MIRA
INFORM REPORT
|
Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
MESUT PASLANMAZ CELIK MAMULLERI SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Merkezefendi Mah. Demirciler Sitesi 3. Cad. No: 57 Zeytinburnu |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
26.06.2003 |
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Com. Reg. No.: |
500275 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import and domestic trade of stainless steel products. |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MESUT PASLANMAZ CELIK MAMULLERI SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office / Store: Merkezefendi Mah.
Demirciler Sitesi 3. Cad. No: 57 Zeytinburnu |
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PHONE NUMBER |
: |
90-212-547 61 62 |
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FAX NUMBER |
: |
90-212-547 54 56 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mevlanakapi / 6190378354 |
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REGISTRATION NUMBER |
: |
500275 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
26.06.2003 (Commercial Registry Gazette
Date / No: 01.07.2003 / 5831) |
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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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HISTORY |
: |
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Previous Registered
Capital |
:YTL 100,000 |
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Regist. Capital Changed on |
:15.08.2007 (Commercial Registry Gazette
Date / No: 20.08.2007 / 6877) YTL 769,340.80 of the increase is decided
to be financed by equity items and YTL 1,130,659.20 of the increase is decided
to be financed by cash. According to the capital increase decision ¼ of the
cash portion of the increase has to be paid in 3 months following the date of
capital increase and the rest until 27.07.2010. |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Mesut Ozarpaci Sezer Ozarpaci |
70 % 30 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Mesut Ozarpaci Sezer Ozarpaci |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of stainless
steel products |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
8 |
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NET SALES |
: |
(YTL) 5,751,020 5,939,348 3,487,624 |
(2005) (2006) (01.01.-30.06.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(YTL) 3,866,284 3,989,765 2,314,520 |
(2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Stainless steel pipe, profile |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office / Store: Merkezefendi Mah.
Demirciler Sitesi 3. Cad. No: 57 Zeytinburnu Warehouse: Merkezefendi Mah. Demirciler
Sitesi 3. Cad. No: 52 Zeytinburnu |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was a slowdown at sales volume in real terms in 2006 but there
appears an upwards trend in the first half of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Demirciler Sitesi branch
in T. Is Bankasi Demirciler Sitesi branch in Yapi ve Kredi Bankasi Demirciler Sitesi
branch in |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official
registries since its establishment on 26.06.2003 until 15.08.2007, there are
no protested bills and non-paid cheques registered in the name of “Mesut Paslanmaz”. |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was insufficient as of 30.06.2007.
However, 60 % of total liabilities and equity was due to loans from
shareholders rather than liabilities to third parties indicating low
indebtedness to third parties as of 30.06.2007. It has to be noted that the
registered capital was increased from YTL 100,000 to YTL 2,000,000 on
15.08.2007. YTL 769,340.80 of the increase is decided to be financed by
equity items and YTL 1,130,659.20 of the increase is decided to be financed
by cash. According to the capital increase decision ¼ of the cash portion of
the increase has to be paid in 3 months following the date of capital
increase and the rest until 27.07.2010. So we expect a considerable
improvement at stockholders’ equity total due to this increase. |
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LIQUIDITY |
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Liquidity may be regarded as being high disregarding “loans from
shareholders” from “current liabilities” as of 30.06.2007. |
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PROFITABILITY |
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High |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
Between 01.01.-30.06.2007 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 800,000 may be
granted to the subject company.
