MIRA
INFORM REPORT
|
Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
BALCIOGLU MUMESSILLIK ARASTIRMA TATBIKAT INSAAT SANAYI VE TICARET LTD.
STI. |
|
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|
Registered Office : |
Seyit Nizam Mah. Tepedag Cirpici Yolu G-10 Sok No:82 Zeytinburnu-Istanbul
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21.04.1994 |
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Com. Reg. No.: |
313890 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of isolation materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BALCIOGLU MUMESSILLIK ARASTIRMA TATBIKAT INSAAT SANAYI VE TICARET LTD.
STI. |
|
ADDRESS |
: |
Head Office: Seyit Nizam Mah. Tepedag
Cirpici Yolu G-10 Sok No:82 Zeytinburnu-Istanbul / |
|
PHONE NUMBER |
: |
90-212-664 60 32 |
|
FAX NUMBER |
: |
90-212-664 77 84 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa / 1370005333 |
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|
REGISTRATION NUMBER |
: |
313890 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
21.04.1994 (Commercial Registry Gazette
Date/No:26.04.1994/3519) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 700,000 |
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PAID-IN CAPITAL |
: |
YTL 700,000 |
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|
HISTORY |
: |
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|
|
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|
|
Previous
Registered Capital |
:YTL 200,000 |
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|
Regist. Capital Changed on |
: 29.09.2005 (Commercial Registry Gazette
Date/No: 04.10.2005/6403) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Kemal Colakoglu Zeki Balcioglu |
50 % 50 % |
|
SISTER COMPANIES |
: |
-Standart Izolasyon ve Yapi Materyelleri
Sanayi Ticaret A.S. -Zettrade Dis Ticaret ve Insaat
Malzemeleri Sanayi Ltd Sti -Balcioglu Orman Urunleri Insaat Malzemeleri
Sanayi ve Ticaret Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Kemal Colakoglu Zeki Balcioglu |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of isolation materials |
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|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
42 |
|
|
NET SALES |
: |
(YTL) 13,835,317 17,910,303 24,465,315 21,474,662 |
(2004) (2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 10,393,839 USD 3,747,558 |
(2006) (01.01-31.03.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Isolation materials |
|
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EXPORT VALUE |
: |
(YTL) 172,273 322,294 644,171 534,732 |
(2004) (2005) (2006) (01.01-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Plasters, particle wood… |
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PREMISES |
: |
Head Office: Seyit Nizam Mah. Tepedag Cirpici
Yolu G-10 Sok No:82 Zeytinburnu-Istanbul (owned by shareholders)
Branch
: Organize Sanayi Bolgesi Ikitelli Cad Keresteciler Sitesi 6. Blok No:18
Ikitelli Kucukcekmece- Warehouse: Hadimkoy Istanbul (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Demirciler Sitesi branch in Yapi ve Kredi Bankasi Demirciler Sitesi
branch in Akbank Demirciler Sitesi branch in Sekerbank Zeytinburnu branch in Finansbank Topkapi branch in |
|
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 01.01.2000-15.07.2007, there are no protested bills and
non-paid cheques registered in the name of
“Balcioglu Mumessillik” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was insufficient as of 31.12.2006.
However it has to be noted that 41 % of total liabilities and equity was
consisting of loans from shareholders rather than liabilities to third
parties as of 31.12.2006 indicating not too high indebtedness to third parties. |
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LIQUIDITY |
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Liquidity may be regarded as being good as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
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Low |
In 2006 |
Fair |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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|
Liquidity may be regarded as being good and indebtedness to third
parties was not too high but capitalization was insufficient as of 31.12.2006.
