MIRA
INFORM REPORT
|
Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KROMTEL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Yenidogan Merve Mah. Uzungol Cad. No:7 Umraniye- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
02.01.1995 |
|
|
|
|
Com. Reg. No.: |
322957 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Processing trade of steel 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 |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
KROMTEL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Processing Plant: Yenidogan
Merve Mah. Uzungol Cad. No:7 Umraniye- Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-216-564 08 00 |
|
FAX NUMBER |
: |
90-216-561 02 10 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Sultanbeyli / 5900002954 |
|
|
|
REGISTRATION NUMBER |
: |
322957 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
02.01.1995 (Commercial Registry Gazette
Date/No: 06.01.1995/3698) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 5,500,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,500,000 |
|
|
|
HISTORY |
: |
|
||
|
|
|
Previous
Registered Capital |
: YTL 500,000 |
|
|
|
|
Regist.Capital
Changed On |
: 21.10.2002 (Commercial Registry Gazette
Date/No: 24.10.2002/5663) |
|
|
|
|
Previous
Registered Capital |
: YTL 1.5 million |
|
|
|
|
Regist.Capital Changed On |
: 31.12.2003 (Commercial Registry Gazette
Date/No: 12.01.2004/5965) |
|
|
|
|
Previous Registered
Capital |
: YTL 3 million |
|
|
|
|
Regist.Capital Changed On |
: 31.12.2004 (Commercial Registry Gazette
Date/No: 10.01.2005/6216) |
|
|
|
|
Previous Address |
: Tersane Cad. Hediye Sok. Karakoy-
Istanbul |
|
|
|
|
Address Changed On |
: 04.02.2002 (Commercial Registry Gazette
Date/No: 07.02.2002/5482) |
|
|
|
|
Previous Address |
: Ataturk Cad. DES
Sanayi Sitesi 117 Sok. C-28 Blok No: 8-10 Yukari Dudullu Umraniye |
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|
|
|
Address Changed On |
: 29.11.2006 (Commercial Registry Gazette Date/No:
05.12.2006/6697) |
|
|
|
|
Previous Address |
: Yenidogan Merve Mah. Akabe Cad. No:65
Umraniye |
|
|
|
|
Address Changed On |
: 06.12.2006 (Commercial Registry Gazette
Date/No: 12.12.2006/6702) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Turgay Ilter Muazzez Ilter |
99 % 1
% |
|
SISTER COMPANIES |
: |
-Ilse Makina ve Endustriyel Urunler Sanayi
Ticaret Ltd. Sti. (not very active) -Ilter Dis Ticaret Kollektif Sirketi
Turgay Ilter ve Ortagi (not very active) -Karbon Celik Bant Sanayi ve Ticaret
Ltd.Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Turgay Ilter Muazzez Ilter |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing trade of steel products. |
||
|
NUMBER OF
EMPLOYEES |
: |
39 |
||
|
NET SALES |
: |
(YTL) 175,804 314,408 710,375 913,225 2,219,874 2,465,461 5,876,152 8,392,079 11,305,256 13,258,579 15,266,932 16,641,498 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
|
IMPORT VALUE |
: |
USD 7 million USD 6,242,000 +
EUR 1,085,000 USD 6,900,311 +
EUR 1,283,190 |
(2004) (2005) (2006) |
|
|
IMPORT COUNTRIES |
: |
European Countries, Far Eastern Countries |
||
|
MERCHANDISE
IMPORTED |
: |
Steel wire, machinery |
||
|
PREMISES |
: |
Head Office/Processing Plant: Yenidogan
Merve Mah. Uzungol Cad. No:7 Umraniye- Istanbul (owned) Warehouse: Yenidogan Merve Mah. Akabe Cad.
No:1 Umraniye- Istanbul (rented) |
||
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Tekfenbank Imes
branch in Istanbul Yapi ve Kredi Bankasi
Site Yolu branch in Istanbul Anadolubank Umraniye
branch in Istanbul Oyakbank Imes branch
in Istanbul T.Finans Katilim
Bankasi Des branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
short-term and long-term 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 “Kromtel Sanayi”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
In order |
As of 30.09.2007 |
|
LIQUIDITY |
|
|
High |
As of 30.09.2007 |
|
PROFITABILITY |
|
|
High |
Between 01.01.-30.09.2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Favorable |
Between 01.01.-30.09.2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
Good |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 4.5 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 |
|
(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 |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.9.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
16.289.283 |
|
0,81 |
|
23.501.719 |
|
0,82 |
|
19.796.467 |
|
0,79 |
|
|
|
Cash and
Banks |
3.917.755 |
|
0,20 |
|
6.428.275 |
|
0,22 |
|
6.300.435 |
|
0,25 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
3.089.679 |
|
0,15 |
|
3.930.933 |
|
0,14 |
|
5.717.655 |
|
0,23 |
|
|
|
Other Receivable |
26.108 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
