MIRA
INFORM REPORT
|
Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AZIM TICARET – RECEP ALTUG |
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Registered Office : |
100. Yil Bulvari 45 Sok. No:1-3 Ostim Ankara |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
108916 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trade of stainless steel products such as; plates, pipes |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
AZIM TICARET – RECEP ALTUG |
|
ADDRESS |
: |
Head Office/Store : 100. Yil Bulvari 45
Sok. No:1-3 Ostim Ankara / Turkey |
|
PHONE NUMBER |
: |
90-312-385 49 60 (Pbx) |
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FAX NUMBER |
: |
90-312-385 49 64 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ostim / 37796002666 From the beginning of year 2007,the sole
proprietorships perform fiscal manipulations with personal ID number instead of
vat number /tax number. So the number of the subject changed from 0660031560
to 37796002666 for fiscal
manipulations. |
|
REGISTRATION NUMBER |
: |
108916 |
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
|
REGISTERED ON |
: |
The subject was registered at commercial
registry in 1995. Sole-proprietorships are not obliged to be registered at
Commercial Registry, the subject declares that, it was established earlier
but it has not registered at Commercial Registry until 1995. |
|
LEGAL FORM |
: |
Sole Proprietorship |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 3,000,000 |
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|
|
The liability of the sole-proprietorships
is not limited to the capital. The owners of the sole-proprietorships are responsible
for the debts of the sole-proprietorships with all of their personal wealth. |
OWNERSHIP / MANAGEMENT
|
OWNER |
: |
Recep Altug Recep Altug was born in 1962 and has
graduated from high school. |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
DIRECTOR |
: |
Recep Altug |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of stainless steel products such as;
plates, pipes |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
10 |
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NET SALES |
: |
(YTL) 13,930,054 18,791,934 15,904,350 |
(2005) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Italy |
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MERCHANDISE
IMPORTED |
: |
Stainless steel products |
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|
EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office/Store : 100. Yil Bulvari 45
Sok. No:1-3 Ostim Ankara (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Ostim
branch in Ankara. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was fair as of 31.12.2006. However
it has to be noted that, 18 % of total liabilities and equity was consisting
of short-term loans from owner and 28 % of total liabilities and equity was
consisting of long-term loans from owner rather than liabilities to third
parties as of 31.12.2006 indicating low
indebtedness to third parties. And it has to be noted that, the
liability of the sole-proprietorships is not limited to the capital. The
owners of the sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth. |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Fair |
In 2006 |
Fair |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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|
Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 3.7 million 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 |
|
BALANCE SHEETS |
|||||||||
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|
YTL |
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YTL |
|
|
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|
|
|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
8.658.521 |
|
0,93 |
|
9.875.605 |
|
0,91 |
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Cash and
Banks |
2.907.464 |
|
0,31 |
|
4.345.513 |
|
0,40 |
|
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|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Account
Receivable |
3.891.300 |
|
0,42 |
|
2.574.298 |
|
0,24 |
|
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|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Inventories |
1.709.100 |
|
0,18 |
|
2.732.106 |
|
0,25 |
|
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
150.657 |
|
0,02 |
|
223.688 |
|
0,02 |
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NON-CURRENT ASSETS |
653.792 |
|
0,07 |
|
918.557 |
|
0,09 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
653.792 |
|
0,07 |
|
918.557 |
|
0,09 |
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
9.312.313 |
|
1,00 |
|
10.794.162 |
|
1,00 |
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CURRENT LIABILITIES |
5.569.715 |
|
0,60 |
|
3.642.020 |
|
0,34 |
|
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|
Financial
Loans |
0 |
|
0,00 |
|
410.081 |
|
0,04 |
|
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Accounts
Payable |
1.805.414 |
|
0,19 |
|
1.285.869 |
|
0,12 |
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Loans
from Owner |
3.699.616 |
|
0,40 |
|
1.900.203 |
|
0,18 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
64.685 |
|
0,01 |
|
45.867 |
|
0,00 |
|
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|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
2.494.468 |
|
0,27 |
|
2.994.468 |
|
0,28 |
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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 Owner |
2.494.468 |
|
0,27 |
|
2.994.468 |
|
0,28 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
1.248.130 |
|
0,13 |
|
4.157.674 |
|
0,39 |
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TOTAL LIABILITIES AND EQUITY |
9.312.313 |
|
1,00 |
|
10.794.162 |
|
1,00 |
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INCOME STATEMENTS |
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|
YTL |
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|
YTL |
|
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|
YTL |
|
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|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
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Net Sales |
13.930.054 |
|
1,00 |
|
18.791.934 |
|
1,00 |
|
15.904.350 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
13.101.643 |
|
0,94 |
|
17.849.498 |
|
0,95 |
|
15.106.128 |
|
0,95 |
|
|
|
Gross Profit |
828.411 |
|
0,06 |
|
942.436 |
|
0,05 |
|
798.222 |
|
0,05 |
|
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Operating
Expenses |
280.270 |
|
0,02 |
|
299.711 |
|
0,02 |
|
249.708 |
|
0,02 |
|
|
|
Operating Profit |
548.141 |
|
0,04 |
|
642.725 |
|
0,03 |
|
548.514 |
|
0,03 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
20.294 |
|
0,00 |
|
1.756 |
|
0,00 |
|
|
|
Other
Expenses |
86.832 |
|
0,01 |
|
115.973 |
|
0,01 |
|
22.048 |
|
0,00 |
|
|
|
Financial
Expenses |
2.406 |
|
0,00 |
|
45.432 |
|
0,00 |
|
31.157 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
458.903 |
|
0,03 |
|
501.614 |
|
0,03 |
|
497.065 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
458.903 |
|
0,03 |
|
501.614 |
|
0,03 |
|
497.065 |
|
0,03 |
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,55 |
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|
2,71 |
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|
-- |
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Acid-Test Ratio |
1,22 |
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|
1,90 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,18 |
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|
0,25 |
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|
-- |
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Short-term Receivable/Total Assets |
0,42 |
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|
0,24 |
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|
-- |
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Tangible Assets/Total Assets |
0,07 |
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|
0,09 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
7,67 |
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|
6,53 |
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-- |
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Stockholders' Equity Turnover |
11,16 |
|
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|
4,52 |
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|
-- |
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Asset Turnover |
1,50 |
|
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|
1,74 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,13 |
|
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|
0,39 |
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|
-- |
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Current Liabilities/Total Assets |
0,60 |
|
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|
0,34 |
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|
-- |
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Financial Leverage |
0,87 |
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|
0,61 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,37 |
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|
0,12 |
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-- |
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Operating Profit Margin |
0,04 |
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|
0,03 |
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|
0,03 |
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Net Profit Margin |
0,03 |
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|
0,03 |
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|
0,03 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
100,56 |
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|
49,32 |
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|
-- |
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Average Payable Period (days) |
49,61 |
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|
25,93 |
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|
-- |
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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%)