MIRA
INFORM REPORT
|
Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
SCRIKSS MADEN VE PLASTIK SANAYI A.S. |
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Registered Office : |
Zahire Borsa Sok. Rasimpasa Ishani No: 13 / 3-4-5 Eminonu Istanbul / |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
21.12.1963 |
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Com. Reg. No.: |
85823 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Pens, Pencils and Refills |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
SCRIKSS MADEN VE PLASTIK SANAYI A.S. |
|
ADDRESS |
: |
Head Office: Zahire Borsa Sok. Rasimpasa Ishani No: 13 / 3-4-5 Eminonu
Istanbul / |
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PHONE NUMBER |
: |
90-212-528 25 20 |
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FAX NUMBER |
: |
90-212-520 99 36 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 7570019619 |
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REGISTRATION NUMBER |
: |
85823 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
21.12.1963 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 531,000 |
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PAID-IN CAPITAL |
: |
YTL 531,000 |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Ozay Cem Rozental Izel Rozental Kurtulus Ozay Muharrem Uygur Ozay Mehmet Ozay Melis Rozental Dani Rodrik Nita Rozental |
20 % 18,8893 % 18,8510 % 10 % 10 % 10 % 4,0865 % 4,0865 % 4,0865 % |
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SISTER COMPANIES |
: |
-Oskar Dis Ticaret A.S. -Oskar Tekstil ve Hazir Giyim Sanayi A.S. |
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GROUP PARENT COMPANY |
: |
None |
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BOARD OF DIRECTORS |
: |
Muharrem Uygur Ozay Izel Rozental Ahmet Ozay Kurtulus Ozay Cem Rozental
|
Chairman Vice-Chairman Member Member Member |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of pens, pencils and refills |
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TRADEMARK(S) |
: |
“Scrikss” |
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NUMBER OF EMPLOYEES |
: |
25 |
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NET SALES |
: |
(YTL) 3,560,424 4,671,720 6,259,970 6,071,824 3,771,309 |
(2002) (2003) (2004) (2005) (01.01.-30.09.2006) |
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In However the company strictly declines to give us an authorization to
gather its fresh financial data. As the firm’s shares are not open to public
it is not obliged to announce its data. |
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IMPORT VALUE |
: |
USD 421,443 USD 547,536 USD 709,866 + EUR 629,274 USD 1,035,372 + EUR 257,210 USD 1,099,720 + EUR 222,067 USD 573,703 + EUR 211,661 |
(2001) (2002) (2003) (2004) (2005) (01.01.-07.12.2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Pens, pencils and refills |
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EXPORT VALUE |
: |
(YTL) 5,512 31,899 194 |
(2004) (2005) (01.01.-30.09.2006) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE EXPORTED |
: |
Pens, pencils and refills |
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PREMISES |
: |
Head Office: Zahire Borsa Sok. Rasimpasa Ishani No: 13 / 3-4-5 Eminonu
Istanbul (rented) Production Plant: Ikitelli Organize Sanayi Bolgesi Turgut Ozal Caddesi
No: 145 / 3 Warehouse: Zahire Borsa Sok. Rasimpasa Is Hani No: 13 / 2 Eminonu
Istanbul (rented) |
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TREND OF BUSINESS |
: |
There was an upwards trend in 2004 but there was a decline at sales
volume in nominal terms in 2005.There appears a slowdown at sales volume
between 01.01.-30.09.2006. |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Ikitelli branch in Yapi ve Kredi Bankasi Sultanhamam branch in Garanti Bankasi Ikitelli branch in Akbank Nuruosmaniye branch in |
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CREDIT FACILITIES |
: |
The subject company is making active 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 01.01.2000-15.07.2007,
there are no protested bills and non-paid cheques registered in the name
of “Scrikss Maden”. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Low |
As of 31.12.2005 |
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LIQUIDITY |
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Fair |
As of 31.12.2005 |
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PROFITABILITY |
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Low |
In 2005 |
Loss |
Between 01.01.-30.09.2006 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2005 |
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GENERAL FINANCIAL POSITION |
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Financial position was unsatisfactory in 2005 and there has been no
capital increase since then. The firm had loss in the first 6 months of 2006. |
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CREDIT OPINION
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Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
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(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
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(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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
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BALANCE SHEETS |
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YTL |
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YTL |
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|
31.12.04 |
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|
31.12.05 |
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CURRENT ASSETS |
4.027.452 |
|
0,95 |
|
4.672.401 |
|
0,92 |
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Cash and
Banks |
327.204 |
|
0,08 |
|
359.363 |
|
0,07 |
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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 |
2.058.671 |
|
0,49 |
|
2.309.718 |
|
0,46 |
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Other
Receivable |
1.464 |
|
0,00 |
|
13.325 |
|
0,00 |
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Inventories |
1.623.237 |
|
0,38 |
|
1.974.686 |
|
0,39 |
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Advances
Given |
16.090 |
|
0,00 |
|
572 |
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0,00 |
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Other
Current Assets |
786 |
|
0,00 |
|
14.737 |
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0,00 |
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NON-CURRENT ASSETS |
201.842 |
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0,05 |
|
400.759 |
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0,08 |
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Long-term
Receivable |
4.216 |
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0,00 |
|
8.323 |
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0,00 |
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Financial
Assets |
6 |
|
0,00 |
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6 |
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0,00 |
