MIRA
INFORM REPORT
|
Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
OZIMEKS SANAYI URUNLERI TICARET LTD.STI. |
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Registered Office : |
2826 Sok. No:35 1.San. Sit. |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.02.1986 |
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Com. Reg. No.: |
51450 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of stainless steel products |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
OZIMEKS SANAYI URUNLERI TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office: 2826 Sok. No:35 1.San. Sit. |
|
PHONE NUMBER |
: |
90-232-457 33 83 |
|
FAX NUMBER |
: |
90-232-433 25 93 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Cakabey / 6940023084 |
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|
REGISTRATION NUMBER |
: |
51450 |
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|
REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
19.02.1986 |
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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 Address |
: 2826 Sok No:39/2 |
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Address Changed On |
: 06.11.2003 (Commercial Registry Gazette Date/No: 12.11.2003/5926) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Husnu Kemal Ozkan Gonca Ozkan |
99 % |
|
SISTER COMPANIES |
: |
Inter Metal Sanayi ve Ticaret Ltd.Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Husnu Kemal Ozkan |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of stainless steel products |
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|
SECTOR |
: |
Commerce |
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|
NUMBER OF EMPLOYEES |
: |
33 |
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|
NET SALES |
: |
(YTL) 11,865,159 15,757,714 8,551,949 |
(2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Stainless steel |
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|
EXPORT VALUE |
: |
(YTL) 101,953 46,243 99,410 |
(2005) (2006) (01.01.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Aegean Free Zone, Menemen Leather |
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MERCHANDISE EXPORTED |
: |
Stainless steel products |
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PREMISES |
: |
Head Office: 2826 Sok. No:35 1.San. Sit. Branch: 45 Sok No:10 Ostim Branch: Turhan Cemal Beriker Bulv. No:403 Branch: Kibris Sehitler Cad. Kanburoglu Apt. No:32/5 Uluyol Bursa Branch/Store: Esenler Mah. Des Sanayi Sitesi 1 Cad. C06 Blok No:4
(rented) Branch/Warehouse: Topkapi Demirciler Sitesi 2. Yol
Zeytinburnu-Istanbul (rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Anadolubank Izmir branch in T.Is Bankasi Citibank Bornova branch in Garanti Bankasi Pinarbasi branch in Asya Katilim Bankasi Izmir branch in |
|
CREDIT FACILITIES |
: |
The subject company is making active use of short term credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.09.2007,
there are no protested bills and non-paid cheques registered in the name
of “Ozimeks Sanayi” |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was fair as of 31.12.2006. A part of liabilities was
due to loans from shareholders but major part of liabilities was due to financial
loans as of 31.12.2006. |
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LIQUIDITY |
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Satisfactory |
As of 31.12.2006 |
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PROFITABILITY |
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In order |
In 2006 |
In order |
Between 01.01.-30.06.2007 |
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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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Satisfactory |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 1 million may be
granted to the subject company. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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CURRENT ASSETS |
9.889.678 |
|
0,97 |
|
9.712.548 |
|
0,98 |
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|
Cash and
Banks |
872.674 |
|
0,09 |
|
2.594.044 |
|
0,26 |
|
|
|
Marketable
Securities |
1.000.000 |
|
0,10 |
|
0 |
|
0,00 |
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Account
Receivable |
1.134.908 |
|
0,11 |
|
966.195 |
|
0,10 |
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Other
Receivable |
1.167.635 |
|
0,11 |
|
88.679 |
|
0,01 |
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|
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Inventories |
4.551.934 |
|
0,45 |
|
5.327.287 |
|
0,54 |
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Advances
Given |
653.343 |
|
0,06 |
|
405.654 |
|
0,04 |
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Other
Current Assets |
509.184 |
|
0,05 |
|
330.689 |
|
0,03 |
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NON-CURRENT ASSETS |
275.032 |
|
0,03 |
|
189.991 |
|
0,02 |
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Long-term
Receivable |
15.724 |
|
0,00 |
|
17.203 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
156.173 |
|
0,02 |
|
108.855 |
|
0,01 |
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Intangible
Assets |
73.671 |
|
0,01 |
|
50.259 |
|
0,01 |
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Other
Non-Current Assets |
29.464 |
|
0,00 |
|
13.674 |
|
0,00 |
