MIRA
INFORM REPORT
|
Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
MAKYAY MAKINE VE YAY SANAYI TICARET LTD. STI. |
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Registered Office : |
Seyhli Sanayi Cad. Selamet Sok.
No: 4 Kurtkoy Pendik |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.03.1985 |
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Com. Reg. No.: |
212964 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and trade of spring |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MAKYAY MAKINE VE YAY SANAYI TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office / Production Plant: Seyhli
Sanayi Cad. Selamet Sok. No: 4 Kurtkoy
Pendik |
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PHONE NUMBER |
: |
90-216-378 72 88 |
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FAX NUMBER |
: |
90-216-378 74 87 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NUMBER |
: |
Pendik / 6110011341 |
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REGISTRATION NUMBER |
: |
212964 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
01.03.1985 (Commercial Registry Gazette
Date / No: 07.03.1985 / 1216) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
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PAID-IN CAPITAL |
: |
YTL 2,000,000 |
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HISTORY |
: |
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Previous Registered Capital |
:YTL 750,000 |
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Regist. Capital Changed on |
:17.07.2006 (Commercial Registry Gazette
Date / No: 21.07.2006 / 6604) |
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Previous Shareholders |
:Vahdet Demirhan 95 % Binnaz Toraman Demirhan 5 % |
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Shareholders Changed On |
:17.07.2006 (Commercial Registry Gazette
Date / No: 21.07.2006 / 6604) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Vahdet Demirhan Salih Demirhan |
95 % 5 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTOR |
: |
Vedat Demirhan |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of spring |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
71 |
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NET SALES |
: |
(YTL) 3,042,358 4,255,032 5,265,401 7,528,220 1,794,501 |
(2003) (2004) (2005) (2006) (1.1.-31.03.2007) |
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CAPACITY |
: |
(Units/Yr.) 32,000,000 |
(2006) |
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IMPORT VALUE |
: |
(YTL) 284,752 490,359 46,576 |
(2005) (2006) (1.1.-31.03.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Wire to be used at manufacture of spring |
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EXPORT VALUE |
: |
(YTL) 159,847 321,942 738,989 1,235,139 217,072 |
(2003) (2004) (2005) (2006) (1.1. -31.03.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Spring |
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PREMISES |
: |
Head Office /
Production Plant: Seyhli Sanayi Cad. Selamet
Sok. No: 4 Kurtkoy Pendik |
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TREND OF
BUSINESS |
: |
Upwards |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Kartal branch in T. Is Bankasi Cevizli branch in Finansbank Kartal branch in |
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CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-30.04.2007, there are no protested bills and non-paid cheques registered in the name of “Makyay Makine”. |
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KEY FINANCIAL ELEMENTS |
: |
Net Sales Profit Before Tax *Stockholders’ Equity *Total Assets |
(1.1.-31.03.2007) (YTL) 1,794,501 84,396 2,120,422 5,818,917 |
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The stockholders’ equity and total assets
figures are declared by the subject. There is no certification for these
figures. |
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COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Good |
As of 31.12.2006 |
Fair |
As of 31.03.2007 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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In order |
In
2006 |
In order |
Between 1.1.-31.03.2007 |
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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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General financial position was good in
2006. Profitability was in order in order in the first 3 months of 2007 and
according to the financial figures declared by the subject, capitalization
was fair as of 31.03.2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are
of the opinion that, a max. credit of EUR 400,000 may be
granted to the subject company.
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Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.
-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
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(1.1.