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Tangible
Fixed Assets (net) |
81.603 |
|
0,02 |
|
227.282 |
|
0,04 |
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Intangible
Assets |
93.492 |
|
0,02 |
|
137.468 |
|
0,03 |
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Other
Non-Current Assets |
22.525 |
|
0,01 |
|
27.680 |
|
0,01 |
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TOTAL ASSETS |
4.229.294 |
|
1,00 |
|
5.073.160 |
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1,00 |
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CURRENT LIABILITIES |
3.123.430 |
|
0,74 |
|
3.906.955 |
|
0,77 |
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Financial
Loans |
1.685.467 |
|
0,40 |
|
2.501.010 |
|
0,49 |
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Accounts
Payable |
838.955 |
|
0,20 |
|
855.380 |
|
0,17 |
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Loans from
Shareholders |
0 |
|
0,00 |
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0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Advances
from Customers |
293.418 |
|
0,07 |
|
266.434 |
|
0,05 |
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Taxes
Payable |
266.013 |
|
0,06 |
|
214.641 |
|
0,04 |
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Provisions |
30.460 |
|
0,01 |
|
65.055 |
|
0,01 |
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Other
Current Liabilities |
9.117 |
|
0,00 |
|
4.435 |
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0,00 |
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LONG-TERM LIABILITIES |
402.643 |
|
0,10 |
|
402.553 |
|
0,08 |
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Financial
Loans |
402.643 |
|
0,10 |
|
402.553 |
|
0,08 |
|
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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 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
703.221 |
|
0,17 |
|
763.652 |
|
0,15 |
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Paid-in
Capital |
531.000 |
|
0,13 |
|
531.000 |
|
0,10 |
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Inflation
Adjustment of Capital |
2.471.502 |
|
0,58 |
|
2.471.502 |
|
0,49 |
|
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Reserves |
2.009.903 |
|
0,48 |
|
2.009.903 |
|
0,40 |
|
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Accumulated Losses(-) |
-4.527.285 |
|
-1,07 |
|
-4.309.185 |
|
-0,85 |
|
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Net Profit
(loss) |
218.101 |
|
0,05 |
|
60.432 |
|
0,01 |
|
|
|
|
|
|
|
|
|
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|
|
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TOTAL LIABILITIES AND EQUITY |
4.229.294 |
|
1,00 |
|
5.073.160 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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|
YTL |
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|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.09.06 |
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Net Sales |
6.259.970 |
|
1,00 |
|
6.071.824 |
|
1,00 |
|
3.771.309 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.706.498 |
|
0,59 |
|
3.107.612 |
|
0,51 |
|
1.290.114 |
|
0,34 |
|
|
|
Gross Profit |
2.553.472 |
|
0,41 |
|
2.964.212 |
|
0,49 |
|
2.481.195 |
|
0,66 |
|
|
|
Operating
Expenses |
2.064.750 |
|
0,33 |
|
2.406.156 |
|
0,40 |
|
1.945.060 |
|
0,52 |
|
|
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Operating Profit |
488.722 |
|
0,08 |
|
558.056 |
|
0,09 |
|
536.135 |
|
0,14 |
|
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Other
Income |
386.339 |
|
0,06 |
|
35.484 |
|
0,01 |
|
70.629 |
|
0,02 |
|
|
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Other
Expenses |
5.012 |
|
0,00 |
|
20.398 |
|
0,00 |
|
9.446 |
|
0,00 |
|
|
|
Financial
Expenses |
589.663 |
|
0,09 |
|
479.603 |
|
0,08 |
|
632.186 |
|
0,17 |
|
|
|
Profit (loss) Before Tax |
280.386 |
|
0,04 |
|
93.539 |
|
0,02 |
|
-34.868 |
|
-0,01 |
|
|
|
Tax
Payable |
62.285 |
|
0,01 |
|
33.107 |
|
0,01 |
|
0 |
|
0,00 |
|
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Net Profit (loss) |
218.101 |
|
0,03 |
|
60.432 |
|
0,01 |
|
-34.868 |
|
-0,01 |
|
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FINANCIAL RATIOS |
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2004 |
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2005 |
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1.1.-30.09.06 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,29 |
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|
1,20 |
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|
-- |
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Acid-Test Ratio |
0,76 |
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|
0,69 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,38 |
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|
0,39 |
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|
-- |
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Short-term Receivable/Total Assets |
0,49 |
|
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|
0,46 |
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|
-- |
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Tangible Assets/Total Assets |
0,02 |
|
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|
0,04 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,28 |
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|
1,57 |
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|
-- |
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Stockholders' Equity Turnover |
8,90 |
|
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|
7,95 |
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|
|
-- |
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Asset Turnover |
1,48 |
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|
1,20 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,17 |
|
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|
0,15 |
|
|
|
-- |
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Current Liabilities/Total Assets |
0,74 |
|
|
|
0,77 |
|
|
|
-- |
|
|
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Financial Leverage |
0,83 |
|
|
|
0,85 |
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|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,31 |
|
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|
0,08 |
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|
|
-- |
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Operating Profit Margin |
0,08 |
|
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|
0,09 |
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|
0,14 |
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Net Profit Margin |
0,03 |
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|
0,01 |
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|
-0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
118,63 |
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|
137,44 |
|
|
|
-- |
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Average Payable Period (days) |
81,48 |
|
|
|
99,09 |
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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. |
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%)