MIRA
INFORM REPORT
|
Report Date : |
08.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUR METAL HASSAS DOKUM SANAYI VE TICARET LTD. STI. |
|
|
|
|
Formerly Known As : |
SER METAL SANAYI VE TICARET LTD. STI |
|
|
|
|
Registered Office : |
Orhanli Beldesi Merkez Mah. Okul Cad. No:9 Tuzla – Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
16.03.1990 |
|
|
|
|
Com. Reg. No.: |
263743 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Iron Casting |
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 |
|
Maximum Credit Limit : |
EUR 590,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GUR METAL HASSAS DOKUM SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Factory: Orhanli Beldesi
Merkez Mah. Okul Cad. No:9 Tuzla – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-394 33 31 |
|
FAX NUMBER |
: |
90-216-394 32 88 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Anadolu Kurumlar / 7610032662 |
|
REGISTRATION NUMBER |
: |
263743 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
16.03.1990 (Commercial Registry Gazette
Date/No: 29.03.1990 / 2496) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 420,000 |
|
PAID-IN CAPITAL |
: |
YTL 420,000 |
|
HISTORY |
: |
The name of the firm was changed from “Ser
Metal Sanayi ve Ticaret Ltd. Sti.” on
27.06.1995 (Commercial Registry Gazette Date/No: 04.07.1995 / 3820) The registered capital was increased to
YTL 5,000 on 26.09.1996. (Commercial Registry Gazette Date/No : 01.10.1996 /
4135) The registered capital was increased from
YTL 5,000 to YTL 420,000 on 22.11.2004 (Commercial Registry Gazette Date /
No: 25.11.2004 / 6184) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ismail Gursel Yardimci Julide Yardimci |
90 % 10 % |
|
SISTER COMPANIES |
: |
-Tekmetal Tekirdag Metalurji Endustrisi
A.S. -Gurtek Metal Sanayi ve Ticaret Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ismail Gursel Yardimci Julide Yardimci Nefise Begum Yardimci Saracoglu |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Iron casting |
|
|
SECTOR |
: |
Metal |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
100 |
|
|
NET SALES |
: |
(YTL) 4,734,715 6,230,108 7,372,839 2,304,218 |
(2005) (2006) (2007) (01.01-31.03.2008) |
|
CAPACITY |
: |
(Tons/Yr) 346 |
(2008) |
|
IMPORT VALUE |
: |
YTL 559,925 YTL 446,954 |
(2006) (2007) |
|
|
IMPORT COUNTRIES |
: |
Germany |
||
|
MERCHANDISE
IMPORTED |
: |
Raw materials, chemical goods |
||
|
EXPORT VALUE |
: |
(YTL) 1,794,422 2,826,976 3,905,872 1,280,894 |
(2005) (2006) (2007) (01.01-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
Russia, Romania, Hungary, Portugal, UK,
Italy, Germany, Netherlands, France, Indonesia, Brazil… |
||
|
MERCHANDISE
EXPORTED |
: |
Malleable cast iron articles |
||
|
PREMISES |
: |
Head Office/Factory: Orhanli Beldesi
Merkez Mah. Okul Cad. No:9 Tuzla – Istanbul (3,500 sqm closed area) |
||
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
||
|
TREND OF
BUSINESS |
: |
Upwards |
||
|
SIZE OF BUSINESS |
: |
Medium |
||
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Pendik branch in Istanbul Turkiye Is Bankasi Pendik branch in
Istanbul Garanti Bankasi Tuzla Icmeler branch n
Istanbul |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
In order |
As of 31.12.2007 |
|||
|
LIQUIDITY |
||||
|
Satisfactory |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
High |
In 2007 |
Good |
Between 01.01.-31.03.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
In order |
||||
|
CREDIT OPINION |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 590,000 may be granted to the subject company. |
|
|
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 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.371.360 |
|
0,93 |
|
3.087.525 |
|
0,78 |
|
3.047.239 |
|
0,57 |
|
|
|
Cash and
Banks |
733.759 |
|
0,20 |
|
380.780 |
|
0,10 |
|
194.887 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.021.744 |
|
0,56 |
|
1.487.503 |
|
0,38 |
|
1.791.775 |
|
0,33 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
375.447 |
|
0,10 |
|
417.755 |
|
0,11 |
|
198.390 |
|
0,04 |
|
|
|
Advances
Given |
97.469 |
|
0,03 |
|
559.925 |
|
0,14 |
|
446.954 |
|
0,08 |
|
|
|
Other
Current Assets |
142.941 |
|
0,04 |
|
241.562 |
|
0,06 |
|
415.233 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
264.504 |
|
0,07 |
|
847.967 |
|
0,22 |
|
2.343.448 |
|
0,43 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