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TOTAL ASSETS |
10.164.710 |
|
1,00 |
|
9.902.539 |
|
1,00 |
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CURRENT LIABILITIES |
6.085.319 |
|
0,60 |
|
6.520.763 |
|
0,66 |
|
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Financial
Loans |
1.367.215 |
|
0,13 |
|
5.031.966 |
|
0,51 |
|
|
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Accounts
Payable |
367.706 |
|
0,04 |
|
450.792 |
|
0,05 |
|
|
|
Loans from
Shareholders |
4.242.648 |
|
0,42 |
|
881.336 |
|
0,09 |
|
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|
Other Short-term
Payable |
0 |
|
0,00 |
|
3.971 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
32.753 |
|
0,00 |
|
|
|
Taxes
Payable |
87.686 |
|
0,01 |
|
65.795 |
|
0,01 |
|
|
|
Provisions |
6.045 |
|
0,00 |
|
50.639 |
|
0,01 |
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Other
Current Liabilities |
14.019 |
|
0,00 |
|
3.511 |
|
0,00 |
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LONG-TERM LIABILITIES |
1.399.155 |
|
0,14 |
|
298.144 |
|
0,03 |
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Financial
Loans |
1.399.155 |
|
0,14 |
|
298.144 |
|
0,03 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
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|
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STOCKHOLDERS' EQUITY |
2.680.236 |
|
0,26 |
|
3.083.632 |
|
0,31 |
|
|
|
Paid-in
Capital |
2.000.000 |
|
0,20 |
|
2.000.000 |
|
0,20 |
|
|
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Inflation
Adjustment of Capital |
2.235.511 |
|
0,22 |
|
2.235.511 |
|
0,23 |
|
|
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Reserves |
390.601 |
|
0,04 |
|
457.613 |
|
0,05 |
|
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Accumulated Losses(-) |
-2.012.889 |
|
-0,20 |
|
-2.012.889 |
|
-0,20 |
|
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Net Profit
(loss) |
67.013 |
|
0,01 |
|
403.397 |
|
0,04 |
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
10.164.710 |
|
1,00 |
|
9.902.539 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
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|
|
|
|
|
|
|
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|
|
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|
Net Sales |
11.865.159 |
|
1,00 |
|
15.757.714 |
|
1,00 |
|
8.551.949 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
9.901.000 |
|
0,83 |
|
12.550.000 |
|
0,80 |
|
7.291.582 |
|
0,85 |
|
|
|
Gross Profit |
1.964.159 |
|
0,17 |
|
3.207.714 |
|
0,20 |
|
1.260.367 |
|
0,15 |
|
|
|
Operating
Expenses |
1.506.932 |
|
0,13 |
|
1.837.365 |
|
0,12 |
|
931.207 |
|
0,11 |
|
|
|
Operating Profit |
457.227 |
|
0,04 |
|
1.370.349 |
|
0,09 |
|
329.160 |
|
0,04 |
|
|
|
Other
Income |
211.285 |
|
0,02 |
|
217.057 |
|
0,01 |
|
203.314 |
|
0,02 |
|
|
|
Other
Expenses |
235.617 |
|
0,02 |
|
958.427 |
|
0,06 |
|
106.600 |
|
0,01 |
|
|
|
Financial
Expenses |
333.362 |
|
0,03 |
|
121.815 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
99.533 |
|
0,01 |
|
507.164 |
|
0,03 |
|
425.874 |
|
0,05 |
|
|
|
Tax
Payable |
32.520 |
|
0,00 |
|
103.767 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
67.013 |
|
0,01 |
|
403.397 |
|
0,03 |
|
425.874 |
|
0,05 |
|
FINANCIAL RATIOS
|
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|
2005 |
|
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|
2006 |
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|
1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,63 |
|
|
|
1,49 |
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|
|
-- |
|
|
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Acid-Test Ratio |
0,69 |
|
|
|
0,56 |
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|
|
-- |
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ASSET STRUCTURE RATIOS |
|
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|
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Inventory/Total Assets |
0,45 |
|
|
|
0,54 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,23 |
|
|
|
0,11 |
|
|
|
-- |
|
|
|
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Tangible Assets/Total Assets |
0,02 |
|
|
|
0,01 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,18 |
|
|
|
2,36 |
|
|
|
-- |
|
|
|
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Stockholders' Equity Turnover |
4,43 |
|
|
|
5,11 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,17 |
|
|
|
1,59 |
|
|
|
-- |
|
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|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,26 |
|
|
|
0,31 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,60 |
|
|
|
0,66 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,74 |
|
|
|
0,69 |
|
|
|
-- |
|
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|
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PROFITABILITY RATIOS |
|
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|
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|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,09 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,03 |
|
|
|
0,05 |
|
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Average Collection Period (days) |
34,91 |
|
|
|
22,47 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
13,37 |
|
|
|
12,93 |
|
|
|
-- |
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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 |
|
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%)