MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAGLAMIS CELIK TEL VE MAMULLERI SANAYI TICARET
A.S. |
|
|
|
|
Registered Office : |
Mithatpasa Mah. Yasemin Sk. No:4 Adapazari - Sakarya |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.12.1981 |
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Com. Reg. No.: |
5998-13166 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and trade of steel wire and steel wire products |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SAGLAMIS CELIK TEL VE MAMULLERI SANAYI TICARET
A.S. |
|
ADDRESS |
: |
Registered Head Office/Warehouse:
Mithatpasa Mah. Yasemin Sk. No:4 Adapazari - Sakarya / Turkey Administrative Office&Production
Plant: 1. Organize Sanayi Bolgesi 1. Nolu Yol No: 30 Hanli Adapazari Sakarya
/ Turkey |
|
PHONE NUMBER |
: |
90-264-276 93 93 |
|
FAX NUMBER |
: |
90-264-276 93 94 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gumrukonu / 7380044878 |
|
REGISTRATION NUMBER |
: |
5998-13166 |
|
REGISTERED OFFICE |
: |
Adapazari Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
30.12.1981 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
PAID-IN CAPITAL |
: |
YTL 500,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Kemal Bozdurgut Ali Kemal Bozdurgut Bekir Bozdurgut Edibe Bozdurgut Nazmiye Bozdurgut Ali Nihat Bozdurgut Nihal Coban |
37,5 % |
|
SISTER COMPANIES |
: |
-Saglamis Yay Sanayi ve Ticaret Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Mustafa Kemal Bozdurgut Ali Kemal Bozdurgut Bekir Bozdurgut |
Chairman Vice-Chairman Member |
|
DIRECTORS |
: |
Mustafa Kemal Bozdurgut Ali Kemal Bozdurgut |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of steel wire and
steel wire products |
|
|
NUMBER OF
EMPLOYEES |
: |
38 |
|
|
NET SALES |
: |
(YTL) 2,748,460 3,951,895 4,068,149 |
(2005) (2006) (01.01-30.09.2007) |
|
CAPACITY |
: |
(Kgs/Yr) 19,591,800 19,591,800 19,591,800 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Kgs) 1,163,940 2,578,915 1,528,332 |
(2005) (2006) (01.01.-31.07.2007) |
|
IMPORT VALUE |
: |
(YTL) 1,210,988 1,592,986 1,617,127 |
(2005) (2006) (01.01.-31.07.2007) |
|
IMPORT COUNTRIES |
: |
Germany, Belgium, Spain, South Korea,
Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Raw materials |
|
|
EXPORT VALUE |
: |
(YTL) 288,868 246,349 202,933 |
(2005) (2006) |
|
EXPORT COUNTRIES |
: |
Macedonia, Serbia, Bosnia Herzegovina, Ukraine,
Croatia, Italy… |
|
|
MERCHANDISE
EXPORTED |
: |
Wire of iron, springs, leaves, iron and
steel … |
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|
PREMISES |
: |
Registered Head Office/Warehouse:
Mithatpasa Mah. Yasemin Sk. No:4 Adapazari - Sakarya (rented from the shareholder
Mustafa Kemal Bozdurgut) Administartive Office&Production
Plant: 1. Organize Sanayi Bolgesi 1. Nolu Yol No: 30 Hanli Adapazari Sakarya
(owned) (5,000 sqm) |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Adapazari Merkez branch in
Sakarya Asya Katilim Bankasi Adapazari branch in
Sakarya Yapi ve Kredi Bankasi Sakarya branch
Sakarya Halk Bankasi Sanayi branch in Sakarya |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official
registries between 01.01.2000-15.10.2007, there are no protested bills and
non-paid cheques registered in the name of
“Saglamis Celik” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2006. It has to be noted that, 30 %
of “total liabilities and equity” was consisting of “loans from shareholders”
rather than liabilities to third parties indicating not too high indebtedness
to third parties as of 31.12.2006. |
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LIQUIDITY |
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|
Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities” |
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PROFITABILITY |
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|
Fair |
In 2006 |
Fair |
Between 01.01.-30.09.2007 |
|
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 465,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
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|
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CURRENT ASSETS |
1.880.588 |
|
0,65 |
|
2.868.961 |
|
0,75 |
|
|
|
Cash and
Banks |
97.186 |
|
0,03 |
|
68.084 |
|
0,02 |
|
|
|
Marketable Securities |
47.216 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
696.130 |
|
0,24 |
|
1.592.779 |
|
0,41 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
5.500 |
|
0,00 |
|
|
|
Inventories |
912.686 |
|
0,32 |
|
1.104.868 |
|
0,29 |
|
|
|
Advances
Given |
50.877 |
|
0,02 |
|
48.468 |
|
0,01 |
|
|
|
Other
Current Assets |
76.493 |
|
0,03 |
|
49.262 |
|
0,01 |
|
|
|
|
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|
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NON-CURRENT ASSETS |
1.000.721 |