Profitability was low in 2006 and it was fair in the first 6 moths of 2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 450,000 may be
granted to the subject company.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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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 |
4.503.749 |
|
0,96 |
|
7.269.942 |
|
0,97 |
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|
Cash and
Banks |
3.244.441 |
|
0,69 |
|
2.407.308 |
|
0,32 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
154.828 |
|
0,03 |
|
858.438 |
|
0,11 |
|
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Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
1.038.999 |
|
0,22 |
|
3.797.156 |
|
0,51 |
|
|
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Current Assets |
65.481 |
|
0,01 |
|
207.040 |
|
0,03 |
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NON-CURRENT ASSETS |
199.959 |
|
0,04 |
|
221.468 |
|
0,03 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Tangible
Fixed Assets (net) |
97.964 |
|
0,02 |
|
115.393 |
|
0,02 |
|
|
|
Intangible
Assets |
46.424 |
|
0,01 |
|
36.357 |
|
0,00 |
|
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Other
Non-Current Assets |
55.571 |
|
0,01 |
|
69.718 |
|
0,01 |
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|
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|
|
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TOTAL ASSETS |
4.703.708 |
|
1,00 |
|
7.491.410 |
|
1,00 |
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|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
2.718.471 |
|
0,58 |
|
5.107.159 |
|
0,68 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
1.488.643 |
|
0,32 |
|
1.393.044 |
|
0,19 |
|
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Loans from
Shareholders |
1.194.042 |
|
0,25 |
|
3.078.527 |
|
0,41 |
|
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Other
Short-term Payable |
12.459 |
|
0,00 |
|
19.743 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
557.106 |
|
0,07 |
|
|
|
Taxes
Payable |
20.553 |
|
0,00 |
|
17.684 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
36.160 |
|
0,00 |
|
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Other
Current Liabilities |
2.774 |
|
0,00 |
|
4.895 |
|
0,00 |
|
|
|
|
|
|
|
|
|
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|
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LONG-TERM LIABILITIES |
630.591 |
|
0,13 |
|
698.463 |
|
0,09 |
|
|
|
Financial
Loans |
630.591 |
|
0,13 |
|
698.463 |
|
0,09 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
1.354.646 |
|
0,29 |
|
1.685.788 |
|
0,23 |
|
|
|
Paid-in
Capital |
700.000 |
|
0,15 |
|
700.000 |
|
0,09 |
|
|
|
Inflation
Adjustment of Capital |
354.716 |
|
0,08 |
|
354.716 |
|
0,05 |
|
|
|
Reserves |
178.803 |
|
0,04 |
|
279.867 |
|
0,04 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-90.710 |
|
-0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
211.837 |
|
0,05 |
|
351.205 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.703.708 |
|
1,00 |
|
7.491.410 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
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|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
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|
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|
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|
|
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|
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|
|
|
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|
Net Sales |
17.910.303 |
|
1,00 |
|
24.465.315 |
|
1,00 |
|
21.474.662 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
16.317.304 |
|
0,91 |
|
22.003.094 |
|
0,90 |
|
19.458.821 |
|
0,91 |
|
|
|
Gross Profit |
1.592.999 |
|
0,09 |
|
2.462.221 |
|
0,10 |
|
2.015.841 |
|
0,09 |
|
|
|
Operating
Expenses |
1.283.939 |
|
0,07 |
|
1.990.217 |
|
0,08 |
|
1.272.125 |
|
0,06 |
|
|
|
Operating Profit |
309.060 |
|
0,02 |
|
472.004 |
|
0,02 |
|
743.716 |
|
0,03 |
|
|
|
Other
Income |
117.616 |
|
0,01 |
|
580.789 |
|
0,02 |
|
176.999 |
|
0,01 |
|
|
|
Other
Expenses |
99.170 |
|
0,01 |
|
462.340 |
|
0,02 |
|
226.023 |
|
0,01 |
|
|
|
Financial
Expenses |
15.003 |
|
0,00 |
|
142.568 |
|
0,01 |
|
201.046 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
312.503 |
|
0,02 |
|
447.885 |
|
0,02 |
|
493.646 |
|
0,02 |
|
|
|
Tax
Payable |
100.666 |
|
0,01 |
|
96.680 |
|
0,00 |
|
101.619 |
|
0,00 |
|
|
|
Net Profit (loss) |
211.837 |
|
0,01 |
|
351.205 |
|
0,01 |
|
392.027 |
|
0,02 |
|
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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 |
1,66 |
|
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|
1,42 |
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|
|
-- |
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Acid-Test Ratio |
1,25 |
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|
0,64 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,22 |
|
|
|
0,51 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,03 |
|
|
|
0,11 |
|
|
|
-- |
|
|
|
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|
Tangible Assets/Total Assets |
0,02 |
|
|
|
0,02 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
15,70 |
|
|
|
5,79 |
|
|
|
-- |
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|
|
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Stockholders' Equity Turnover |
13,22 |
|
|
|
14,51 |
|
|
|
-- |
|
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Asset Turnover |
3,81 |
|
|
|
3,27 |
|
|
|
-- |
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FINANCIAL STRUCTURE |
|
|
|
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|
|
Stockholders' Equity/Total Assets |
0,29 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,58 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
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Financial Leverage |
0,71 |
|
|
|
0,77 |
|
|
|
-- |
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PROFITABILITY RATIOS |
|
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Net Profit/Stockholders' Eq. |
0,16 |
|
|
|
0,21 |
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|
|
-- |
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Operating Profit Margin |
0,02 |
|
|
|
0,02 |
|
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|
0,03 |
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Net Profit Margin |
0,01 |
|
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|
0,01 |
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|
0,02 |
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COLLECTION-PAYMENT |
|
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Average Collection Period (days) |
3,11 |
|
|
|
12,63 |
|
|
|
-- |
|
|
|
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Average Payable Period (days) |
32,84 |
|
|
|
22,79 |
|
|
|
-- |
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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%)