MIRA
INFORM REPORT
|
Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SEZAL DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Demiriciler Sitesi 4. Yol No:11 Zeytinburnu-Istanbul |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
17.02.2005 |
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|
|
|
Com. Reg. No.: |
546150 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Trade of Hardware |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 630,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SEZAL DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Demiriciler Sitesi 4. Yol
No:11 Zeytinburnu-Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-679 80 80 |
|
FAX NUMBER |
: |
90-212-512 69 53 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa/7670522432 |
|
REGISTRATION NUMBER |
: |
546150 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
17.02.2005 (Commercial Registry Gazette Date/No:22.02.2005/6245) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
|
PAID-IN CAPITAL |
: |
The paid-in capital is declared to be YTL 1,500,000
by the company. There is no certification for this figure. |
|
HISTORY |
: |
The registered capital was increased from YTL 1,000,000 to YTL
1,500,000 on 11.06.2007 (Commercial Registry Gazette
Date/No:14.06.2007/6830). This increase is decided to be financed by cash.
According to the capital increase decision ¼ of the increase has to be paid
within 3 months following the date of capital increase and the rest has to be
paid until 31.12.2009. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Metin Aluc Nurdogan Sezgin |
50 % 50 % |
|
SISTER COMPANIES |
: |
Gulal Hirdavat Sanayi ve Ticaret A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Metin Aluc |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of hardware |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
11 |
|
|
NET SALES |
: |
(YTL) 455,719 3,537,852 2,629,242 |
(17.02.-31.12.2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 430,000 USD 1,464,000 |
(17.02.-31.12.2005) (2006) |
|
|
|
The firm has amounts of import which is over its sales volume between
17.02.-31.12.2005, the firm is working with high amounts of inventories. |
|
|
IMPORT COUNTRIES |
: |
China |
|
|
MERCHANDISE
IMPORTED |
: |
Hardware |
|
|
EXPORT VALUE |
: |
(YTL) 51,694 216,394 127,033 |
(17.02.-31.12.2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic, Romania,
Serbia, … |
|
|
MERCHANDISE
EXPORTED |
: |
Hand tools, hand saws …. |
|
|
PREMISES |
: |
Head Office: Demiriciler Sitesi 4. Yol
No:11 Zeytinburnu-Istanbul (100
sqm) (rented) Warehouse: Ikitelli Organize Sanayi Sitesi
Esot Sitesi H Blok No:11 Kucukcekmece-Istanbul |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There appears a slowdown at sales volume
in the first 9 months of 2007. |
|
SIZE OF BUSINESS |
: |
Upper-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Hasircilar branch in Istanbul Garanti Bankasi Bahcekapi branch in
Istanbul Kuveyt Turk Katilim Bankasi Sirkeci branch
in Istanbul |
|
CREDIT FACILITIES |
: |
The subject
company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2006.
