MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TEMA SINAYI VE TICARI
URUNLER LTD. STI |
|
|
|
|
Registered Office : |
Serbest Bolge (Free Zone) Mersin G Adasi D.1 Parsel 2/3-4-5 No: 33020
Mersin |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
09.02.1993 |
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Com. Reg. No.: |
19588 |
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|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Processing and trade of stainless steel and chromium
products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TEMA SINAYI VE TICARI URUNLER LTD. STI |
|
ADDRESS |
: |
Head Office/Production Plant/Warehouse:
Serbest Bolge (Free Zone) Mersin G Adasi D.1 Parsel 2/3-4-5 No: 33020 Mersin
/ Turkey |
|
PHONE NUMBER |
: |
90-324-238 39 67-68 |
|
FAX NUMBER |
: |
90-324-238 39 69 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Uray / 8370030850 |
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|
REGISTRATION NUMBER |
: |
19588 |
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|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce and Industry |
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|
DATE ESTABLISHED |
: |
09.02.1993 (Commercial Registry Gazette
Date /No: 23.02.1993/3227) |
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LEGAL FORM |
: |
Limited Company |
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|
TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 32,000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
: YTL 500 |
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|
|
|
Regist. Capital Changed on |
: Commercial Registry Gazette Date /No:
29.4.1999/4780 |
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|
Previous Shareholders |
: Erdem Sire 50 % Erdogan Sire 50 % |
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|
Shareholders Changed On |
: 06.07.2007 (Commercial Registry Gazette Date/No:
11.07.2007/6849) |
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|
Other Historical Events |
: The subject which was established in
Adana and registered at Adana Commercial Registry with the registration no:
26184 moved to Mersin on 27.01.1998 and registered at Mersin Commercial Registry
with registarion no: 19588. (Commercial Registry Gazette Date /No:
13.03.1998/4501) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Erdem Sire Erdogan Sire Ercan Sire Erman Sire |
25 % 25 % 25 % |
|
SISTER COMPANIES |
: |
-Tempa Metal Sanayi ve Ticaret Ltd Sti |
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|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Erdem Sire Erdogan Sire |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing and trade of stainless steel
and chromium products |
|
|
NUMBER OF
EMPLOYEES |
: |
11 |
|
|
NET SALES |
: |
USD 7,404,695 USD 7,577,894 USD 4,995,956 USD 5,293,129 USD 4,328,761 USD 7,114,164 USD 7,342,857 YTL 13,548,801
YTL 20,555,640 YTL 27,650,918
YTL 9,530,593 |
(1997) (1998) (1999) (2000) (2003) (2004) |
|
IMPORT VALUE |
: |
(USD) 14,189,536 18,077,397 13,919,700 |
(2005) (2006) |
|
IMPORT COUNTRIES |
: |
China, India, UK, Italy, Germany |
|
|
MERCHANDISE IMPORTED |
: |
Stainless steel bars and plates |
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|
EXPORT VALUE |
: |
As the subject company is located at
"Free Trade Zone" all of its sales are regarded as exports. |
|
|
PREMISES |
: |
Head Office/Production
Plant/Warehouse: Serbest Bolge (Free Zone) Mersin G Adasi D.1 Parsel 2/3-4-5
No: 33020 Mersin (rented) Liaison office: Mersin Yolu Uzeri No: 526
Adana (owned by shareholders) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Serbest Bolge branch in Mersin |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding
payments from the bank. 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 “Tema Sinayi” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2006 |
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|
LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
High |
In 2006 |
High |
Between 1.1-31.03.2007 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
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|
GENERAL
FINANCIAL POSITION |
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|
Strong |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 3.2 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(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 |
