 (Commercial Gazette Date /Number 28.04.2006/ 6545)

Other Changes

:

The paid- in capital was increased from TL 12.000.000 to TL 13.560.000.

Changed On

:

29.06.2009 (Commercial Gazette Date /Number 08.07.2009/ 7349)

Other Changes

:

The paid in capital was increased from TL 13.560.000 to TL 27.120.000.

Changed On

:

05.07.2011 (Commercial Gazette Date /Number 13.07.2011/ 7857)

Other Changes

:

The paid- in capital was increased from TL 27.120.000 to TL 31.620.000.

Changed On

:

25.06.2012 (Commercial Gazette Date /Number 04.07.2012/ 8104)

Other Changes

:

The authorized capital was increased from TL 32.000.000 to TL 96.000.000.

Changed On

:

02.05.2013 (Commercial Gazette Date /Number 08.05.2013/ 8315)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Kayhan Holding A.S.

21,18 %

Arife Seyda Kayhan

10 %

Gonen Kayhan

8,90 %

Eyup Hilmi Kayhan

8,25 %

Muharrem Hilmi Kayhan

8,25 %

Others

43,42 %

 

 

REMARKS ON SHAREHOLDERS

:

"Kayhan Holding A.S." is a large company which was founded by members of Kayhan Family.

 

"Kayhan Holding A.S." became a shareholder of "Soktas" in May 1997 as Kayhan Family members transferred their shares at "Soktas" to "Kayhan A.S.".

 

GROUP PARENT COMPANY

:

KAYHAN HOLDING A.S.

 

SISTER COMPANIES

:

AGRILAB LABORATUAR HIZMETLERI A.S.

AGRITA TARIM GIDA HAYVANCILIK SANAYI VE TICARET A.S.

BLACK SEA BLUE DANUBE ROM SRL

EFELER CIFTLIGI TARIM VE HAYVANCILIK A.S.

KAYHAN HOLDING A.S.

SOKTAS DOKUMA ISLETMELERI SANAYI VE TICARET A.S.

SOKTAS INDIA PRIVATE LIMITED

 

SUBSIDIARIES

:

BLACK SEA BLUE DANUBE ROM SRL

EFELER CIFTLIGI TARIM VE HAYVANCILIK A.S.

SOKTAS DOKUMA ISLETMELERI SANAYI VE TICARET A.S.

SOKTAS INDIA PRIVATE LIMITED

 

BOARD OF DIRECTORS

:

Muharrem Hilmi Kayhan

Chairman

Eyup Hilmi Kayhan

Vice-Chairman

Yakup Gungor

Member

Mahmut Nedim Olcer

Member

Tevfik Ozakat

Member

Muzaffer Kayhan

Member

Korkmaz Ilkorur

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, and also management and investment of subsidiaries.

 

The subject was dealing with manufacture and trade of fabric, yarn and milk. The firm has transferred its fabric and milk production facilities (except yarn manufacturing facilities) to "Soktas Dokuma Isletmeleri Sanayi ve Ticaret A.S." and the calf and milk production to "Efeler Ciftligi Tarim ve Hayvancilik A.S." on 26.01.2011.

 

NACE CODE

:

DB.17.11

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

2.055

 

NET SALES

:

1.583.036 TL

(1994) 

2.679.912 TL

(1995) 

5.051.472 TL

(1996) 

9.116.080 TL

(1997) 

13.714.204 TL

(1998) 

20.304.016 TL

(1999) 

29.897.209 TL

(2000) 

67.407.979 TL

(2001) 

92.219.071 TL

(2002) 

108.634.223 TL

(2003) 

106.543.687 TL

(2004) 

86.013.929 TL

(2005) 

86.940.183 TL

(2006) 

114.386.335 TL

(2007) 

125.249.514 TL

(2008) 

117.818.615 TL

(2009) 

155.597.606 TL

(2010) 

212.830.476 TL

(2011) 

188.416.776 TL

(2012) 

217.908 TL Thousand

(2013) 