-31.05.2007) |
3.09 % |
1.3821 |
1.8357 |
2.7229 |
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.05 |
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31.12.06 |
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CURRENT ASSETS |
2.545.539 |
|
0,66 |
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2.406.716 |
|
0,58 |
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Cash and
Banks |
52.018 |
|
0,01 |
|
95.588 |
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0,02 |
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Marketable
Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
1.672.922 |
|
0,44 |
|
2.032.907 |
|
0,49 |
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Other
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Inventories |
483.254 |
|
0,13 |
|
249.562 |
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0,06 |
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Advances
Given |
310.562 |
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0,08 |
|
7.770 |
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0,00 |
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Other
Current Assets |
26.783 |
|
0,01 |
|
20.889 |
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0,01 |
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NON-CURRENT ASSETS |
1.285.006 |
|
0,34 |
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1.723.079 |
|
0,42 |
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Long-term
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
1.280.747 |
|
0,33 |
|
1.672.639 |
|
0,41 |
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Intangible
Assets |
4.259 |
|
0,00 |
|
45.515 |
|
0,01 |
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Other
Non-Current Assets |
0 |
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0,00 |
|
4.925 |
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0,00 |
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TOTAL ASSETS |
3.830.545 |
|
1,00 |
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4.129.795 |
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1,00 |
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CURRENT LIABILITIES |
1.677.211 |
|
0,44 |
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1.729.530 |
|
0,42 |
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Financial
Loans |
67.509 |
|
0,02 |
|
237.610 |
|
0,06 |
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Accounts
Payable |
908.535 |
|
0,24 |
|
1.382.024 |
|
0,33 |
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Loans from
Shareholders |
654.437 |
|
0,17 |
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0 |
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0,00 |
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Other
Short-term Payable |
2.902 |
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0,00 |
|
28.164 |
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0,01 |
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Advances
from Customers |
5.169 |
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0,00 |
|
10.997 |
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0,00 |
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Taxes
Payable |
37.912 |
|
0,01 |
|
63.672 |
|
0,02 |
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Provisions |
0 |
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0,00 |
|
583 |
|
0,00 |
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Other
Current Liabilities |
747 |
|
0,00 |
|
6.480 |
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0,00 |
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LONG-TERM LIABILITIES |
389.750 |
|
0,10 |
|
8.721 |
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0,00 |
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Financial Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities
Issued |
0 |
|
0,00 |
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0 |
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0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Loans from
Shareholders |
389.750 |
|
0,10 |
|
8.721 |
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0,00 |
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Other Long-term
Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
1.763.584 |
|
0,46 |
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2.391.544 |
|
0,58 |
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Paid-in
Capital |
750.000 |
|
0,20 |
|
2.000.000 |
|
0,48 |
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Inflation Adjustment of Capital |
801.154 |
|
0,21 |
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0 |
|
0,00 |
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Reserves |
114.525 |
|
0,03 |
|
152.639 |
|
0,04 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit
(loss) |
97.905 |
|
0,03 |
|
238.905 |
|
0,06 |
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TOTAL LIABILITIES AND EQUITY |
3.830.545 |
|
1,00 |
|
4.129.795 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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YTL |
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|
2005 |
|
|
|
2006 |
|
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|
1.1.-31.03.07 |
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Net Sales |
5.265.401 |
|
1,00 |
|
7.528.220 |
|
1,00 |
|
1.794.501 |
|
1,00 |
|
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Cost of
Goods Sold |
4.304.136 |
|
0,82 |
|
6.306.095 |
|
0,84 |
|
1.571.145 |
|
0,88 |
|
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Gross Profit |
961.265 |
|
0,18 |
|
1.222.125 |
|
0,16 |
|
223.356 |
|
0,12 |
|
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Operating
Expenses |
730.075 |
|
0,14 |
|
857.363 |
|
0,11 |
|
133.798 |
|
0,07 |
|
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Operating Profit |
231.190 |
|
0,04 |
|
364.762 |
|
0,05 |
|
89.558 |
|
0,05 |
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Other
Income |
0 |
|
0,00 |
|
90.850 |
|
0,01 |
|
10.155 |
|
0,01 |
|
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Other
Expenses |
52.911 |
|
0,01 |
|
108.673 |
|
0,01 |
|
4.147 |
|
0,00 |
|
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Financial
Expenses |
15.739 |
|
0,00 |
|
39.438 |
|
0,01 |
|
11.170 |
|
0,01 |
|
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Profit (loss) Before Tax |
162.540 |
|
0,03 |
|
307.501 |
|
0,04 |
|
84.396 |
|
0,05 |
|
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Tax
Payable |
64.635 |
|
0,01 |
|
68.596 |
|
0,01 |
|
0 |
|
0,00 |
|
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Net Profit (loss) |
97.905 |
|
0,02 |
|
238.905 |
|
0,03 |
|
84.396 |
|
0,05 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-31.03.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,52 |
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|
1,39 |
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-- |
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Acid-Test Ratio |
1,03 |
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|
1,23 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,13 |
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|
0,06 |
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|
-- |
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Short-term Receivable/Total Assets |
0,44 |
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|
0,49 |
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|
-- |
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Tangible Assets/Total Assets |
0,33 |
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|
0,41 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
8,91 |
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|
25,27 |
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- |
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Stockholders' Equity Turnover |
2,99 |
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|
3,15 |
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|
-- |
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Asset Turnover |
1,37 |
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|
1,82 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,46 |
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|
0,58 |
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|
-- |
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Current Liabilities/Total Assets |
0,44 |
|
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|
0,42 |
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|
-- |
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Financial Leverage |
0,54 |
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|
0,42 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,06 |
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|
0,10 |
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-- |
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Operating Profit Margin |
0,04 |
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|
0,05 |
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|
0,05 |
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Net Profit Margin |
0,02 |
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|
0,03 |
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|
0,05 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
114,38 |
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|
97,21 |
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|
-- |
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Average Payable Period (days) |
75,99 |
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|
78,90 |
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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%)