10.511.852 |
|
0,98 |
|
16.101.277 |
|
0,99 |
|
|
|
Cash and
Banks |
1.963.973 |
|
0,18 |
|
2.123.234 |
|
0,13 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
3.049.834 |
|
0,29 |
|
3.191.538 |
|
0,20 |
|
|
|
Other
Receivable |
5.498.045 |
|
0,51 |
|
9.905.785 |
|
0,61 |
|
|
|
Inventories |
0 |
|
0,00 |
|
880.720 |
|
0,05 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
175.658 |
|
0,02 |
|
175.219 |
|
0,01 |
|
|
|
Long-term
Receivable |
4.522 |
|
0,00 |
|
4.651 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
171.136 |
|
0,02 |
|
157.293 |
|
0,01 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
13.275 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
10.687.510 |
|
1,00 |
|
16.276.496 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
3.474.176 |
|
0,33 |
|
3.144.026 |
|
0,19 |
|
|
|
Financial
Loans |
1.275.642 |
|
0,12 |
|
958.476 |
|
0,06 |
|
|
|
Accounts
Payable |
2.117.730 |
|
0,20 |
|
2.049.603 |
|
0,13 |
|
|
|
Loans
from Shareholders |
17.803 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
33.546 |
|
0,00 |
|
34.502 |
|
0,00 |
|
|
|
Advances
from Customers |
21.067 |
|
0,00 |
|
93.711 |
|
0,01 |
|
|
|
Taxes
Payable |
4.576 |
|
0,00 |
|
4.911 |
|
0,00 |
|
|
|
Provisions |
3.812 |
|
0,00 |
|
2.823 |
|
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 |
7.213.334 |
|
0,67 |
|
13.132.470 |
|
0,81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
10.687.510 |
|
1,00 |
|
16.276.496 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Sales |
20.555.640 |
|
1,00 |
|
27.650.918 |
|
1,00 |
|
9.530.593 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
19.185.209 |
|
0,93 |
|
21.099.825 |
|
0,76 |
|
8.587.849 |
|
0,90 |
|
|
|
Gross Profit |
1.370.431 |
|
0,07 |
|
6.551.093 |
|
0,24 |
|
942.744 |
|
0,10 |
|
|
|
Operating
Expenses |
598.540 |
|
0,03 |
|
737.862 |
|
0,03 |
|
196.563 |
|
0,02 |
|
|
|
Operating Profit |
771.891 |
|
0,04 |
|
5.813.231 |
|
0,21 |
|
746.181 |
|
0,08 |
|
|
|
Other
Income |
66.001 |
|
0,00 |
|
96.694 |
|
0,00 |
|
41.713 |
|
0,00 |
|
|
|
Other
Expenses |
288 |
|
0,00 |
|
8.887 |
|
0,00 |
|
6.832 |
|
0,00 |
|
|
|
Financial
Expenses |
58.006 |
|
0,00 |
|
173.312 |
|
0,01 |
|
30.039 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
779.598 |
|
0,04 |
|
5.727.726 |
|
0,21 |
|
751.023 |
|
0,08 |
|
|
|
Tax
Payable |
10.116 |
|
0,00 |
|
14.486 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
769.482 |
|
0,04 |
|
5.713.240 |
|
0,21 |
|
751.023 |
|
0,08 |
|
|
|
FINANCIAL RATIOS |
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|
2005 |
|
|
|
2006 |
|
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|
1.1.-31.03.07 |
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LIQUIDITY RATIOS |
|
|
|
|
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|
|
|
|
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|
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|
Current Ratio |
3,03 |
|
|
|
5,12 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
3,03 |
|
|
|
4,84 |
|
|
|
-- |
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,05 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,80 |
|
|
|
0,80 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,02 |
|
|
|
0,01 |
|
|
|
-- |
|
|
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TURNOVER RATIOS |
|
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|
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|
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|
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|
|
|
|
Inventory Turnover |
-- |
|
|
|
23,96 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
2,85 |
|
|
|
2,11 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,92 |
|
|
|
1,70 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,67 |
|
|
|
0,81 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,33 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,33 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Profit/Stockholders' Eq. |
0,11 |
|
|
|
0,44 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,21 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,21 |
|
|
|
0,08 |
|
|
|
|
|
|
|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
53,49 |
|
|
|
41,61 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
39,74 |
|
|
|
34,97 |
|
|
|
-- |
|
|
|
|
|
|
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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%)