MIRA INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METAL
PASLANMAZ CELIK SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Demirciler Sitesi
7.Yol No:76 Zeytinburnu-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
07.08.2002 |
|
|
|
|
Com. Reg. No.: |
480778 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Trade of stainless steel |
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 185,000 |
|
|
|
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
METAL PASLANMAZ
CELIK SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Demirciler Sitesi 7.Yol No:76
Zeytinburnu-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-416 42 84-85 |
|
FAX NUMBER |
: |
90-212-416 42 86 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa/4780322767 |
|
REGISTRATION NUMBER |
: |
480778
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
07.08.2002 (Commercial Registry Gazette
Date/No:12.08.2002/5611 ) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
PAID-IN CAPITAL |
: |
YTL 500,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Inoks Pazarlama Paslanmaz Celik Sanayi Ve
Ticaret Ltd. Sti. |
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|
|
|
Name Changed On |
: 06.11.2002 (Commercial Registry Gazette
Date/No:11.11.2002/5674) |
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|
|
|
Previous Registered Capital |
:YTL 25,000 |
|
|
|
|
Regist. Capital Changed on |
: 13.10.2003 (Commercial Registry Gazette
Date/No:16.10.2003/5908 ) |
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|
|
|
Previous Registered Capital |
:YTL 100,000 |
|
|
|
|
Regist. Capital Changed on |
: 31.08.2006 (Commercial Registry Gazette
Date/No: 05.09.2006/6635 ) |
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Previous Address |
:Demirciler Sitesi 7.Yol No:78
Zeytinburnu-Istanbul |
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Address Changed On |
: 31.03.2005 (Commercial Registry Gazette
Date/No:05.04.2005/6275 ) |
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Previous Shareholders |
: Kemal Coskun 85 %
Sinan Gunduz 15 % |
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|
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|
Shareholders Changed On |
: 20.01.2006 (Commercial Registry Gazette Date/No:25.01.2006/6478
) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Kemal Coskun Eylem Coskun |
85 % 15 % |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
None |
||
|
DIRECTORS |
: |
Kemal Coskun Suleyman Akbulut Emel Deveci Badur |
|
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of stainless steel The subject is also planning to start processing of stainless steel. |
|
TRADEMARK(S) |
: |
None |
|
NUMBER OF EMPLOYEES |
: |
10 |
|
NET SALES |
: |
(YTL)
5,161,731
8,304,596 12,876,129 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
USD 1,005,000 6,900,000 |
(2006) (2007) |
|
IMPORT COUNTRIES |
: |
Germany, Netherlands, Belgium, Italy, China, Indian, Taiwan |
|
|
MERCHANDISE IMPORTED |
: |
Stainless steel, metal sheet, funnel, profile |
|
|
PREMISES |
: |
Head Office: Demirciler Sitesi 7.Yol No:76 Zeytinburnu-Istanbul (400
sqm) (rented) Office/Warehouse: Demirciler Sitesi 7.Yol No:78 (300 sqm) (rented) |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Upper-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Denizbank Merter branch in Istanbul Finansbank Bakirkoy/Carsi branch in Istanbul Oyakbank Zeytinburnu branch in Istanbul Tekstil Bank Ikitelli branch in Istanbul Turkiye Finans Katilim Telsiz branch in Istanbul Sekerbank Sirinevler branch in Istanbul Fortis Bank Demirciler Sit. branch in Istanbul HSBC Bank Zeytinburnu branch in Istanbul Turk Ekonomi Bankasi Demirciler Sit. branch in Istanbul Anadolu Bank Sultanhamam
branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays
have come to our knowledge. |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 185,000 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 |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Insufficient |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Fair |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL FINANCIAL POSITION |
||||
|
Capitalization was insufficient,
profitability was fair but liquidity was good in 2006. The subject had low
profitability in the first 9 months of 2007. |
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|
