MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUPAR SUPAP VE PARCA SANAYI TICARET A.S. |
|
|
|
|
Registered Office : |
Organize Sanayi Bolgesi P.K:173 Konya |
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|
|
|
Country : |
Turkey |
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|
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
08.07.1977 |
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|
Com. Reg. No.: |
9383 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and trade of engine valves |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SUPAR SUPAP VE PARCA SANAYI TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: Organize Sanayi
Bolgesi P.K:173 Konya/Turkey |
|
PHONE NUMBER |
: |
90-332-248 23 94 |
|
FAX NUMBER |
: |
90-332-248 75 21 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Selcuk/7840007039 |
|
|
|
REGISTRATION NUMBER |
: |
9383 |
|
|
|
REGISTERED OFFICE |
: |
Konya Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
08.07.1977 (Commercial Registry Gazette
Date/No:12.07.1977/262) |
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LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 1,250,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,250,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 300,000 |
|
|
|
|
Regist. Capital
Changed on |
:27.10.2004 (Commercial Registry Gazette
Date/No:04.11.2004/6171) |
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|
|
|
Previous
Registered Capital |
:YTL 800,000 |
|
|
|
|
Regist. Capital Changed
on |
:18.02.2005 (Commercial Registry Gazette
Date/No:25.02.2005/6248) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Ganioglu Muhsin Ganioglu Muhsin Niyazi Ganioglu Mehmet Niyazi Ganioglu Gulnur Celik Others |
|
|
GROUP |
: |
Ganioglu Group of companies Some of the main companies operating at
“Ganioglu Group” are declared as follows: -Ganmaktas Ganiogullari Makina Ticaret ve
Sanayi A.S. -Supar Supap ve Parca Sanayi ve Ticaret
A.S. -Ege Ospar Otomotiv Sanayi ve Parcalari Ticaret
A.S. -Ganioglu Otomotiv Pazarlama A.S. -Optimum Sigorta Acentaligi Ltd. Sti. -Ganioglu Oto ve Yedek Parca Ticaret
Sanayi A.S. -M.G.M. Otomotiv Ticaret Pazarlama Ltd.
Sti. -Oscar Orta Anadolu Sigorta Aracilik
Hizmetleri A.S. -Tur-Pet Petrol Turizm Sanayi ve Ticaret
A.S. -Ganioglu Turizm Yatirimcilik Seyahat ve
Ticaret A.S. |
|
|
BOARD OF DIRECTORS |
: |
Mehmet Ganioglu Muhsin Ganioglu Muhsin Niyazi Ganioglu Gulnur Celik Mehmet Niyazi Ganioglu |
Chairman Vice-Chairman Member Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of engine valves |
|
|
NUMBER OF
EMPLOYEES |
: |
107 |
|
|
NET SALES |
: |
(YTL) 5,732,319 5,105,734 3,931,430 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
USD 624,039 USD 1,030,297 USD 1,347,153 USD 1,934,162 USD 1,381,980 USD 1,133,948 USD 347,079 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01.-20.11.2007) |
|
IMPORT COUNTRIES |
: |
Italy, France, Austria… |
|
|
MERCHANDISE
IMPORTED |
: |
Steel |
|
|
EXPORT VALUE |
: |
(YTL) 3,110,373 2,292,419 1,285,769 |
(2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Germany, Egypt, Bulgaria, Romania, Malta,
Austria, Sweden, Spain, UK, Netherlands, China, Malaysia, Jordan… |
|
|
MERCHANDISE
EXPORTED |
: |
Spark-ignition engines parts, compressor
ignition engines parts. |
|
|
PREMISES |
: |
Head Office & Factory: Organize Sanayi
Bolgesi P.K:173 Konya (owned) Branch: Oto Sanayi Sitesi Fatih Cad.
