MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FAZIL RULMANCILIK SANAYI VE TICARET A.S. |
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|
Registered Office : |
1145/7 Sokak No:16/B Yenisehir/Izmir |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.01.1994 |
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Com. Reg. No.: |
69877-K-5868 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of Industrial Materials such as Ball Bearings, Chains etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 145,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
FAZIL RULMANCILIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: 1145/7 Sokak No:16/B
Yenisehir/Izmir/Turkey |
|
PHONE NUMBER |
: |
90-232-458 98 98 90-232-469 82 22 |
|
FAX NUMBER |
: |
90-232-458 96 86 90-232-469 79 79 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Cakabey / 3850022961 |
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REGISTRATION NUMBER |
: |
69877-K-5868 |
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REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
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DATE ESTABLISHED |
: |
03.01.1994 (Commercial Registry Gazette
Date/No:14.01.1994/3449) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 240,000 |
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PAID-IN CAPITAL |
: |
YTL 240,000 |
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HISTORY |
: |
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||
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Previous Registered Capital |
: YTL 5,000 |
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|
Regist.Capital Changed On |
: 2002 (Commercial Registry Gazette
Date/No: 21.06.2002/5575) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Tayfun Aybar Meral Aybar Neval Ayhan Fazil Mert Aybar Zafer Nas |
96 % 1 % 1 % 1 % |
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GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Tayfun Aybar Meral Aybar Neval Ayhan |
Chairman Vice-chairman Member |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of industrial materials such as ball
bearings, chains etc. The firm has declared that, it is the
distributor of followings: -FAG -ORS -INA |
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|
SECTOR |
: |
Commerce |
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|
NUMBER OF
EMPLOYEES |
: |
15 |
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|
NET SALES |
: |
(YTL Thousand) 3,654 4,770 5,075 |
(2005) |
|
CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China, Italy, Germany, Singapore,
Netherlands… |
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MERCHANDISE
IMPORTED |
: |
Industrial materials such as ball
bearings, chains etc. |
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EXPORT VALUE |
: |
(YTL) 13,096 26,086 63,702 |
(2005) |
|
EXPORT COUNTRIES |
: |
Aegean Free Zone |
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MERCHANDISE
EXPORTED |
: |
Ball bearings, chains… |
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PREMISES |
: |
Head Office/ Store/ Warehouse: 1145/7
Sokak No:16/B Yenisehir/Izmir (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Gida Carsisi branch in Izmir Akbank Yeni Gida Carsisi branch in Izmir Denizbank Gida Carsisi branch in Izmir Turk Ekonomi Bankasi Gida Carsisi branch
in Izmir Citibank Izmir branch
in Izmir Fortisbank Izmir
branch in Izmir |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
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Insufficient |
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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Good |
In 2006 |
Low |
In 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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Passable |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 145,000 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
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|
YTL Thousand |
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|
YTL Thousand |
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|
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
1.655 |
|
0,91 |
|
2.603 |
|
0,95 |
|
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|
Cash and
Banks |
14 |
|
0,01 |
|
79 |
|
0,03 |
|
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Account
Receivable |
886 |
|
0,48 |
|
1.190 |
|
0,44 |
|
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Other
Receivable |
0 |
|
0,00 |
|
1 |
|
0,00 |
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Inventories |
705 |
|
0,39 |
|
1.125 |
|
0,41 |
|
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Advances
Given |
38 |
|
0,02 |
|
123 |
|
0,05 |
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Other
Current Assets |
12 |
|
0,01 |
|
85 |
|
0,03 |
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NON-CURRENT ASSETS |
173 |
|
0,09 |
|
128 |
|
0,05 |
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Long-term
Receivable |
0 |
|
0,00 |
|
1 |
|
0,00 |
|
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Tangible
Fixed Assets (net) |
162 |
|
0,09 |
|
117 |
|
0,04 |
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Intangible Assets |
3 |
|
0,00 |
|
2 |
|
0,00 |
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Other
Non-Current Assets |
8 |
|
0,00 |
|
8 |
|
0,00 |
