MIRA
INFORM REPORT
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Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MARINTEK DOGA SPORLARI MALZEMELERI TICARET A.S. |
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Registered Office : |
Sebnem Sok. Tavukcuoglu Is Mrk. No:10/5 Kat Kozyatagi |
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Country : |
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Date of Incorporation : |
24.12.1997 |
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Com. Reg. No.: |
384118 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
The subject which was dealing with the trade of sub aqua equipments also
started to deal with the trade of cycling, skiing and nature sports
equipments |
RATING & COMMENTS
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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
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NAME |
: |
MARINTEK DOGA SPORLARI MALZEMELERI TICARET A.S. |
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ADDRESS |
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Head Office / Store: Sebnem Sok.
Tavukcuoglu Is Mrk. No:10/5 Kat Kozyatagi |
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PHONE NUMBER |
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90-216-445 35 80 |
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FAX NUMBER |
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90-216-445 35 60 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
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Erenkoy / 6120098869 |
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REGISTRATION NUMBER |
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384118 |
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REGISTERED OFFICE |
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DATE ESTABLISHED |
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24.12.1997 (Commercial Registry Gazette
Date / No: 31.12.1997 / 4452) |
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LEGAL FORM |
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Joint Stock Company |
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TYPE OF COMPANY |
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Private |
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REGISTERED CAPITAL |
: |
YTL 800,000 |
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HISTORY |
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The firm which was dealing with trade of
only sub aqua equipments, also started to deal with the trade of cycling, skiing
and nature sports equipments. So the name of the subject was changed from
“Marintek Dalis Malzemeleri Ticaret A.S.“ to “Marintek Doga Sporlari
Malzemeleri Ticaret A.S.” on 01.03.2006 (Commercial Registry Gazette Date /
No: 07.03.2006 / 6507). The company moved from “Bagdat Cad. No:39
Kiziltoprak Kadikoy The registered capital was increased from
YTL 50,000 to YTL 800,000 on 29.05.2007 (Commercial Registry Gazette Date /
No: 04.06.2007/6822). YTL 205,196.37 of this increase is decided to be
financed by reserves and YTL 544,803.63 by loans from shareholders. |
OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
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Remzi Cengiz Arsay Ayla Arsay Suna Arsay Gulten Birel Murat Sakar |
83,73 %
9,57 %
6,38 %
0,16 %
0,16 % |
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GROUP |
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Marintek Group Some of the main companies operating at
Marintek Group are declared as follows: -Intek Endustri Tesisleri Uretimi A.S. -Marintek Doga Sporlari Malzemeleri
Ticaret A.S. -Marintek Deniz ve Yat Malzemeleri Ticaret
A.S. -Trio Spor Araclari Ticaret A.S. -Trio Deniz Araclari Dis Ticaret Ltd.Sti. -Northstar Tekne Uretimi A.S. -Okyanus Spor Malzemeleri Sanayi ve
Ticaret A.S. |
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SUBSIDIARIES |
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-Okyanus Spor Malzemeleri Sanayi ve
Ticaret A.S. (1,98 %) |
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BOARD OF DIRECTORS |
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Remzi Cengiz Arsay Gulten Birel Murat Sakar |
Chairman Vice-Chairman Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
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The subject which was dealing with the
trade of sub aqua equipments also started to deal with the trade of cycling,
skiing and nature sports equipments in 2006. The subject has declared that it is the
distributor of the following companies: -Scott Sport SA ( -Cressi Sub Spa ( -Scubapro-Uwatec (France)- for 12 years -Bauer Kompressoren Gmbh ( -Imerson SA (France)-for 12 years -Ikelite Underwater Systems ( -Mammut Sports Group AG ( -Bell Sports Inc. ( -Ritchey International Ltd. ( -Princeton Tec ( -Jetboil Inc. ( -K2 Ski Sports + Mode Gmbh ( -Dynaster Skiing ( -Sram Corp. ( |
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SECTOR |
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Commerce |
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NUMBER OF
EMPLOYEES |
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16 |
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NET SALES |
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(YTL) 1,769,473 2,019,561 2,777,940 2,097,170 |
(2004) (2005) (2006) (1.1-31.05.2007) |
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The net sales figures are declared by the subject.
There is no certification for these figures. |
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CAPACITY |
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None |
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PRODUCTION |
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None |
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IMPORT VALUE |
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Canadian Dollar
755,788 Canadian Dollar
733,376 Canadian Dollar
1,630,634 YTL 1,722,466 |
(2004) (2005) (2006) (1.1-31.05.2007) |
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IMPORT COUNTRIES |
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MERCHANDISE
IMPORTED |
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Cycling, skiing, nature sports and sub
aqua equipments |
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PREMISES |
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Head Office / Store: Sebnem Sok. Tavukcuoglu
Is Mrk. No:10/5 Kat Kozyatagi Warehouse: Cumhuriyet Mah. |
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FIXED CAPITAL
INVESTMENTS |
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None |
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TREND OF
BUSINESS |
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There appears an upwards trend in the
first 5 months of 2007. |
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COMMERCIAL MORALITY |
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Good |
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SIZE OF BUSINESS |
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Upper-moderate |
FINANCE
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MAIN DEALING BANKERS |
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Yapi ve Kredi Bankasi Sefakoy Sanayi
branch in Oyakbank Kartal branch in Denizbank Kartal branch in Garanti Bankasi Kiziltoprak branch in Ziraat Bankasi Kiziltoprak branch in Finansbank Kiziltoprak branch in Akbank Kiziltoprak branch in T.Is Bankasi Kiziltoprak branch in |
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PAYMENT BEHAVIOUR |
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No complaints have been heard regarding
payments from banks. According
to the official registries between 01.01.2000-15.05.2007, there are no protested
bills and non-paid cheques registered in the former name (Marintek Dalis) or
the current name (Marintek Doga) of the subject company. |
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KEY FINANCIAL ELEMENTS |
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Net Sales Profit (Loss) Before Tax Stockholders’ Equity Total Assets |
2004 (YTL) 1,769,473 38,091 77,212 1,443,989 |
2005 (YTL) 2,019,561 95,760 142,519 1,109,702 |
2006 (YTL) 2,777,946 1,218 143,737 2,763,720 |
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Net Sales Profit (Loss) Before Tax |
1.1.-31.3.2007 1,096,126 50,866 |
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The a.m. 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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Capitalization was low as of 31.12.2006. However it has to be noted
that the registered capital was increased from YTL 50,000 to YTL 800,000 on
29.05.2007. (Commercial Registry Gazette Date / No: 04.06.2007 / 6822). YTL
205,196.37 of this increase is decided to be financed by reserves and YTL
544,803.63 by loans from shareholders. So we expect an improvement at equity
total since then. |
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PROFITABILITY |
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Low |
In 2006 |
Good |
Between 1.1.-31.3.2007 |
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GENERAL
FINANCIAL POSITION |
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According to declared financial figures profitability and
capitalization were low as of 31.12.2006 but the registered capital was
increased from YTL 50,000 to YTL 800,000 on 29.05.2007. YTL 205,196.37 of
this increase is decided to be financed by reserves and YTL 544,803.63 by
loans from shareholders. So we expect an improvement at equity total since
then. Profitability was good in the first 3 months of 2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of
the opinion that, a max. credit of USD 130,000 may be
granted to the subject company.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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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 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)