No:11/13 4.Levent-Istanbul |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2006 and there
appears a slowdown trend at sales volume in the first 9 months of 2007
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi in Konya Garanti Bankasi Merkez branch in Konya |
|
CREDIT FACILITIES |
: |
The
subject company is making use of 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
“Supar Supap” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was insufficient as of 31.12.2006. However it has to be
noted that 28 % of total liabilities and equity was due to long term loans from
shareholders rather than liabilities to third parties. So the firm’s
indebtedness to third parties was not too high as of 31.12.2006. |
||||
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LIQUIDITY |
||||
|
Satisfactory |
As of 31.12.2006 |
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PROFITABILITY |
||||
|
Low |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
||||
|
Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 1,130,000 may
be granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
6.748.230 |
|
0,79 |
|
8.946.193 |
|
0,75 |
|
|
|
Cash and
Banks |
553.449 |
|
0,06 |
|
850.610 |
|
0,07 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
919.660 |
|
0,11 |
|
1.090.577 |
|
0,09 |
|
|
|
Other
Receivable |
24.800 |
|
0,00 |
|
998.888 |
|
0,08 |
|
|
|
Inventories |
5.105.563 |
|
0,60 |
|
5.104.776 |
|
0,43 |
|
|
|
Advances
Given |
62.555 |
|
0,01 |
|
845.842 |
|
0,07 |
|
|
|
Other
Current Assets |
82.203 |
|
0,01 |
|
55.500 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.819.824 |
|
0,21 |
|
2.975.593 |
|
0,25 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
19.845 |
|
0,00 |
|
19.845 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
1.747.798 |
|
0,20 |
|
1.630.062 |
|
0,14 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
52.181 |
|
0,01 |
|
1.325.686 |
|
0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
8.568.054 |
|
1,00 |
|
11.921.786 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
4.526.529 |
|
0,53 |
|
5.211.947 |
|
0,44 |
|
|
|
Financial
Loans |
1.659.786 |
|
0,19 |
|
1.610.678 |
|
0,14 |
|
|
|
Accounts
Payable |
1.247.991 |
|
0,15 |
|
1.988.454 |
|
0,17 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
330.720 |
|
0,04 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
8.135 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
1.238.406 |
|
0,14 |
|
1.482.592 |
|
0,12 |
|
|
|
Provisions |
4.310 |
|
0,00 |
|
3.664 |
|
0,00 |
|
|
|
Other
Current Liabilities |
37.181 |
|
0,00 |
|
126.559 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
785.981 |
|
0,09 |
|
3.302.635 |
|
0,28 |
|
|
|
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 |
716.040 |
|
0,08 |
|
3.302.635 |
|
0,28 |
|
|
|
Other Long-term
Liabilities |
69.941 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
3.255.544 |
|
0,38 |
|
3.407.204 |
|
0,29 |
|
|
|
Paid-in
Capital |
1.250.000 |
|
0,15 |
|
1.250.000 |
|
0,10 |
|
|
|
Inflation
Adjustment of Capital |
755.011 |
|
0,09 |
|
755.011 |
|
0,06 |
|
|
|
Reserves |
1.223.752 |
|
0,14 |
|
1.251.129 |
|
0,10 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
123.135 |
|
0,01 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
26.781 |
|
0,00 |
|
27.929 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8.568.054 |
|
1,00 |
|
11.921.786 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.732.319 |
|
1,00 |
|
5.105.734 |
|
1,00 |
|
3.931.430 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
5.305.481 |
|
0,93 |
|
4.837.668 |
|
0,95 |
|
3.698.211 |
|
0,94 |
|
|
|
Gross Profit |
426.838 |
|
0,07 |
|
268.066 |
|
0,05 |
|
233.219 |
|
0,06 |
|
|
|
Operating
Expenses |
385.184 |
|
0,07 |
|
214.603 |
|
0,04 |
|
196.497 |
|
0,05 |
|
|
|
Operating Profit |
41.654 |
|
0,01 |
|
53.463 |
|
0,01 |
|
36.722 |
|
0,01 |
|
|
|
Other
Income |
3.960 |
|
0,00 |
|
7.677 |
|
0,00 |
|
21.778 |
|
0,01 |
|
|
|
Other
Expenses |
18.236 |
|
0,00 |
|
21.268 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
27.378 |
|
0,00 |
|
39.872 |
|
0,01 |
|
58.500 |
|
0,01 |
|
|
|
Tax
Payable |
597 |
|
0,00 |
|
11.943 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
26.781 |
|
0,00 |
|
27.929 |
|
0,01 |
|
58.500 |
|
0,01 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
2005 |
|
|
|
2006 |
|
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
|
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|
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Current Ratio |
1,49 |
|
|
|
1,72 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,33 |
|
|
|
0,56 |
|
|
|
-- |
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ASSET STRUCTURE RATIOS |
|
|
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|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,60 |
|
|
|
0,43 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,11 |
|
|
|
0,18 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,20 |
|
|
|
0,14 |
|
|
|
-- |
|
|
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TURNOVER RATIOS |
|
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|
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|
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|
|
Inventory Turnover |
1,04 |
|
|
|
0,95 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,76 |
|
|
|
1,50 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,67 |
|
|
|
0,43 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,38 |
|
|
|
0,29 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,53 |
|
|
|
0,44 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,62 |
|
|
|
0,71 |
|
|
|
-- |
|
|
|
|
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|
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PROFITABILITY RATIOS |
|
|
|
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|
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|
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|
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|
Net Profit/Stockholders' Eq. |
0,01 |
|
|
|
0,01 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,01 |
|
|
|
0,01 |
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COLLECTION-PAYMENT |
|
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|
|
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|
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|
Average Collection Period (days) |
57,76 |
|
|
|
76,90 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
84,68 |
|
|
|
147,97 |
|
|
|
-- |
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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 |
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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%)