MIRA
INFORM REPORT
|
Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
EPSILON NDT ENDUSTRIYEL KONTROL SISTEMLERI SANAYI
VE TICARET A.S. |
|
|
|
|
Registered Office : |
Halil Rifatpasa Mah.Perpa Tic.Mer.A Blok Kat 2 No.9/0014 Sisli Istanbul |
|
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Country : |
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|
|
|
Financials (as on) : |
31.03.2007 |
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|
|
Date of Incorporation : |
23.03.2006 |
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|
|
|
Com. Reg. No.: |
582990 |
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|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Installation of non-destructive testing
systems to production-oriented areas such as automotive, aviation, petroleum
& gas, military and railway. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Status : |
Small Company |
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|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
EPSILON NDT
ENDUSTRIYEL KONTROL SISTEMLERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Halil Rifatpasa Mah.Perpa Tic.Mer.A
Blok Kat 2 No.9/0014 Sisli Istanbul / |
|
PHONE NUMBER |
: |
90-212-222 38 28 |
|
FAX NUMBER |
: |
90-212-222 38 17 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Sisli / 3360514520 |
|
REGISTRATION NUMBER |
: |
582990 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
23.03.2006 (Commercial Registry Gazette
Date/No:29.03.2006/6523) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 150,000 |
|
PAID-IN CAPITAL |
: |
YTL 114,650 (as of 31.03.2007) |
|
HISTORY |
: |
The firm moved from “Halil Rifatpasa
Mah.Perpa Tic.Mer.A Blok Kat 2 No.9/0033 Sisli Istanbul” to “Halil Rifatpasa Mah.Perpa
Tic.Mer.A Blok Kat 2 No.9/0014 Sisli Istanbul” on 11.12.2006 (Commercial
Registry Gazette Date/No: 14.12.2006/6704) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Sukru Bozluolcay Mehmet Erinkurt Ugur Bozluolcay Selda Erinkurt Melda Bozluolcay |
33 % 33 % 33 % 0,5 % 0,5 % |
|
|
GROUP |
: |
Bozlu Group Some of the main companies operating
within “Bozlu Group” are declared to be as follows: -Monrol Nukleer
Urunler Ticaret ve San.A.S. -Epsilon Elektronik
San.ve Tic.Ltd.Sti. -Epsilon Ndt
Endustriyel Kontrol Sistemleri Sanayi ve Ticaret A.S. -Marmara Nukleer Tip Ticaret ve San. A.S. -Globus Yapi Taahhut San. ve Tic. A.S. -Molekuler Goruntuleme Ticaret ve Sanayi
A.S. -Marmara Turizm Gida Sanayi ve Ticaret
A.S. |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Sukru Bozluolcay Mehmet Erinkurt Ugur Bozluolcay |
Chairman Member Member |
|
|
GENERAL MANAGER |
: |
Mehmet Erinkurt |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Installation of non-destructive testing
systems to production-oriented areas such as automotive, aviation, petroleum
& gas, military and railway. The firm has declared that, it is the
representative of the followings: -
Olympus Ndt ( -
X-Tek ( -
Innov-X ( -
-
Qsa ( The firm has
declared that, it is the distributor of the followings: -
Olympus Ndt ( -
Innov-X ( |
||
|
NUMBER OF
EMPLOYEES |
: |
13 |
||
|
NET SALES |
: |
(YTL) 1,320,729 567,266 |
(23.03-31.12.2006) (01.01-31.03.2007) |
|
|
IMPORT VALUE |
: |
(YTL)
669,887 |
(23.03-31.12.2006) |
|
|
IMPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
IMPORTED |
: |
Non-destructive testing systems,
radioactive industrial sources |
|
|
|
EXPORT VALUE |
: |
(YTL) 189,050 282,825 |
(23.03-31.12.2006) (01.01-31.03.2007) |
|
|
EXPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
IMPORTED |
: |
Non-destructive testing systems, radio
active materials, measuring, checking instruments… |
|
|
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PREMISES |
: |
Head Office: Halil Rifatpasa Mah.Perpa
Tic.Mer.A Blok Kat 2 No.9/0033 Sisli Warehouse/Radioactive Source Changing
Plant: Esot Sanayi Sitesi Ikitelli Istanbul (owned by the shareholders) |
|
|
TREND OF BUSINESS |
: |
Undetermined; the subject is a young
company |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Modest |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Perpa
branch in Istanbul Yapi ve Kredi Bankasi
Gebze Carsi branch in Istanbul |
|
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 since its establishment on 23.03.2006 until 30.04.2007, there are no protested bills and non-paid cheques registered in the name of “Epsilon Ndt”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Low |
As of 31.03.2007 |
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LIQUIDITY |
||
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Fair |
As of 31.03.2007 |
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PROFITABILITY |
||
|
Operating Loss/ Net Loss |
Between 1.1-31.03.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 1.1-31.03.2007 |
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GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is
suitable for dealing on secured terms for any amount of business. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.05.2007) |
3.09 % |
1.3821 |
1.8357 |
2.7229 |
|
BALANCE SHEETS |
