MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SIDER DIS TICARET A.S. |
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Registered Office : |
Yeni Foca Yolu |
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Country : |
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Date of Incorporation : |
17.12.2004 |
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Com. Reg. No.: |
2031 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of scrap iron Manufacture of construction iron |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
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NAME |
: |
SIDER DIS TICARET A.S. |
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ADDRESS |
: |
Head Office & Factory: Yeni Foca Yolu |
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PHONE NUMBER |
: |
90-232-625 13 20 |
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FAX NUMBER |
: |
90-232-625 13 27 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Aliaga / 7700322507 |
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REGISTRATION NUMBER |
: |
2031 |
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REGISTERED OFFICE |
: |
Aliaga Chamber of Commerce |
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DATE ESTABLISHED |
: |
17.12.2004 (Commercial Registry Gazette
Date/No: 27.12.2004/6206) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
OWNERSHIP /
MANAGEMENT
The subject’s (SIDER DIS TICARET A.S.) and
its other sister companies’ management has been taken over by Savings Deposit
Insurance Fund because of the relationship with Mr. Erol Evcil who was arrested
for his business fraud and organizing for crime. Savings Deposit Insurance Fund
claims that Erol Evcil who has app. YTL 243 million debts to state, caused his
relatives to establish companies and control the money transfer of these
companies.
Therefore, the following members have been
assigned as trustees by the Savings Deposit Insurance Fund on 04.07.2006 as
Savings Deposit Insurance Fund has taken over the management of 20 companies
including the subject company on 30.06.2006. The names of these trustees are as
follows:
-Ibrahim Emre Bozkurt
-Mehmet Nihat Arcagok
-Abdullah Saper
-Mustafa Akbulut
In addition to these trustees, there is a
general manager named as “Ramazan Tekir” at the subject company.
Public
prosecutor has claims that 20 companies were established by the 2nd
degree and 3rd degree relatives of Erol
Evcil. These companies are declared to be as follows:
-Erege Metal
-Sider Dis Ticaret (subject company)
-Sider Demir Celik
-Erk Bilgisayar Otomotiv
-Sidemir
-
-Mones Tekstil
-Kevser Kaynak Sulari
-Elm Gida Pazarlama
-Nilufer Lojistik
-Gr Insaat
-Denge Televizyonculuk
-Kayapali Nilufer Turizm
-Ideal Petrol
-Ersoz Un Fabrikalari
-Aman Petrol
-Kayapali Turistik Otelcilik
-Inkisaf Tekstil
-Ke-pet Petrol
-Nilufer Sigorta Hizmetleri
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
The subject which was dealing with trade
of scrap iron has also started to manufacture of construction iron at the
factory of “EREGE METAL” located at “Yeni Foca Yolu |
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NUMBER OF
EMPLOYEES |
: |
530 |
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NET SALES |
: |
(YTL) 134,316,452 |
(2006) |
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EXPORT VALUE |
: |
USD 2,625,000 |
(2006) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Iron and steel bars, rods… |
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PREMISES |
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Head Office & Factory: Yeni Foca Yolu |
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COMMERCIAL MORALITY : Not in order
SIZE OF BUSINESS : Large
FINANCE
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PAYMENT BEHAVIOUR |
: |
According to the official registries since its establishment on
17.12.2004 until 15.08.2007, there are no protested bills and non-paid
cheques registered in the name of
“Sider Dis”. However, The subject and its sister companies which had unpaid debts to public
establishments such as Tax Office, Social Insurance Corporation, Eelectricity Administration etc. started to pay their
debts to public establishments after the management has been taken over by
Savings Deposit Insurance Fund. |
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KEY FINANCIAL ELEMENTS |
: |
Net Sales Profit (Loss) Before Tax Stockholders’ Equity Total Assets |
(2006) (YTL) 134,316,452 20,963,359 17,221,170 74,900,370 |
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COMMENT ON
FINANCIAL POSITION
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GENERAL
FINANCIAL POSITION |
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The subject high net profitability but insufficient
capitalization in 2006. The management of the firm has been taken over by
Savings Deposit Insurance Fund because of the relationship with Erol Evcil
who was arrested for his business fraud and organizing for crime. Savings
Deposit Insurance Fund claims that Erol Evcil who has app. YTL 243 million
debts to state, caused his relatives to establish companies and control the
money transfer of these companies. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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. |
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%)