241.523 TL Thousand

(2014) 

118.935 TL Thousand

(01.01-30.06.2015) 

 

 

IMPORT VALUE

:

19.610.269 USD

(1998)

14.670.575 USD

(1999)

16.006.112 USD

(2000)

13.430.664 USD

(2001)

18.542.766 USD

(2002)

22.153.058 USD

(2003)

19.920.362 USD

(2004)

19.208.513 USD

(2005)

14.989.824 USD

(2006)

27.857.407 USD

(2007)

21.054.738 USD

(2008)

12.612.702 TL

(2009)

16.359.527 TL

(2010)

44.044.632 TL

(2011)

22.251.309 TL

(2012)

20.850.767 TL

(2013)

30.274 TL Thousand

(2014)

10.330 TL Thousand

(01.01-30.06.2015)

 

 

IMPORT COUNTRIES

:

Australia

Israel

U.S.A.

Switzerland

Germany

Argentina

Italy

 

MERCHANDISE IMPORTED

:

Breeding heifers

Dye

Intermediary goods

Machinery

Raw materials

Spare parts

 

EXPORT VALUE

:

20.185.897 USD

(1999)

19.493.302 USD

(2000)

33.875.946 USD

(2001)

40.777.000 USD

(2002)

46.969.000 USD

(2003)

56.381.887 USD

(2004)

70.809.680 TL

(2005)

71.943.436 TL

(2006)

94.732.196 TL

(2007)

95.842.310 TL

(2008)

66.564.877 TL

(2009)

65.959.251 TL

(2010)

91.167.446 TL

(2011)

72.406.594 TL

(2012)

78.559.389 TL

(2013)

99.078 TL Thousand

(2014)

44.218 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Australia

Belgium

Germany

Italy

Japan

Portugal

Spain

India

Bulgaria

China

Singapore

Malaysia

Indonesia

Vietnam

Thailand

 

MERCHANDISE  EXPORTED

:

Cotton fibers

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Akeller Cad. No:54 09201 Soke  Aydin / Turkey

 

BRANCHES

:

Head Office/Factory  :  Cumhuriyet Mah. Akeller Cad. No:54 09201 Soke Aydin/Turkey

 

Branch Office  :  Islam Kerimov Caddesi  No:16  Sunucu Is Merkezi B Blok Kat:8 Bayrakli Izmir/Turkey

 

Branch Office  :  Asmali Mescit Mah. Minare Sok. No:11/A Beyoglu Istanbul/Turkey

 

Branch Office  :  Via Candelo N. 64C 13900 Biella (BI) /Italy

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2014. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Soke Branch

Akbank Merkez Branch

T. Is Bankasi Soke Branch

T. Is Bankasi Yenicami Branch

Yapi ve Kredi Bankasi Soke Branch

Yapi ve Kredi Bankasi Levent Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

212.830.476

188.416.776

217.908

241.523

118.935

Profit (Loss) Before Tax

11.901.612

-46.297.786

-48.803

-38.902

-9.922

Stockholders' Equity

143.696.637

181.647.424

127.115

85.833

78.889

Total Assets

379.895.163

451.185.487

478.229

425.580

431.232

Current Assets

117.045.371

103.507.655

129.058

123.313

123.516

Non-Current Assets

262.849.792

347.677.832

349.171

302.267

307.716

Current Liabilities

106.375.961

146.823.249

193.810

194.184

176.984

Long-Term Liabilities

129.822.565

122.714.814

157.304

145.563

175.359

Gross Profit (loss)

72.821.191

37.626.452

51.601

67.994

35.611

Operating Profit (loss)

31.979.060

-26.967.896

-2.567

31.018

14.235

Net Profit (loss)

18.685.986

-40.371.234

-55.736

-44.516

-11.425

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 30.06.2015

Liquidity

Low As of 30.06.2015

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

Operating Loss  in 2012

Net Loss  in 2012

Operating Loss  in 2013

Net Loss  in 2013

High Operating Profitability  in 2014

Net Loss  in 2014

High Operating Profitability (01.01-30.06.2015)

Net Loss (01.01-30.06.2015)

 

Gap between average collection and payable periods

Favorable in 01.01-30.06.2015

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 ( 01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated.

