MIRA
INFORM REPORT
|
Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
EKSONSER METAL OKSIT
INSAAT MADENCILIK SANAYI MAMULLERI VE DIS TICARET LTD STI |
|
|
|
|
Registered Office : |
Buyukdere Cad Cayir Cimen Sok Emlak Kredi Bloklari A-1 Blok K:5 D:22
Besiktas-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
16.02.2000 |
|
|
|
|
Com. Reg. No.: |
433480 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of iron and steel products such as water well casing pipes,
galvanized water pipes. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
EKSONSER METAL OKSIT
INSAAT MADENCILIK SANAYI MAMULLERI VE DIS TICARET LTD STI |
|
ADDRESS |
: |
Head Office: Buyukdere Cad Cayir Cimen Sok
Emlak Kredi Bloklari A-1 Blok K:5 D:22 Besiktas-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-269 57 30 |
|
FAX NUMBER |
: |
90-212-264 77 21 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Besiktas/3300161725 |
|
REGISTRATION NUMBER |
: |
433480 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
16.02.2000 (Commercial Registry Gazette
Date/No:21.02.2000/4987) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
PAID-IN CAPITAL |
: |
The paid in capital
which was YTL 300,000 as of 31.12.2005
is declared to be YTL 500,000 now by the company. There is no
certification for this figure. |
|
HISTORY |
: |
The registered
capital increased to YTL 500,000 on 13.06.2002 (Commercial Registry Gazette
Date/No:18.06.2002/5572) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ferit Onsel Lale Onsel |
95 % 5
% |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
DIRECTORS |
: |
Ferit Onsel |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The subject deals with trade of iron and
steel products such as water well casing pipes, galvanized water pipes. The subject also started to manufacture of
zinc oxide at the beginning of December 2006. |
|
|
NUMBER OF
EMPLOYEES |
: |
21 |
|
|
NET SALES |
: |
(YTL) 2,042,854 1,545,187 1,291,727 |
(2004) (2005) (1.1.-30.09.2006) |
|
IMPORT VALUE |
: |
USD 1 million EUR 943,000 None None |
(2003) (2004) (2005) (2006) |
|
IMPORT COUNTRIES |
: |
Ukraine, Romania, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Metal sheet |
|
|
EXPORT VALUE |
: |
(YTL) 1,888,030 1,545,187 1,076,415 |
(2004) (2005) (1.1.-30.09.2006) |
|
EXPORT COUNTRIES |
: |
India, Algeria, Belgium, Syria, Iraq,
Lebanon, Jordan |
|
|
MERCHANDISE
EXPORTED |
: |
Zinc oxide, plate, aluminum tubes, flat
rolled products… |
|
|
PREMISES |
: |
Head Office: Buyukdere Cad Cayir Cimen Sok
Emlak Kredi Bloklari A-1 Blok K:5 D:22 Besiktas-Istanbul (owned) Branch Office/ Production Plant: Orman
Agac Urunleri Sanayi Sitesi Ada 2008 No:15 Gebze-Kocaeli (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was a decline at business volume in nominal
terms in 2005. There appears an increase at sales volume in the first 9
months of 2006 but it indicates a stagnating trend when compared to 2004. |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Bebek branch in Istanbul Akbank Zincirlikuyu branch in Istanbul Finansbank Merkez branch in Istanbul |
|
CREDIT FACILITIES |
: |
No
credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries since its establishment on 16.02.2000 until 31.03.2007, there are no protested bills and non-paid cheques registered in the name of “Eksonser Metal” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
In order |
As of 31.12.2005 |
|||
|
LIQUIDITY |
||||
|
High |
As of 31.12.2005 |
|||
|
PROFITABILITY |
||||
|
Low |
In 2005 |
Fair |
Between 1.1.-30.9.2006 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2005 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
In order |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of EUR 90,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
BALANCE SHEETS |
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
307.663 |
|
0,89 |
|
747.402 |
|
0,97 |
|
|
|
Cash and
Banks |
13.691 |
|
0,04 |
|
37.521 |
|
0,05 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
235.054 |
|
0,68 |
|
649.939 |
|
0,84 |
|
|
|
Other
Receivable |
17.997 |
|
0,05 |
|
44.944 |
|
0,06 |
|
|
|
Inventories |
1.844 |
|
0,01 |
|
1.844 |
|
0,00 |
|
|
|
Advances
Given |
30.446 |
|
0,09 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
8.631 |
|
0,03 |
|
13.154 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
37.163 |
|
0,11 |
|
22.295 |
|
0,03 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
26.439 |
|
0,08 |
|
14.016 |
|
0,02 |
|
|
|
Intangible Assets |
10.724 |
|
0,03 |
|
8.279 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
344.826 |
|
1,00 |
|
769.697 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
3.877 |
|
0,01 |
|
400.138 |
|
0,52 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
2.317 |
|
0,01 |
|
397.699 |
|
0,52 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
1.560 |
|
0,00 |
|
2.439 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
340.949 |
|
0,99 |
|
369.559 |
|
0,48 |
|
|
|
Paid-in
Capital |
300.000 |
|
0,87 |
|
300.000 |
|
0,39 |
|
|
|
Inflation
Adjustment of Capital |
144.021 |
|
0,42 |
|
144.021 |
|
0,19 |
|
|
|
Reserves |
0 |
|
0,00 |
|
17.782 |
|
0,02 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-120.853 |
|
-0,35 |
|
-120.853 |
|
-0,16 |
|
|
|
Net
Profit (loss) |
17.781 |
|
0,05 |
|
28.609 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
344.826 |
|
1,00 |
|
769.697 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.042.854 |
|
1,00 |
|
1.545.187 |
|
1,00 |
|
1.291.727 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
1.770.412 |
|
0,87 |
|
1.354.348 |
|
0,88 |
|
914.339 |
|
0,71 |
|
|
|
Gross Profit |
272.442 |
|
0,13 |
|
190.839 |
|
0,12 |
|
377.388 |
|
0,29 |
|
|
|
Operating
Expenses |
214.994 |
|
0,11 |
|
163.791 |
|
0,11 |
|
225.832 |
|
0,17 |
|
|
|
Operating Profit |
57.448 |
|
0,03 |
|
27.048 |
|
0,02 |
|
151.556 |
|
0,12 |
|
|
|
Other
Income |
70.362 |
|
0,03 |
|
35.210 |
|
0,02 |
|
73.895 |
|
0,06 |
|
|
|
Other
Expenses |
101.411 |
|
0,05 |
|
22.715 |
|
0,01 |
|
169.682 |
|
0,13 |
|
|
|
Financial
Expenses |
8.618 |
|
0,00 |
|
10.934 |
|
0,01 |
|
724 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
17.781 |
|
0,01 |
|
28.609 |
|
0,02 |
|
55.045 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
17.781 |
|
0,01 |
|
28.609 |
|
0,02 |
|
55.045 |
|
0,04 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
79,36 |
|
|
|
1,87 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
68,80 |
|
|
|
1,83 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,01 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,73 |
|
|
|
0,90 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,08 |
|
|
|
0,02 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
960,09 |
|
|
|
734,46 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
5,99 |
|
|
|
4,18 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
5,92 |
|
|
|
2,01 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,99 |
|
|
|
0,48 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,01 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,01 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
0,08 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
0,12 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
41,42 |
|
|
|
151,42 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
0,47 |
|
|
|
105,71 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/normal. |
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%)