MIRA
INFORM REPORT
|
Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
METAL SERVIS DANISMANLIK SANAYI VE TICARET LTD
STI |
|
|
|
|
Registered Office : |
Orhanli Beldesi Merkez Mah. Okul Cad. Findik Sok. Bila No Tuzla
Istanbul |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
26.07.2001 |
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|
Com. Reg. No.: |
460776 |
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|
Legal Form : |
Limited Company |
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|
Line of Business : |
Manufacture and Trade of Stainless Elbows and 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 75,000 |
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|
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|
Status : |
Small Company |
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|
|
Payment Behaviour : |
No Complaints |
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|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
METAL SERVIS DANISMANLIK SANAYI VE TICARET LTD
STI |
|
ADDRESS |
: |
Head Office&Production Plant : Orhanli
Beldesi Merkez Mah. Okul Cad. Findik Sok. Bila No Tuzla Istanbul / Turkey Branch : Bursa Serbest Bolgesi (Free Zone)
Hisar Mevkii Liman Yolu Gemlik Bursa / Turkey |
|
PHONE NUMBER |
: |
90-216-394 48 03 |
|
FAX NUMBER |
: |
90-216-394 48 08 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Tuzla / 6190211545 |
|
REGISTRATION NUMBER |
: |
460776 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
26.07.2001 (Commercial Registry Gazette
Date/No: 02.08.2001 / 5352) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 100,000 |
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
: YTL 1,000 |
|
|
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|
Regist. Capital
Changed on |
:09.07.2002 (Commercial Registry Gazette
Date/No: 16.07.2002 / 5592) |
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|
|
|
Previous Registered
Capital |
: YTL 5,000 |
|
|
|
|
Regist. Capital
Changed on |
:31.12.2007 (Commercial Registry Gazette
Date/No: 08.01.2008 / 6972) The increase is decided to be financed by
reserves. |
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|
Previous Address |
:Atasehir Bulvari Yakut 1 D:14 Kadikoy -
Istanbul |
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Address Changed
On |
:03.10.2002(Commercial Registry Gazette
Date/No:10.10.2002 / 5653) |
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|
Previous Address |
:Atasehir Anatepe Sedef Sitesi B Blok 3
D:4 Kadikoy Istanbul |
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|
Address Changed
On |
:11.07.2006(Commercial Registry Gazette
Date/No: 17.07.2006 / 6600) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Fatih Incetahtaci Hakan Incetahtaci |
60 % 40 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
DIRECTOR |
: |
Mehmet Fatih Incetahtaci |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of stainless elbows
and trade of stainless steel. The subject has started manufacturing of stainless
elbows in February 2007. The subject has declared that it is the
representative of the following company: -“Beldam Crossley”(England) The subject has declared that it is the
distributor of the following companies: -“Trametal SpA” (Italy) -“Erne Fittings”(Austria) -“Officine Santafede”(Italy) -“Outokumpu Tubular Products”(Finland) -“Tsingshan Holding”(China) |
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SECTOR |
: |
Metal |
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TRADEMARK(S) |
: |
“Metal Servis” |
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NUMBER OF
EMPLOYEES |
: |
16 |
||
|
NET SALES |
: |
(YTL) 541,012 884,041 1,290,777 2,304,629 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
IMPORT COUNTRIES |
: |
Finland, Netherlands, China, Italy |
||
|
MERCHANDISE
IMPORTED |
: |
Stainless pipes, fittings |
||
|
EXPORT VALUE |
: |
(YTL) 170,521 218,266 401,890 919,991 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
EXPORT COUNTRIES |
: |
Kazakhstan |
||
|
MERCHANDISE
EXPORTED |
: |
Stainless pipes, fittings |
||
|
PREMISES |
: |
Head Office&Production Plant : Orhanli
Beldesi Merkez Mah. Okul Cad. Findik Sok. Bila No Tuzla Istanbul (1,200
sqm)(owned) Branch : Bursa Serbest Bolgesi (Free Zone)
Hisar Mevkii Liman Yolu Gemlik Bursa |
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Fortisbank Atasehir 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) |
||||
|
The capitalization was insufficient as of 31.12.2006. A part of
liabilities was due to loans from shareholders as of 31.12.2006 but the major
part of liabilities was to third parties. The registered capital was
increased from YTL 5,000 to YTL 100,000 on 31.12.2007. The increase is
decided to be financed by reserves. However, we do not expect an improvement
at equity total due to this increase as the increase is decided to be
