MIRA
INFORM REPORT
|
Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SETMAS ELEKTRIK SANAYI TESISLERI TAAHHUT VE TICARET A.S. |
|
|
|
|
Registered Office : |
Gersan Sanayi Sitesi 658.Sok N:62 Ergazi Yenimahalle Ankara |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
09.11.1993 |
|
|
|
|
Com. Reg. No.: |
98438 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Electric Panels and
undertaking electric and automation systems of industrial plants, on project
basis. |
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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE
Full name of the firm was missing at your inquiry. The registered full
name of the firm having “Setmas” and “Sanayi Tesisleri Taahhut ve Ticaret A.S”
at its name and located at the address at your inquiry is “SETMAS ELEKTRIK
SANAYI TESISLERI TAAHHUT VE TICARET A.S.”
COMPANY IDENTIFICATION
|
NAME |
: |
SETMAS ELEKTRIK SANAYI TESISLERI TAAHHUT VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Gersan Sanayi Sitesi 658.Sok
N:62 Ergazi Yenimahalle Ankara/Turkey |
|
PHONE NUMBER |
: |
90-312-255 87 17 |
|
FAX NUMBER |
: |
90-312-256 31 85 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ostim/7640024520 |
|
REGISTRATION NUMBER |
: |
98438 |
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
|
DATE ESTABLISHED |
: |
09.11.1993 (Commercial Registry Gazette
Date/No: 11.11.1993/3403) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 6,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 2,180,000
(As of 31.12.2007) |
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 300,000 |
|
|
|
|
Regist. Capital
Changed in |
:2002(Commercial Registry Gazette
Date/No:20.12.2002/5701 ) |
|
|
|
|
Previous
Registered Capital |
:YTL
600,000 |
|
|
|
|
Regist. Capital Changed
in |
:26.12.2007 (Commercial Registry Gazette
Date/No: 31.12.2007/6967) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Erdogan Donmez Selcuk Ayav Mustafa Bulent Baran Serap Aksoy Dondu Donmez |
|
|
SISTER COMPANIES |
: |
-Setmas Elektromekanik Sanayi Ve Ticaret
A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Erdogan Donmez Selcuk Ayav Mustafa Bulent Baran |
Chairman Vice-Chairman Member |
|
DIRECTORS |
: |
Erdogan Donmez Selcuk Ayav Serap Aksoy |
General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The subject
which was dealing with manufacture and trade of electric panels and undertaking
electric and automation systems of industrial plants, on project basis. However it has
transferred manufacturing activity to its sister company at the end of 2007.
Now it is dealing with undertaking electric and automation systems of
industrial plants, on project basis. The subject has undertaken projects of
plants in Afsin/Elbistan. |
|
TRADEMARK(S) |
: |
None |
|
NUMBER OF
EMPLOYEES |
: |
52 |
|
NET SALES |
|
(YTL Thousand) 640 3,553 3,349 3,369 10,183 7,677 426 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
IMPORT COUNTRIES |
: |
Germany |
|
|
MERCHANDISE
IMPORTED |
: |
Electric materials |
|
|
PREMISES |
: |
Head
Office:Gersan Sanayi Sitesi 658.Sok N:62 Yenimahalle Ankara (1,200 sqm)
(rented) |
|
|
TREND OF BUSINESS |
: |
There
was un upwards trend in 2006 but there was a decline at sales volume in
nominal terms in 2007. |
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Kuveyt Turk Katilim
Bankasi Ostim branch in Ankara Vakiflar Bankasi
Ostim branch in Ankara T.Is Bankasi Ostim
branch in Ankara Akbank Ostim branch in Ankara Asya Katilim Bankasi Ostim branch in
Ankara |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about numerous payment delays some of which were
resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Insufficient |
As of 31.12.2007 |
|||
|
LIQUIDITY |
||||
|
Low |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
Low |
In 2007 |
Good |
Between 01.01.-31.03.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Not in order |
||||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(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 Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.998 |
|
0,97 |
|
10.465 |
|
0,95 |
|
11.340 |
|
0,96 |
|
|
|
Cash and
Banks |
42 |
|
0,01 |
|
674 |
|
0,06 |
|
219 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
1.291 |
|
0,31 |
|
4.016 |
|
0,37 |
|
1.599 |
|
0,13 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
3 |
|
0,00 |
|
|
|
Inventories |
2.623 |
|
0,64 |
|
1.624 |
|
0,15 |
|
2.207 |
|
0,19 |
|
|
|
Advances
Given |
10 |
|
0,00 |
|
517 |
|
0,05 |
|
3.034 |
|
0,26 |
|
|
|
Accumulated Construction Expenses |
0 |
|
0,00 |
|
3.627 |
|
0,33 |
|
3.980 |
|
0,34 |
|
|
|
Other
Current Assets |
32 |
|
0,01 |
|
7 |
|
0,00 |
|
298 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
126 |
|
0,03 |
|
499 |
|
0,05 |
|
514 |
|
0,04 |
|
|
|