 

 

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 ( 30.06.2015 )  TL Thousand

 

CURRENT ASSETS

117.045.371

0,31

103.507.655

0,23

129.058

0,27

123.313

0,29

123.516

0,29

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

7.695.672

0,02

6.015.608

0,01

7.615

0,02

16.857

0,04

11.254

0,03

Marketable Securities

0

0,00

0

0,00

577

0,00

272

0,00

41

0,00

Account Receivable

35.498.430

0,09

27.643.938

0,06

38.660

0,08

30.499

0,07

33.524

0,08

Other Receivable

209.912

0,00

1.964.890

0,00

451

0,00

2.895

0,01

1.179

0,00

Inventories

52.858.368

0,14

54.333.699

0,12

61.416

0,13

55.667

0,13

55.998

0,13

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

20.782.989

0,05

13.549.520

0,03

20.339

0,04

17.123

0,04

21.520

0,05

NON-CURRENT ASSETS

262.849.792

0,69

347.677.832

0,77

349.171

0,73

302.267

0,71

307.716

0,71

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

154

0,00

54.238

0,13

371

0,00

Financial Assets

25.098

0,00

8.299

0,00

8

0,00

8

0,00

8

0,00

Tangible Fixed Assets (net)

201.803.006

0,53

279.707.831

0,62

278.921

0,58

237.235

0,56

235.656

0,55

Intangible Assets

890.389

0,00

3.254.332

0,01

5.171

0,01

7.070

0,02

7.594

0,02

Deferred Tax Assets

15.401.730

0,04

19.725.568

0,04

11.856

0,02

3.700

0,01

3.991

0,01

Other Non-Current Assets

44.729.569

0,12

44.981.802

0,10

53.061

0,11

16

0,00

60.096

0,14

TOTAL ASSETS

379.895.163

1,00

451.185.487

1,00

478.229

1,00

425.580

1,00

431.232

1,00

CURRENT LIABILITIES

106.375.961

0,28

146.823.249

0,33

193.810

0,41

194.184

0,46

176.984

0,41

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

52.769.221

0,14

91.745.374

0,20

144.051

0,30

152.849

0,36

133.400

0,31

Accounts Payable

43.104.223

0,11

44.685.480

0,10

40.368

0,08

34.312

0,08

36.318

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

5.880.466

0,02

6.332.604

0,01

6.688

0,01

5.979

0,01

5.796

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.791.079

0,00

0

0,00

604

0,00

0

0,00

0

0,00

Provisions

2.830.972

0,01

3.366.464

0,01

503

0,00

420

0,00

368

0,00

Other Current Liabilities

0

0,00

693.327

0,00

1.596

0,00

624

0,00

1.102

0,00

LONG-TERM LIABILITIES

129.822.565

0,34

122.714.814

0,27

157.304

0,33

145.563

0,34

175.359

0,41

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

115.357.746

0,30

105.913.778

0,23

141.002

0,29

123.718

0,29

147.493

0,34

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

183.026

0,00

300.971

0,00

264

0,00

308

0,00

363

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

8.092.562

0,02

959.926

0,00

6.479

0,01

9.775

0,02

14.403

0,03

Provisions

6.189.231

0,02

15.540.139

0,03

9.559

0,02

11.762

0,03

13.100

0,03

STOCKHOLDERS' EQUITY

143.696.637

0,38

181.647.424

0,40

127.115

0,27

85.833

0,20

78.889

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

27.120.000

0,07

31.620.000

0,07

31.804

0,07

31.620

0,07

31.620

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

18.395.552

0,05

18.395.552

0,04

18.395

0,04

18.395

0,04

18.395

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

76.949.097

0,20

87.046.448

0,19

130.525

0,27

14.003

0,03

18.636

0,04

Revaluation Fund

2.546.002

0,01

84.956.658

0,19

2.127

0,00

75.092

0,18

72.068

0,17

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-8.761

-0,02

-50.405

-0,12

Net Profit (loss)

18.685.986

0,05

-40.371.234

-0,09

-55.736

-0,12

-44.516

-0,10

-11.425

-0,03

TOTAL LIABILITIES AND EQUITY

379.895.163

1,00

451.185.487

1,00

478.229

1,00

425.580

1,00

431.232

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of the subject are consolidated with the statements of its subsidiaries.