financed by reserves. |
||||
|
LIQUIDITY |
||||
|
Liquidity was still insufficient even if
disregarding loans from shareholders from current liabilities as of
31.12.2006. |
||||
|
PROFITABILITY |
||||
|
High |
In 2006 |
High |
Between 01.01.-30.09.2007 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Fair |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 75,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
|
BALANCE
SHEETS
|
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
271.770 |
|
0,50 |
|
764.339 |
|
0,61 |
|
|
|
Cash and
Banks |
15.688 |
|
0,03 |
|
94.167 |
|
0,07 |
|
|
|
Marketable
Securities |
97 |
|
0,00 |
|
97 |
|
0,00 |
|
|
|
Account
Receivable |
171.083 |
|
0,31 |
|
238.352 |
|
0,19 |
|
|
|
Other
Receivable |
326 |
|
0,00 |
|
34.678 |
|
0,03 |
|
|
|
Inventories |
4.343 |
|
0,01 |
|
205.488 |
|
0,16 |
|
|
|
Advances
Given |
28.625 |
|
0,05 |
|
70.422 |
|
0,06 |
|
|
|
Other
Current Assets |
51.608 |
|
0,09 |
|
121.135 |
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
274.733 |
|
0,50 |
|
496.754 |
|
0,39 |
|
|
|
Long-term
Receivable |
480 |
|
0,00 |
|
480 |
|
0,00 |
|
|
|
Financial
Assets |
4.789 |
|
0,01 |
|
4.789 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
266.551 |
|
0,49 |
|
490.986 |
|
0,39 |
|
|
|
Intangible Assets |
326 |
|
0,00 |
|
196 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
2.587 |
|
0,00 |
|
303 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
546.503 |
|
1,00 |
|
1.261.093 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
352.356 |
|
0,64 |
|
956.497 |
|
0,76 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
19.903 |
|
0,02 |
|
|
|
Accounts
Payable |
131.717 |
|
0,24 |
|
295.776 |
|
0,23 |
|
|
|
Loans
from Shareholders |
91.496 |
|
0,17 |
|
151.423 |
|
0,12 |
|
|
|
Other
Short-term Payable |
481 |
|
0,00 |
|
276.262 |
|
0,22 |
|
|
|
Advances
from Customers |
79.754 |
|
0,15 |
|
195.458 |
|
0,15 |
|
|
|
Taxes
Payable |
13.712 |
|
0,03 |
|
17.675 |
|
0,01 |
|
|
|
Provisions |
35.196 |
|
0,06 |
|
0 |
|
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 |
194.147 |
|
0,36 |
|
304.596 |
|
0,24 |
|
|
|
Paid-in
Capital |
5.000 |
|
0,01 |
|
5.000 |
|
0,00 |
|
|
|
Inflation
Adjustment of Capital |
1.652 |
|
0,00 |
|
1.652 |
|
0,00 |
|
|
|
Reserves |
98.596 |
|
0,18 |
|
222.692 |
|
0,18 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
88.899 |
|
0,16 |
|
75.252 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
546.503 |
|
1,00 |
|
1.261.093 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
884.041 |
|
1,00 |
|
1.290.777 |
|
1,00 |
|
2.304.629 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
553.396 |
|
0,63 |
|
900.176 |
|
0,70 |
|
1.806.376 |
|
0,78 |
|
|
|
Gross Profit |
330.645 |
|
0,37 |
|
390.601 |
|
0,30 |
|
498.253 |
|
0,22 |
|
|
|
Operating
Expenses |
211.807 |
|
0,24 |
|
330.629 |
|
0,26 |
|
299.498 |
|
0,13 |
|
|
|
Operating Profit |
118.838 |
|
0,13 |
|
59.972 |
|
0,05 |
|
198.755 |
|
0,09 |
|
|
|
Other
Income |
29.775 |
|
0,03 |
|
53.059 |
|
0,04 |
|
18.281 |
|
0,01 |
|
|
|
Other
Expenses |
9.433 |
|
0,01 |
|
15.404 |
|
0,01 |
|
20.442 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
2.254 |
|
0,00 |
|
4.075 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
139.180 |
|
0,16 |
|
95.373 |
|
0,07 |
|
192.519 |
|
0,08 |
|
|
|
Tax
Payable |
50.281 |
|
0,06 |
|
20.121 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
88.899 |
|
0,10 |
|
75.252 |
|
0,06 |
|
192.519 |
|
0,08 |
|
|
|
FINANCIAL
RATIOS
|
||||||||||||
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|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,77 |
|
|
|
0,80 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,53 |
|
|
|
0,38 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,01 |
|
|
|
0,16 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,31 |
|
|
|
0,22 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,49 |
|
|
|
0,39 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
127,42 |
|
|
|
4,38 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
4,55 |
|
|
|
4,24 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,62 |
|
|
|
1,02 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,36 |
|
|
|
0,24 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,64 |
|
|
|
0,76 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,64 |
|
|
|
0,76 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,46 |
|
|
|
0,25 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,13 |
|
|
|
0,05 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,10 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
69,86 |
|
|
|
66,61 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
85,69 |
|
|
|
118,29 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
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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%)