MIRA
INFORM REPORT
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Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIDEMIR SIVAS DEMIR CELIK ISLETMELERI AS |
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Registered Office : |
Kayseri Yolu 22.Km Kortuzla Mevkii - Sivas |
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Country : |
Turkey |
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Date of Incorporation : |
14.07.1987 |
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Com. Reg. No.: |
8224 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Construction Iron |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
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NAME |
: |
SIDEMIR SIVAS DEMIR CELIK ISLETMELERI A.S. |
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ADDRESS |
: |
Head Office/Factory : Kayseri Yolu 22.Km
Kortuzla Mevkii - Sivas / Turkey |
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PHONE NUMBER |
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90-346-787 63 10 |
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FAX NUMBER |
: |
90-346-787 63 18 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
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Site / 7710043322 |
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REGISTRATION NUMBER |
: |
8224 |
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REGISTERED OFFICE |
: |
Sivas Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
14.07.1987 (Commercial Registry Gazette
Date:21.07.1987) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
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Private |
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REGISTERED CAPITAL |
: |
YTL 11,007,275.95 |
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HISTORY |
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-The subject was established in Ankara and
registered at Ankara Commercial Registry with registration number: 65978 on
14.07.1987 (Commercial Registry Gazette Date:21.07.1987). Then the firm moved
to Sivas and registered at Sivas Commercial Registry with the registration
number: 8224 on 28.11.1994 (Commercial Registry Gazette Date/No: 09.12.1994 /
3678). -The company which was one of the subsidiaries of TDCI
(Turkey Iron-Steel Enterprises) has been privatized on 25.03.1998. -The name of the company was changed from
“Sivas Demir Celik Isletmeleri A.S.” to “Sidemir Sivas Demir Celik
Isletmeleri A.S.” in 2001. |
OWNERSHIP /
MANAGEMENT
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The subject’s (SIDEMIR SIVAS DEMIR CELIK
ISLETMELERI A.S.) shares and its other sister companies’ managements have been
taken over by Savings Deposit Insurance Fund because of the relationship with
Mr. Erol Evcil who was arrested for his business fraud and organizing for
crime. Savings Deposit Insurance Fund claims that Erol Evcil who has app. YTL
243 million debts to state, caused his relatives to establish companies and
control the money transfer of these companies. Saving Deposits Insurance Fund will open a
tender on 15.05.2007. By this tender Sidemir’s factory’s trade and economical
integrity such as; real estates, machineries, equipments and inventories will
be offered for sale. The amount of trade and economical integrity is decided
as YTL 88,300,200 by Saving Deposits Insurance Fund. As Savings Deposit Insurance Fund has
taken over the management of 20 companies including the subject company on
16.12.2004, trustees have been assigned by Savings Deposit Insurance Fund.
The names of these trustees are as follows: -Mehmet Keskin -Osman Bozkurt -Ulvi Darandeli -Mehmet Eyuphan Karabastik Public
prosecutor has claims that 20 companies were established by the 2nd
degree and 3rd degree relatives of Erol Evcil. These companies are declared to be as follows: -Erege Metal -Sider Dis Ticaret -Sider Demir Celik -Erk Bilgisayar Otomotiv -Sidemir Sivas Demir Celik (subject
company) -Sivas Yatirim -Mones Tekstil -Kevser Kaynak Sulari -Elm Gida Pazarlama -Nilufer Lojistik -Gr Insaat -Denge Televizyonculuk -Kayapali Nilufer Turizm -Ideal Petrol -Ersoz Un Fabrikalari -Aman Petrol -Kayapali Turistik Otelcilik -Inkisaf Tekstil -Ke-pet Petrol -Nilufer Sigorta Hizmetleri |
OPERATIONS
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BUSINESS
ACTIVITIES |
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The firm which was dealing with
manufacture and trade of construction iron was active since its beginning in
1987 till its privatization in 1998. The firm has not operated till December
2004. We are informed that, it started operating in December 2004. The firm had YTL 89 million unpaid debt to
Tasarruf Mevduati Sigorta Fonu (Saving Deposits Insurance Fund) as of July
2004. |
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NET SALES |
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n.a. |
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In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its financial data. As the firm’s shares are not open to public it is
not obliged to announce its data. |
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IMPORT COUNTRIES |
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Azerbaijan, Russia, USA, Italy… |
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MERCHANDISE
IMPORTED |
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Spare parts, chemicals used at the
manufacture of construction iron |
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PREMISES |
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Head Office/Factory : Kayseri Yolu 22.Km
Kortuzla Mevkii - Sivas |
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SIZE OF BUSINESS |
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Large |
FINANCE
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PAYMENT BEHAVIOUR |
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No payment delays have come to our knowledge. However, the shares of the firm have been taken over by Savings
Deposit Insurance Fund. The subject and its sister companies which had unpaid debts to public
establishments such as Tax Office, Social Insurance Corporation, Eelectricity Administration etc. started to pay their debts to public
establishments after the management has been taken over by Savings Deposit
Insurance Fund. The firm had YTL 89 million unpaid debt to
Tasarruf Mevduati Sigorta Fonu ( Deposits Insurance Fund) as of July 2004. |
COMMENT ON FINANCIAL
POSITION
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GENERAL
FINANCIAL POSITION |
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The shares of the firm has been taken over
by Savings Deposit Insurance Fund because of the relationship with Erol Evcil
who was arrested for his business fraud and organizing for crime. Savings
Deposit Insurance Fund claims that Erol Evcil who has app. YTL 243 million
debts to state, caused his relatives to establish companies and control the
money transfer of these companies. |
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION :We are of the opinion that, business relation is not admissible with the subject unless there is full security.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)