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) |
84 |
|
0,02 |
|
293 |
|
0,03 |
|
165 |
|
0,01 |
|
|
|
Intangible Assets |
4 |
|
0,00 |
|
12 |
|
0,00 |
|
12 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
38 |
|
0,01 |
|
194 |
|
0,02 |
|
337 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.124 |
|
1,00 |
|
10.964 |
|
1,00 |
|
11.854 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.904 |
|
0,70 |
|
5.315 |
|
0,48 |
|
6.289 |
|
0,53 |
|
|
|
Financial
Loans |
1.063 |
|
0,26 |
|
603 |
|
0,05 |
|
1.613 |
|
0,14 |
|
|
|
Accounts
Payable |
1.031 |
|
0,25 |
|
2.104 |
|
0,19 |
|
1.148 |
|
0,10 |
|
|
|
Loans
from Shareholders |
48 |
|
0,01 |
|
144 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
390 |
|
0,09 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
132 |
|
0,03 |
|
181 |
|
0,02 |
|
2.497 |
|
0,21 |
|
|
|
Accumulated Construction Income |
0 |
|
0,00 |
|
2.168 |
|
0,20 |
|
1.123 |
|
0,09 |
|
|
|
Taxes
Payable |
240 |
|
0,06 |
|
80 |
|
0,01 |
|
31 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
35 |
|
0,00 |
|
-123 |
|
-0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
501 |
|
0,12 |
|
4.844 |
|
0,44 |
|
3.129 |
|
0,26 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
920 |
|
0,08 |
|
2.257 |
|
0,19 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
3.376 |
|
0,31 |
|
872 |
|
0,07 |
|
|
|
Loans
from Shareholders |
500 |
|
0,12 |
|
500 |
|
0,05 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
48 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
1 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
719 |
|
0,17 |
|
805 |
|
0,07 |
|
2.436 |
|
0,21 |
|
|
|
Paid-in
Capital |
600 |
|
0,15 |
|
600 |
|
0,05 |
|
2.180 |
|
0,18 |
|
|
|
Inflation
Adjustment of Capital |
562 |
|
0,14 |
|
562 |
|
0,05 |
|
562 |
|
0,05 |
|
|
|
Reserves |
192 |
|
0,05 |
|
193 |
|
0,02 |
|
81 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-647 |
|
-0,16 |
|
-695 |
|
-0,06 |
|
-427 |
|
-0,04 |
|
|
|
Net
Profit (loss) |
12 |
|
0,00 |
|
145 |
|
0,01 |
|
40 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.124 |
|
1,00 |
|
10.964 |
|
1,00 |
|
11.854 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.369 |
|
1,00 |
|
10.183 |
|
1,00 |
|
7.677 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.472 |
|
0,73 |
|
9.000 |
|
0,88 |
|
7.324 |
|
0,95 |
|
|
|
Gross Profit |
897 |
|
0,27 |
|
1.183 |
|
0,12 |
|
353 |
|
0,05 |
|
|
|
Operating
Expenses |
493 |
|
0,15 |
|
587 |
|
0,06 |
|
192 |
|
0,03 |
|
|
|
Operating Profit |
404 |
|
0,12 |
|
596 |
|
0,06 |
|
161 |
|
0,02 |
|
|
|
Other
Income |
25 |
|
0,01 |
|
101 |
|
0,01 |
|
119 |
|
0,02 |
|
|
|
Other
Expenses |
27 |
|
0,01 |
|
255 |
|
0,03 |
|
114 |
|
0,01 |
|
|
|
Financial
Expenses |
390 |
|
0,12 |
|
238 |
|
0,02 |
|
105 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
12 |
|
0,00 |
|
204 |
|
0,02 |
|
61 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
59 |
|
0,01 |
|
21 |
|
0,00 |
|
|
|
Net Profit (loss) |
12 |
|
0,00 |
|
145 |
|
0,01 |
|
40 |
|
0,01 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,38 |
|
|
|
1,97 |
|
|
|
1,80 |
|
|
|
|
|
Acid-Test Ratio |
0,46 |
|
|
|
0,88 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,64 |
|
|
|
0,15 |
|
|
|
0,19 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,31 |
|
|
|
0,37 |
|
|
|
0,14 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,02 |
|
|
|
0,03 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,94 |
|
|
|
5,54 |
|
|
|
3,32 |
|
|
|
|
|
Stockholders' Equity Turnover |
4,69 |
|
|
|
12,65 |
|
|
|
3,15 |
|
|
|
|
|
Asset Turnover |
0,82 |
|
|
|
0,93 |
|
|
|
0,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,17 |
|
|
|
0,07 |
|
|
|
0,21 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,70 |
|
|
|
0,48 |
|
|
|
0,53 |
|
|
|
|
|
Financial Leverage |
0,83 |
|
|
|
0,93 |
|
|
|
0,79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,02 |
|
|
|
0,18 |
|
|
|
0,02 |
|
|
|
|
|
Operating Profit Margin |
0,12 |
|
|
|
0,06 |
|
|
|
0,02 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
137,95 |
|
|
|
141,98 |
|
|
|
74,98 |
|
|
|
|
|
Average Payable Period (days) |
150,15 |
|
|
|
219,20 |
|
|
|
99,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL Thousand |
|
|
|
|
|
|
01.01-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
426 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
285 |
|
0,67 |
|
|
|
Gross Profit |
141 |
|
0,33 |
|
|
|
Operating
Expenses |
72 |
|
0,17 |
|
|
|
Operating Profit |
69 |
|
0,16 |
|
|
|
Other
Income |
23 |
|
0,05 |
|
|
|
Other
Expenses |
24 |
|
0,06 |
|
|
|
Financial
Expenses |
39 |
|
0,09 |
|
|
|
Profit (loss) Before Tax |
29 |
|
0,07 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
29 |
|
0,07 |
|
|
|
|
|
|
|
|
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%)