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|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
BALANCE SHEETS |
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|
YTL |
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YTL |
|
|
|
|
|
|
31.12.06 |
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|
30.6.07 |
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CURRENT ASSETS |
2.894.474 |
|
0,98 |
|
4.350.912 |
|
0,99 |
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Cash and
Banks |
394.494 |
|
0,13 |
|
1.082.267 |
|
0,25 |
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Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
1.133.954 |
|
0,38 |
|
1.258.033 |
|
0,29 |
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Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
1.201.107 |
|
0,41 |
|
1.636.880 |
|
0,37 |
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Advances
Given |
164.919 |
|
0,06 |
|
251.460 |
|
0,06 |
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Other
Current Assets |
0 |
|
0,00 |
|
122.272 |
|
0,03 |
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NON-CURRENT ASSETS |
64.055 |
|
0,02 |
|
53.786 |
|
0,01 |
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Long-term
Receivable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible Fixed
Assets (net) |
64.055 |
|
0,02 |
|
53.786 |
|
0,01 |
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Intangible
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
2.958.529 |
|
1,00 |
|
4.404.698 |
|
1,00 |
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CURRENT LIABILITIES |
2.089.188 |
|
0,71 |
|
3.250.551 |
|
0,74 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
42.536 |
|
0,01 |
|
606.700 |
|
0,14 |
|
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Loans from
Shareholders |
1.986.595 |
|
0,67 |
|
2.636.687 |
|
0,60 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
22.038 |
|
0,01 |
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0 |
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0,00 |
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Taxes
Payable |
38.019 |
|
0,01 |
|
7.164 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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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 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
869.341 |
|
0,29 |
|
1.154.147 |
|
0,26 |
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Paid-in
Capital |
100.000 |
|
0,03 |
|
100.000 |
|
0,02 |
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Inflation
Adjustment of Capital |
16.360 |
|
0,01 |
|
16.360 |
|
0,00 |
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Reserves |
296.397 |
|
0,10 |
|
752.980 |
|
0,17 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit
(loss) |
456.584 |
|
0,15 |
|
284.807 |
|
0,06 |
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TOTAL LIABILITIES AND EQUITY |
2.958.529 |
|
1,00 |
|
4.404.698 |
|
1,00 |
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INCOME STATEMENTS |
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
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Net Sales |
5.939.348 |
|
1,00 |
|
3.487.624 |
|
1,00 |
|
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|
Cost of
Goods Sold |
5.074.109 |
|
0,85 |
|
3.009.564 |
|
0,86 |
|
|
|
Gross Profit |
865.239 |
|
0,15 |
|
478.060 |
|
0,14 |
|
|
|
Operating
Expenses |
301.900 |
|
0,05 |
|
157.110 |
|
0,05 |
|
|
|
Operating Profit |
563.339 |
|
0,09 |
|
320.950 |
|
0,09 |
|
|
|
Other
Income |
26.084 |
|
0,00 |
|
904 |
|
0,00 |
|
|
|
Other
Expenses |
18.117 |
|
0,00 |
|
37.047 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
571.306 |
|
0,10 |
|
284.807 |
|
0,08 |
|
|
|
Tax
Payable |
114.722 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
456.584 |
|
0,08 |
|
284.807 |
|
0,08 |
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FINANCIAL RATIOS |
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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 |
1,39 |
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|
1,34 |
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Acid-Test Ratio |
0,73 |
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|
0,72 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,41 |
|
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|
0,37 |
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Short-term Receivable/Total Assets |
0,38 |
|
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|
0,29 |
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Tangible Assets/Total Assets |
0,02 |
|
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|
0,01 |
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TURNOVER RATIOS |
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Inventory Turnover |
4,22 |
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|
|
1,84 |
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Stockholders' Equity Turnover |
6,83 |
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|
|
3,02 |
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Asset Turnover |
2,01 |
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|
0,79 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,29 |
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|
0,26 |
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Current Liabilities/Total Assets |
0,71 |
|
|
|
0,74 |
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Financial Leverage |
0,71 |
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|
0,74 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,53 |
|
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|
0,25 |
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Operating Profit Margin |
0,09 |
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|
0,09 |
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Net Profit Margin |
0,08 |
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|
0,08 |
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COLLECTION-PAYMENT |
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|
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|
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Average Collection Period (days) |
68,73 |
|
|
|
129,86 |
|
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Average Payable Period (days) |
3,02 |
|
|
|
72,57 |
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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%)