2.640.475 |
|
0,13 |
|
2.474.374 |
|
0,09 |
|
2.647.807 |
|
0,11 |
|
|
|
Advances
Given |
6.575.704 |
|
0,33 |
|
10.664.642 |
|
0,37 |
|
4.946.343 |
|
0,20 |
|
|
|
Other
Current Assets |
39.562 |
|
0,00 |
|
3.495 |
|
0,00 |
|
184.227 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
3.793.509 |
|
0,19 |
|
5.326.151 |
|
0,18 |
|
5.186.569 |
|
0,21 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
3.752.024 |
|
0,19 |
|
5.261.937 |
|
0,18 |
|
5.089.248 |
|
0,20 |
|
|
|
Intangible Assets |
29.422 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
12.063 |
|
0,00 |
|
64.214 |
|
0,00 |
|
97.321 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
20.082.792 |
|
1,00 |
|
28.827.870 |
|
1,00 |
|
24.983.036 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
8.538.563 |
|
0,43 |
|
15.828.100 |
|
0,55 |
|
11.299.785 |
|
0,45 |
|
|
|
Financial
Loans |
2.508.626 |
|
0,12 |
|
3.906.076 |
|
0,14 |
|
3.045.423 |
|
0,12 |
|
|
|
Accounts
Payable |
5.915.664 |
|
0,29 |
|
10.750.439 |
|
0,37 |
|
7.211.718 |
|
0,29 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
427.719 |
|
0,02 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
38.160 |
|
0,00 |
|
981.449 |
|
0,03 |
|
580.381 |
|
0,02 |
|
|
|
Taxes
Payable |
16.024 |
|
0,00 |
|
52.821 |
|
0,00 |
|
34.544 |
|
0,00 |
|
|
|
Provisions |
60.089 |
|
0,00 |
|
137.315 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
2.330.311 |
|
0,12 |
|
2.235.979 |
|
0,08 |
|
1.693.205 |
|
0,07 |
|
|
|
Financial
Loans |
2.330.311 |
|
0,12 |
|
2.235.979 |
|
0,08 |
|
1.693.205 |
|
0,07 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
9.213.918 |
|
0,46 |
|
10.763.791 |
|
0,37 |
|
11.990.046 |
|
0,48 |
|
|
|
Paid-in
Capital |
5.120.000 |
|
0,25 |
|
5.500.000 |
|
0,19 |
|
5.500.000 |
|
0,22 |
|
|
|
Inflation
Adjustment of Capital |
3.185.371 |
|
0,16 |
|
3.185.371 |
|
0,11 |
|
3.185.371 |
|
0,13 |
|
|
|
Reserves |
2.454.451 |
|
0,12 |
|
3.708.387 |
|
0,13 |
|
4.878.260 |
|
0,20 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-2.799.840 |
|
-0,14 |
|
-2.799.840 |
|
-0,10 |
|
-2.799.840 |
|
-0,11 |
|
|
|
Net Profit
(loss) |
1.253.936 |
|
0,06 |
|
1.169.873 |
|
0,04 |
|
1.226.255 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
20.082.792 |
|
1,00 |
|
28.827.870 |
|
1,00 |
|
24.983.036 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.09.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.258.579 |
|
1,00 |
|
15.266.932 |
|
1,00 |
|
16.641.498 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
10.232.265 |
|
0,77 |
|
11.522.469 |
|
0,75 |
|
12.998.524 |
|
0,78 |
|
|
|
Gross Profit |
3.026.314 |
|
0,23 |
|
3.744.463 |
|
0,25 |
|
3.642.974 |
|
0,22 |
|
|
|
Operating
Expenses |
1.028.884 |
|
0,08 |
|
1.554.817 |
|
0,10 |
|
1.354.260 |
|
0,08 |
|
|
|
Operating Profit |
1.997.430 |
|
0,15 |
|
2.189.646 |
|
0,14 |
|
2.288.714 |
|
0,14 |
|
|
|
Other
Income |
260.980 |
|
0,02 |
|
253.194 |
|
0,02 |
|
385.074 |
|
0,02 |
|
|
|
Other
Expenses |
221.248 |
|
0,02 |
|
308.832 |
|
0,02 |
|
509.090 |
|
0,03 |
|
|
|
Financial
Expenses |
586.038 |
|
0,04 |
|
666.546 |
|
0,04 |
|
938.443 |
|
0,06 |
|
|
|
Profit (loss) Before Tax |
1.451.124 |
|
0,11 |
|
1.467.462 |
|
0,10 |
|
1.226.255 |
|
0,07 |
|
|
|
Tax
Payable |
197.188 |
|
0,01 |
|
297.589 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.253.936 |
|
0,09 |
|
1.169.873 |
|
0,08 |
|
1.226.255 |
|
0,07 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.09.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,91 |
|
|
|
1,48 |
|
|
|
1,75 |
|
|
|
|
|
Acid-Test Ratio |
0,82 |
|
|
|
0,65 |
|
|
|
1,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,13 |
|
|
|
0,09 |
|
|
|
0,11 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,16 |
|
|
|
0,14 |
|
|
|
0,23 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,19 |
|
|
|
0,18 |
|
|
|
0,20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,88 |
|
|
|
4,66 |
|
|
|
4,91 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,44 |
|
|
|
1,42 |
|
|
|
1,39 |
|
|
|
|
|
Asset Turnover |
0,66 |
|
|
|
0,53 |
|
|
|
0,67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,46 |
|
|
|
0,37 |
|
|
|
0,48 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,43 |
|
|
|
0,55 |
|
|
|
0,45 |
|
|
|
|
|
Financial Leverage |
0,54 |
|
|
|
0,63 |
|
|
|
0,52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,14 |
|
|
|
0,11 |
|
|
|
0,10 |
|
|
|
|
|
Operating Profit Margin |
0,15 |
|
|
|
0,14 |
|
|
|
0,14 |
|
|
|
|
|
Net Profit Margin |
0,09 |
|
|
|
0,08 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
83,89 |
|
|
|
92,69 |
|
|
|
123,69 |
|
|
|
|
|
Average Payable Period (days) |
208,13 |
|
|
|
335,88 |
|
|
|
199,73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)