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

212.830.476

1,00

188.416.776

1,00

217.908

1,00

241.523

1,00

118.935

1,00

Cost of Goods Sold

140.009.285

0,66

150.790.324

0,80

166.307

0,76

173.529

0,72

83.324

0,70

Gross Profit

72.821.191

0,34

37.626.452

0,20

51.601

0,24

67.994

0,28

35.611

0,30

Operating Expenses

40.842.131

0,19

64.594.348

0,34

54.168

0,25

36.976

0,15

21.376

0,18

Operating Profit

31.979.060

0,15

-26.967.896

-0,14

-2.567

-0,01

31.018

0,13

14.235

0,12

Other Income

25.697.938

0,12

24.026.348

0,13

7.544

0,03

18.795

0,08

5.073

0,04

Other Expenses

0

0,00

0

0,00

3.255

0,01

54.111

0,22

2.487

0,02

Financial Expenses

46.214.740

0,22

43.329.705

0,23

50.613

0,23

34.376

0,14

26.556

0,22

Minority Interests

439.354

0,00

-26.533

0,00

88

0,00

-228

0,00

-187

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

11.901.612

0,06

-46.297.786

-0,25

-48.803

-0,22

-38.902

-0,16

-9.922

-0,08

Tax Payable

4.588.179

0,02

1.609.726

0,01

1.166

0,01

2.561

0,01

341

0,00

Postponed Tax Gain

11.372.553

0,05

7.536.278

0,04

-5.767

-0,03

-3.053

-0,01

-1.162

-0,01

Net Profit (loss)

18.685.986

0,09

-40.371.234

-0,21

-55.736

-0,26

-44.516

-0,18

-11.425

-0,10

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

(01.01-30.06.2015)

LIQUIDITY RATIOS

 

Current Ratio

1,10

0,70

0,67

0,64

0,70

Acid-Test Ratio

0,41

0,24

0,24

0,26

0,26

Cash Ratio

0,07

0,04

0,04

0,09

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,14

0,12

0,13

0,13

0,13

Short-term Receivable/Total Assets

0,09

0,07

0,08

0,08

0,08

Tangible Assets/Total Assets

0,53

0,62

0,58

0,56

0,55

TURNOVER RATIOS

 

Inventory Turnover

2,65

2,78

2,71

3,12

1,49

Stockholders' Equity Turnover

1,48

1,04

1,71

2,81

1,51

Asset Turnover

0,56

0,42

0,46

0,57

0,28

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,38

0,40

0,27

0,20

0,18

Current Liabilities/Total Assets

0,28

0,33

0,41

0,46

0,41

Financial Leverage

0,62

0,60

0,73

0,80

0,82

Gearing Percentage

1,64

1,48

2,76

3,96

4,47

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,13

-0,22

-0,44

-0,52

-0,14

Operating Profit Margin

0,15

-0,14

-0,01

0,13

0,12

Net Profit Margin

0,09

-0,21

-0,26

-0,18

-0,10

Interest Cover

1,26

-0,07

0,04

-0,13

0,63

COLLECTION-PAYMENT

 

Average Collection Period (days)

60,05

52,82

64,12

126,30

102,60

Average Payable Period (days)

111,30

107,40

87,95

71,82

158,48

WORKING CAPITAL

10669410,00

-43315594,00

-64752,00

-70871,00

-53468,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.29

UK Pound

1

Rs.101.89

Euro

1

Rs.73.98

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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

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

--

NB

                                       New Business

 

--

 

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%)

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