|
0,35 |
|
976.456 |
|
0,25 |
|
|
|
Long-term
Receivable |
358 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Tangible
Fixed Assets (net) |
994.019 |
|
0,34 |
|
970.708 |
|
0,25 |
|
|
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Intangible Assets |
6.344 |
|
0,00 |
|
3.536 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
2.212 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
2.881.309 |
|
1,00 |
|
3.845.417 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
1.548.058 |
|
0,54 |
|
2.379.226 |
|
0,62 |
|
|
|
Financial
Loans |
26.751 |
|
0,01 |
|
31.019 |
|
0,01 |
|
|
|
Accounts
Payable |
899.942 |
|
0,31 |
|
1.070.355 |
|
0,28 |
|
|
|
Loans
from Shareholders |
557.598 |
|
0,19 |
|
1.137.835 |
|
0,30 |
|
|
|
Other
Short-term Payable |
9.072 |
|
0,00 |
|
110 |
|
0,00 |
|
|
|
Advances
from Customers |
35.093 |
|
0,01 |
|
105.051 |
|
0,03 |
|
|
|
Taxes
Payable |
19.384 |
|
0,01 |
|
29.429 |
|
0,01 |
|
|
|
Provisions |
218 |
|
0,00 |
|
5.427 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
|
|
|
|
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|
|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
60.403 |
|
0,02 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
60.403 |
|
0,02 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
1.333.251 |
|
0,46 |
|
1.405.788 |
|
0,37 |
|
|
|
Paid-in
Capital |
500.000 |
|
0,17 |
|
500.000 |
|
0,13 |
|
|
|
Inflation
Adjustment of Capital |
746.218 |
|
0,26 |
|
746.218 |
|
0,19 |
|
|
|
Reserves |
95.455 |
|
0,03 |
|
87.033 |
|
0,02 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-115.803 |
|
-0,04 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
107.381 |
|
0,04 |
|
72.537 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.881.309 |
|
1,00 |
|
3.845.417 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.748.460 |
|
1,00 |
|
3.951.895 |
|
1,00 |
|
4.068.149 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.429.489 |
|
0,88 |
|
3.558.982 |
|
0,90 |
|
3.717.561 |
|
0,91 |
|
|
|
Gross Profit |
318.971 |
|
0,12 |
|
392.913 |
|
0,10 |
|
350.588 |
|
0,09 |
|
|
|
Operating
Expenses |
237.237 |
|
0,09 |
|
322.307 |
|
0,08 |
|
239.179 |
|
0,06 |
|
|
|
Operating Profit |
81.734 |
|
0,03 |
|
70.606 |
|
0,02 |
|
111.409 |
|
0,03 |
|
|
|
Other
Income |
83.872 |
|
0,03 |
|
235.205 |
|
0,06 |
|
121.714 |
|
0,03 |
|
|
|
Other
Expenses |
39.945 |
|
0,01 |
|
139.895 |
|
0,04 |
|
75.716 |
|
0,02 |
|
|
|
Financial
Expenses |
10.356 |
|
0,00 |
|
72.119 |
|
0,02 |
|
43.747 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
115.305 |
|
0,04 |
|
93.797 |
|
0,02 |
|
113.660 |
|
0,03 |
|
|
|
Tax
Payable |
7.924 |
|
0,00 |
|
21.260 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
107.381 |
|
0,04 |
|
72.537 |
|
0,02 |
|
113.660 |
|
0,03 |
|
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,21 |
|
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|
1,21 |
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|
|
-- |
|
|
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Acid-Test Ratio |
0,54 |
|
|
|
0,70 |
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|
-- |
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ASSET STRUCTURE RATIOS |
|
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Inventory/Total Assets |
0,32 |
|
|
|
0,29 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,24 |
|
|
|
0,42 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,34 |
|
|
|
0,25 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,66 |
|
|
|
3,22 |
|
|
|
-- |
|
|
|
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Stockholders' Equity Turnover |
2,06 |
|
|
|
2,81 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,95 |
|
|
|
1,03 |
|
|
|
-- |
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,46 |
|
|
|
0,37 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,54 |
|
|
|
0,62 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,54 |
|
|
|
0,63 |
|
|
|
-- |
|
|
|
|
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PROFITABILITY RATIOS |
|
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Net Profit/Stockholders' Eq. |
0,08 |
|
|
|
0,05 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
0,03 |
|
|
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Net Profit Margin |
0,04 |
|
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|
0,02 |
|
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|
0,03 |
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COLLECTION-PAYMENT |
|
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Average Collection Period (days) |
91,23 |
|
|
|
145,10 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
133,35 |
|
|
|
108,27 |
|
|
|
-- |
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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%)