248.805 |
|
0,07 |
|
830.109 |
|
0,21 |
|
2.305.411 |
|
0,43 |
|
|
|
Intangible Assets |
15.166 |
|
0,00 |
|
13.012 |
|
0,00 |
|
29.302 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
533 |
|
0,00 |
|
4.846 |
|
0,00 |
|
8.735 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
3.635.864 |
|
1,00 |
|
3.935.492 |
|
1,00 |
|
5.390.687 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.620.890 |
|
0,72 |
|
2.267.791 |
|
0,58 |
|
2.892.404 |
|
0,54 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
1.353.323 |
|
0,37 |
|
1.754.837 |
|
0,45 |
|
1.520.581 |
|
0,28 |
|
|
|
Loans
from Shareholders |
451.270 |
|
0,12 |
|
5.460 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
702.637 |
|
0,19 |
|
333.259 |
|
0,08 |
|
1.218.863 |
|
0,23 |
|
|
|
Taxes
Payable |
85.481 |
|
0,02 |
|
75.240 |
|
0,02 |
|
65.506 |
|
0,01 |
|
|
|
Provisions |
28.179 |
|
0,01 |
|
39.589 |
|
0,01 |
|
31.672 |
|
0,01 |
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
59.406 |
|
0,02 |
|
55.782 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
1.014.974 |
|
0,28 |
|
1.667.701 |
|
0,42 |
|
2.498.283 |
|
0,46 |
|
|
|
Paid-in
Capital |
420.000 |
|
0,12 |
|
420.000 |
|
0,11 |
|
420.000 |
|
0,08 |
|
|
|
Inflation
Adjustment of Capital |
78.171 |
|
0,02 |
|
78.171 |
|
0,02 |
|
78.171 |
|
0,01 |
|
|
|
Reserves |
275.732 |
|
0,08 |
|
516.805 |
|
0,13 |
|
1.169.530 |
|
0,22 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
241.071 |
|
0,07 |
|
652.725 |
|
0,17 |
|
830.582 |
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
3.635.864 |
|
1,00 |
|
3.935.492 |
|
1,00 |
|
5.390.687 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
4.734.715 |
|
1,00 |
|
6.230.108 |
|
1,00 |
|
7.372.839 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.943.268 |
|
0,83 |
|
4.844.722 |
|
0,78 |
|
5.401.878 |
|
0,73 |
|
|
|
Gross Profit |
791.447 |
|
0,17 |
|
1.385.386 |
|
0,22 |
|
1.970.961 |
|
0,27 |
|
|
|
Operating
Expenses |
416.118 |
|
0,09 |
|
737.321 |
|
0,12 |
|
891.574 |
|
0,12 |
|
|
|
Operating Profit |
375.329 |
|
0,08 |
|
648.065 |
|
0,10 |
|
1.079.387 |
|
0,15 |
|
|
|
Other
Income |
22.717 |
|
0,00 |
|
197.134 |
|
0,03 |
|
32.857 |
|
0,00 |
|
|
|
Other
Expenses |
49.612 |
|
0,01 |
|
26.667 |
|
0,00 |
|
71.253 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
348.434 |
|
0,07 |
|
818.532 |
|
0,13 |
|
1.040.991 |
|
0,14 |
|
|
|
Tax
Payable |
107.363 |
|
0,02 |
|
165.807 |
|
0,03 |
|
210.409 |
|
0,03 |
|
|
|
Net Profit (loss) |
241.071 |
|
0,05 |
|
652.725 |
|
0,10 |
|
830.582 |
|
0,11 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,29 |
|
|
|
1,36 |
|
|
|
1,05 |
|
|
|
|
|
Acid-Test Ratio |
1,05 |
|
|
|
0,82 |
|
|
|
0,69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,10 |
|
|
|
0,11 |
|
|
|
0,04 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,56 |
|
|
|
0,38 |
|
|
|
0,33 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,07 |
|
|
|
0,21 |
|
|
|
0,43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
10,50 |
|
|
|
11,60 |
|
|
|
27,23 |
|
|
|
|
|
Stockholders' Equity Turnover |
4,66 |
|
|
|
3,74 |
|
|
|
2,95 |
|
|
|
|
|
Asset Turnover |
1,30 |
|
|
|
1,58 |
|
|
|
1,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,28 |
|
|
|
0,42 |
|
|
|
0,46 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,72 |
|
|
|
0,58 |
|
|
|
0,54 |
|
|
|
|
|
Financial Leverage |
0,72 |
|
|
|
0,58 |
|
|
|
0,54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,24 |
|
|
|
0,39 |
|
|
|
0,33 |
|
|
|
|
|
Operating Profit Margin |
0,08 |
|
|
|
0,10 |
|
|
|
0,15 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,10 |
|
|
|
0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
153,72 |
|
|
|
85,95 |
|
|
|
87,49 |
|
|
|
|
|
Average Payable Period (days) |
123,55 |
|
|
|
130,40 |
|
|
|
101,34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1-31.3.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.304.218 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
1.728.394 |
|
0,75 |
|
|
|
Gross Profit |
575.824 |
|
0,25 |
|
|
|
Operating
Expenses |
230.622 |
|
0,10 |
|
|
|
Operating Profit |
345.202 |
|
0,15 |
|
|
|
Other
Income |
61.293 |
|
0,03 |
|
|
|
Other
Expenses |
284.455 |
|
0,12 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
122.040 |
|
0,05 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
122.040 |
|
0,05 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
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%)