However it has to be noted that, 52 % of total liabilities and equity was
consisting of long-term loans from shareholders rather than liabilities to
third parties as of 31.12.2006 indicating low indebtedness to third parties. Furthermore the registered capital was
increased from YTL 1,000,000 to YTL 1,500,000 on 11.06.2007. This increase is
decided to be financed by cash. According to the capital increase decision ¼
of the increase has to be paid within 3 months following the date of capital
increase and the rest has to be paid until 31.12.2009. So we expect an improvement at equity
total since 31.12.2006. |
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|
LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
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PROFITABILITY |
||||
|
Good |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 630,000 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 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.435.532 |
|
0,94 |
|
3.248.084 |
|
0,97 |
|
|
|
Cash and
Banks |
86.380 |
|
0,06 |
|
607.606 |
|
0,18 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
392.669 |
|
0,26 |
|
1.272.311 |
|
0,38 |
|
|
|
Other
Receivable |
4.964 |
|
0,00 |
|
24.680 |
|
0,01 |
|
|
|
Inventories |
688.332 |
|
0,45 |
|
715.237 |
|
0,21 |
|
|
|
Advances
Given |
142.433 |
|
0,09 |
|
552.448 |
|
0,16 |
|
|
|
Other
Current Assets |
120.754 |
|
0,08 |
|
75.802 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
98.637 |
|
0,06 |
|
100.849 |
|
0,03 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
97.281 |
|
0,06 |
|
98.627 |
|
0,03 |
|
|
|
Intangible Assets |
1.356 |
|
0,00 |
|
1.356 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
866 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.534.169 |
|
1,00 |
|
3.348.933 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
530.529 |
|
0,35 |
|
413.961 |
|
0,12 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
509 |
|
0,00 |
|
|
|
Accounts
Payable |
93.328 |
|
0,06 |
|
258.632 |
|
0,08 |
|
|
|
Loans
from Shareholders |
433.961 |
|
0,28 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
133.540 |
|
0,04 |
|
|
|
Taxes
Payable |
1.641 |
|
0,00 |
|
3.576 |
|
0,00 |
|
|
|
Provisions |
1.599 |
|
0,00 |
|
17.704 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
1.749.155 |
|
0,52 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
1.749.155 |
|
0,52 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
1.003.640 |
|
0,65 |
|
1.185.817 |
|
0,35 |
|
|
|
Paid-in Capital |
1.000.000 |
|
0,65 |
|
1.000.000 |
|
0,30 |
|
|
|
Reserves |
0 |
|
0,00 |
|
3.640 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
3.640 |
|
0,00 |
|
182.177 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.534.169 |
|
1,00 |
|
3.348.933 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
17.2.-31.12.2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
455.719 |
|
1,00 |
|
3.537.852 |
|
1,00 |
|
2.629.242 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
399.592 |
|
0,88 |
|
3.189.547 |
|
0,90 |
|
2.339.981 |
|
0,89 |
|
|
|
Gross Profit |
56.127 |
|
0,12 |
|
348.305 |
|
0,10 |
|
289.261 |
|
0,11 |
|
|
|
Operating
Expenses |
51.272 |
|
0,11 |
|
140.032 |
|
0,04 |
|
154.040 |
|
0,06 |
|
|
|
Operating Profit |
4.855 |
|
0,01 |
|
208.273 |
|
0,06 |
|
135.221 |
|
0,05 |
|
|
|
Other
Income |
4.128 |
|
0,01 |
|
29.734 |
|
0,01 |
|
279 |
|
0,00 |
|
|
|
Other
Expenses |
3.571 |
|
0,01 |
|
10.092 |
|
0,00 |
|
2.577 |
|
0,00 |
|
|
|
Financial
Expenses |
173 |
|
0,00 |
|
0 |
|
0,00 |
|
6 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
5.239 |
|
0,01 |
|
227.915 |
|
0,06 |
|
132.917 |
|
0,05 |
|
|
|
Tax
Payable |
1.599 |
|
0,00 |
|
45.738 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
3.640 |
|
0,01 |
|
182.177 |
|
0,05 |
|
132.917 |
|
0,05 |
|
FINANCIAL
RATIOS
|
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|
17.2.-31.12.2005 |
|
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|
2006 |
|
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|
1.1.-30.09.2007 |
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,71 |
|
|
|
7,85 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,91 |
|
|
|
4,60 |
|
|
|
-- |
|
|
|
|
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|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,45 |
|
|
|
0,21 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,26 |
|
|
|
0,39 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,06 |
|
|
|
0,03 |
|
|
|
-- |
|
|
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,58 |
|
|
|
4,46 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
0,45 |
|
|
|
2,98 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,30 |
|
|
|
1,06 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,65 |
|
|
|
0,35 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,35 |
|
|
|
0,12 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,35 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
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|
|
|
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|
|
|
Net Profit/Stockholders' Eq. |
0,00 |
|
|
|
0,15 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,06 |
|
|
|
0,05 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,05 |
|
|
|
0,05 |
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
310,19 |
|
|
|
129,47 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
84,08 |
|
|
|
29,19 |
|
|
|
-- |
|
|
|
|
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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%)