BALANCE SHEETS
|
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.100.199 |
|
0,99 |
|
3.128.345 |
|
0,98 |
|
|
|
Cash and Banks |
147.080 |
|
0,13 |
|
337.807 |
|
0,11 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
827.765 |
|
0,74 |
|
2.363.641 |
|
0,74 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
125.354 |
|
0,11 |
|
423.672 |
|
0,13 |
|
|
|
Other Current Assets |
0 |
|
0,00 |
|
3.225 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
15.148 |
|
0,01 |
|
67.163 |
|
0,02 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
15.148 |
|
0,01 |
|
64.201 |
|
0,02 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
2.962 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.115.347 |
|
1,00 |
|
3.195.508 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
808.928 |
|
0,73 |
|
2.320.409 |
|
0,73 |
|
|
|
Financial Loans |
352.896 |
|
0,32 |
|
1.120.527 |
|
0,35 |
|
|
|
Accounts Payable |
437.616 |
|
0,39 |
|
1.019.819 |
|
0,32 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
11.716 |
|
0,00 |
|
|
|
Advances from Customers |
0 |
|
0,00 |
|
124.337 |
|
0,04 |
|
|
|
Taxes Payable |
12.043 |
|
0,01 |
|
28.977 |
|
0,01 |
|
|
|
Provisions |
6.373 |
|
0,01 |
|
15.033 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
306.419 |
|
0,27 |
|
875.099 |
|
0,27 |
|
|
|
Paid-in Capital |
100.000 |
|
0,09 |
|
500.000 |
|
0,16 |
|
|
|
Inflation Adjustment of Capital |
25.896 |
|
0,02 |
|
25.896 |
|
0,01 |
|
|
|
Reserves |
88.153 |
|
0,08 |
|
180.523 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
92.370 |
|
0,08 |
|
168.680 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.115.347 |
|
1,00 |
|
3.195.508 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.161.731 |
|
1,00 |
|
8.304.596 |
|
1,00 |
|
12.876.129 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
4.840.364 |
|
0,94 |
|
7.610.904 |
|
0,92 |
|
12.255.560 |
|
0,95 |
|
|
|
Gross Profit |
321.367 |
|
0,06 |
|
693.692 |
|
0,08 |
|
620.569 |
|
0,05 |
|
|
|
Operating
Expenses |
186.177 |
|
0,04 |
|
282.374 |
|
0,03 |
|
249.745 |
|
0,02 |
|
|
|
Operating Profit |
135.190 |
|
0,03 |
|
411.318 |
|
0,05 |
|
370.824 |
|
0,03 |
|
|
|
Other Income |
12.991 |
|
0,00 |
|
47.992 |
|
0,01 |
|
182.071 |
|
0,01 |
|
|
|
Other Expenses |
4.905 |
|
0,00 |
|
45.204 |
|
0,01 |
|
173.791 |
|
0,01 |
|
|
|
Financial
Expenses |
10.127 |
|
0,00 |
|
203.256 |
|
0,02 |
|
138.455 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
133.149 |
|
0,03 |
|
210.850 |
|
0,03 |
|
240.649 |
|
0,02 |
|
|
|
Tax Payable |
40.779 |
|
0,01 |
|
42.170 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
92.370 |
|
0,02 |
|
168.680 |
|
0,02 |
|
240.649 |
|
0,02 |
|
|
|
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 |
1,36 |
|
|
|
1,35 |
|
|
|
-- |
|
|
|
|
|
|
Acid-Test Ratio |
1,21 |
|
|
|
1,16 |
|
|
|
-- |
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,11 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
|
Short-term Receivable/Total Assets |
0,74 |
|
|
|
0,74 |
|
|
|
-- |
|
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,02 |
|
|
|
-- |
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|
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TURNOVER RATIOS |
|
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Inventory Turnover |
38,61 |
|
|
|
17,96 |
|
|
|
-- |
|
|
|
|
|
|
Stockholders' Equity Turnover |
16,85 |
|
|
|
9,49 |
|
|
|
-- |
|
|
|
|
|
|
Asset Turnover |
4,63 |
|
|
|
2,60 |
|
|
|
-- |
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|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,27 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
|
Current Liabilities/Total Assets |
0,73 |
|
|
|
0,73 |
|
|
|
-- |
|
|
|
|
|
|
Financial Leverage |
0,73 |
|
|
|
0,73 |
|
|
|
-- |
|
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,30 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
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|
Operating Profit Margin |
0,03 |
|
|
|
0,05 |
|
|
|
0,03 |
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Net Profit Margin |
0,02 |
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|
0,02 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
57,73 |
|
|
|
102,46 |
|
|
|
-- |
|
|
|
|
|
|
Average Payable Period (days) |
32,55 |
|
|
|
48,24 |
|
|
|
-- |
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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%)