|||||||||
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|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.3.07 |
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|
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|
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|
CURRENT ASSETS |
732.028 |
|
0,88 |
|
522.662 |
|
0,92 |
|
|
|
Cash and
Banks |
266.873 |
|
0,32 |
|
85.882 |
|
0,15 |
|
|
|
Marketable
Securities |
140.989 |
|
0,17 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
91.776 |
|
0,11 |
|
168.741 |
|
0,30 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
22.917 |
|
0,04 |
|
|
|
Inventories |
127.461 |
|
0,15 |
|
159.432 |
|
0,28 |
|
|
|
Advances
Given |
57.028 |
|
0,07 |
|
0 |
|
0,00 |
|
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|
Other
Current Assets |
47.901 |
|
0,06 |
|
85.690 |
|
0,15 |
|
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|
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|
|
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NON-CURRENT ASSETS |
102.021 |
|
0,12 |
|
43.773 |
|
0,08 |
|
|
|
Long-term
Receivable |
3.659 |
|
0,00 |
|
3.660 |
|
0,01 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
79.266 |
|
0,10 |
|
27.988 |
|
0,05 |
|
|
|
Intangible
Assets |
16.411 |
|
0,02 |
|
12.125 |
|
0,02 |
|
|
|
Other Non-Current
Assets |
2.685 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
834.049 |
|
1,00 |
|
566.435 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
CURRENT LIABILITIES |
710.527 |
|
0,85 |
|
460.719 |
|
0,81 |
|
|
|
Financial
Loans |
150 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
587.539 |
|
0,70 |
|
430.051 |
|
0,76 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other
Short-term Payable |
0 |
|
0,00 |
|
10.514 |
|
0,02 |
|
|
|
Advances
from Customers |
98.997 |
|
0,12 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
23.841 |
|
0,03 |
|
20.154 |
|
0,04 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
LONG-TERM LIABILITIES |
5.479 |
|
0,01 |
|
5.604 |
|
0,01 |
|
|
|
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 |
5.479 |
|
0,01 |
|
5.604 |
|
0,01 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
118.043 |
|
0,14 |
|
100.112 |
|
0,18 |
|
|
|
Paid-in
Capital |
114.650 |
|
0,14 |
|
114.650 |
|
0,20 |
|
|
|
Reserves |
0 |
|
0,00 |
|
3.393 |
|
0,01 |
|
|
|
Revaluation
Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
3.393 |
|
0,00 |
|
-17.931 |
|
-0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
834.049 |
|
1,00 |
|
566.435 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
23.03-31.12.06 |
|
|
|
1.1-31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.320.729 |
|
1,00 |
|
567.266 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
780.988 |
|
0,59 |
|
495.693 |
|
0,87 |
|
|
|
Gross Profit |
539.741 |
|
0,41 |
|
71.573 |
|
0,13 |
|
|
|
Operating
Expenses |
531.932 |
|
0,40 |
|
89.431 |
|
0,16 |
|
|
|
Operating Profit |
7.809 |
|
0,01 |
|
-17.858 |
|
-0,03 |
|
|
|
Other
Income |
21.801 |
|
0,02 |
|
10.957 |
|
0,02 |
|
|
|
Other
Expenses |
19.714 |
|
0,01 |
|
7.878 |
|
0,01 |
|
|
|
Financial
Expenses |
4.609 |
|
0,00 |
|
3.152 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
5.287 |
|
0,00 |
|
-17.931 |
|
-0,03 |
|
|
|
Tax
Payable |
1.894 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
3.393 |
|
0,00 |
|
-17.931 |
|
-0,03 |
|
|
|
FINANCIAL RATIOS |
||||||||
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|
23.03-31.12.06 |
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|
1.1-31.03.2007 |
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LIQUIDITY RATIOS |
|
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|
Current Ratio |
1,03 |
|
|
|
1,13 |
|
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|
|
|
Acid-Test Ratio |
0,70 |
|
|
|
0,60 |
|
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|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,15 |
|
|
|
0,28 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,11 |
|
|
|
0,34 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,10 |
|
|
|
0,05 |
|
|
|
|
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|
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|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,13 |
|
|
|
3,11 |
|
|
|
|
|
Stockholders' Equity Turnover |
11,19 |
|
|
|
5,67 |
|
|
|
|
|
Asset Turnover |
1,58 |
|
|
|
1,00 |
|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,14 |
|
|
|
0,18 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,85 |
|
|
|
0,81 |
|
|
|
|
|
Financial Leverage |
0,86 |
|
|
|
0,82 |
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
-0,18 |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
-0,03 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
-0,03 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
26,01 |
|
|
|
109,41 |
|
|
|
|
|
Average Payable Period (days) |
270,83 |
|
|
|
312,33 |
|
|
|
|
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|
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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/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%)