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TOTAL ASSETS |
1.828 |
|
1,00 |
|
2.731 |
|
1,00 |
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CURRENT LIABILITIES |
983 |
|
0,54 |
|
1.961 |
|
0,72 |
|
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Financial
Loans |
341 |
|
0,19 |
|
549 |
|
0,20 |
|
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Accounts
Payable |
557 |
|
0,30 |
|
1.240 |
|
0,45 |
|
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
60 |
|
0,03 |
|
101 |
|
0,04 |
|
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Taxes
Payable |
6 |
|
0,00 |
|
14 |
|
0,01 |
|
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|
Provisions |
9 |
|
0,00 |
|
42 |
|
0,02 |
|
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Other
Current Liabilities |
10 |
|
0,01 |
|
15 |
|
0,01 |
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LONG-TERM LIABILITIES |
246 |
|
0,13 |
|
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 |
246 |
|
0,13 |
|
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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STOCKHOLDERS' EQUITY |
599 |
|
0,33 |
|
770 |
|
0,28 |
|
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Paid-in
Capital |
240 |
|
0,13 |
|
240 |
|
0,09 |
|
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Inflation
Adjustment of Capital |
10 |
|
0,01 |
|
10 |
|
0,00 |
|
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Reserves |
258 |
|
0,14 |
|
350 |
|
0,13 |
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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) |
91 |
|
0,05 |
|
170 |
|
0,06 |
|
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TOTAL LIABILITIES AND EQUITY |
1.828 |
|
1,00 |
|
2.731 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
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Net Sales |
3.654 |
|
1,00 |
|
4.770 |
|
1,00 |
|
5.075 |
|
1,00 |
|
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|
Cost of
Goods Sold |
3.063 |
|
0,84 |
|
4.020 |
|
0,84 |
|
4.351 |
|
0,86 |
|
|
|
Gross Profit |
591 |
|
0,16 |
|
750 |
|
0,16 |
|
724 |
|
0,14 |
|
|
|
Operating
Expenses |
360 |
|
0,10 |
|
431 |
|
0,09 |
|
483 |
|
0,10 |
|
|
|
Operating Profit |
231 |
|
0,06 |
|
319 |
|
0,07 |
|
241 |
|
0,05 |
|
|
|
Other
Income |
34 |
|
0,01 |
|
15 |
|
0,00 |
|
24 |
|
0,00 |
|
|
|
Other
Expenses |
5 |
|
0,00 |
|
20 |
|
0,00 |
|
8 |
|
0,00 |
|
|
|
Financial
Expenses |
128 |
|
0,04 |
|
102 |
|
0,02 |
|
168 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
132 |
|
0,04 |
|
212 |
|
0,04 |
|
89 |
|
0,02 |
|
|
|
Tax
Payable |
41 |
|
0,01 |
|
42 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
91 |
|
0,02 |
|
170 |
|
0,04 |
|
89 |
|
0,02 |
|
FINANCIAL
RATIOS
|
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|
2005 |
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|
2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,68 |
|
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|
1,33 |
|
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|
-- |
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Acid-Test Ratio |
0,92 |
|
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|
0,65 |
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|
-- |
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ASSET STRUCTURE RATIOS |
|
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|
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Inventory/Total Assets |
0,39 |
|
|
|
0,41 |
|
|
|
-- |
|
|
|
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Short-term Receivable/Total Assets |
0,48 |
|
|
|
0,44 |
|
|
|
-- |
|
|
|
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Tangible Assets/Total Assets |
0,09 |
|
|
|
0,04 |
|
|
|
-- |
|
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TURNOVER RATIOS |
|
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|
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Inventory Turnover |
4,34 |
|
|
|
3,57 |
|
|
|
-- |
|
|
|
|
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Stockholders' Equity Turnover |
6,10 |
|
|
|
6,19 |
|
|
|
-- |
|
|
|
|
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Asset Turnover |
2,00 |
|
|
|
1,75 |
|
|
|
-- |
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
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Stockholders' Equity/Total Assets |
0,33 |
|
|
|
0,28 |
|
|
|
-- |
|
|
|
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|
Current Liabilities/Total Assets |
0,54 |
|
|
|
0,72 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,67 |
|
|
|
0,72 |
|
|
|
-- |
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PROFITABILITY RATIOS |
|
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Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
0,22 |
|
|
|
-- |
|
|
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Operating Profit Margin |
0,06 |
|
|
|
0,07 |
|
|
|
0,05 |
|
|
|
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|
Net Profit Margin |
0,02 |
|
|
|
0,04 |
|
|
|
0,02 |
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COLLECTION-PAYMENT |
|
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|
|
|
|
|
|
|
|
|
|
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|
Average Collection Period (days) |
87,29 |
|
|
|
89,89 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
65,47 |
|
|
|
111,04 |
|
|
|
-- |
|
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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%)