MIRA
INFORM REPORT
|
Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ERASLAN PASLANMAZ CELIK TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Demirciler Sitesi 2.Cadde No:60 Zeytinburnu-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
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|
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|
Date of Incorporation : |
14.01.1992 |
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|
|
|
Com. Reg. No.: |
282685 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Trade of Stainless Steel |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 545,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ERASLAN PASLANMAZ CELIK TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Warehouse :Demirciler Sitesi
2.Cadde No:60 Zeytinburnu-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-510 55 21 90-212-665 75 38 |
|
FAX NUMBER |
: |
90-212-665 74 41 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar/3370032146 |
|
|
|
REGISTRATION NUMBER |
: |
282685 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
14.01.1992 (Commercial Registry Gazette
Date/No:20.01.1992/2948) |
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LEGAL FORM |
: |
Limited Company |
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|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 100,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 100,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
:YTL 5,000 |
|
|
|
|
Regist. Capital Changed on |
:21.04.2004 (Commercial Registry Gazette
Date/No: 27.04.2004/6037) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Riza Ugur Eraslan Ahmet Cemil Eraslan |
90 % 10 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ali Riza Ugur Eraslan Ahmet Cemil Eraslan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of stainless steel |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
9 |
|
|
NET SALES |
: |
(YTL) 3,188,487 3,888,087 714,895 |
(2006) (2007) (01.01-31.03.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 1,200,000 |
(2007) |
|
IMPORT COUNTRIES |
: |
India, Germany, Netherlands, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Stainless steel |
|
|
EXPORT VALUE |
: |
None |
|
|
PREMISES |
: |
Head Office/Warehouse :Demirciler Sitesi
2.Cadde No:60 Zeytinburnu-Istanbul (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards in 2007. |
|
|
SIZE OF BUSINESS |
: |
Moderate |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Demirciler branch in
Istanbul Turkiye Garanti Bankasi Demirciler branch
in Istanbul Yapi ve Kredi Bankasi Demirciler branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2007 |
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|
LIQUIDITY |
||||
|
High |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
High |
In 2007 |
High |
Between 01.01.-31.03.2008 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 545,000 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.516.970 |
|
0,96 |
|
1.751.958 |
|
0,89 |
|
|
|
Cash and
Banks |
207.864 |
|
0,13 |
|
168.964 |
|
0,09 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
811.002 |
|
0,51 |
|
788.919 |
|
0,40 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
476.958 |
|
0,30 |
|
608.715 |
|
0,31 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
164.270 |
|
0,08 |
|
|
|
Other
Current Assets |
21.146 |
|
0,01 |
|
21.090 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
66.255 |
|
0,04 |
|
217.483 |
|
0,11 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
51.891 |
|
0,03 |
|
207.261 |
|
0,11 |
|
|
|
Intangible Assets |
14.364 |
|
0,01 |
|
10.222 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.583.225 |
|
1,00 |
|
1.969.441 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
377.277 |
|
0,24 |
|
521.373 |
|
0,26 |
|
|
|
Financial
Loans |
132.570 |
|
0,08 |
|
368.319 |
|
0,19 |
|
|
|
Accounts
Payable |
218.788 |
|
0,14 |
|
142.342 |
|
0,07 |
|
|
|
Loans
from Shareholders |
4.351 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
6.624 |
|
0,00 |
|
6.772 |
|
0,00 |
|
|
|
Provisions |
14.944 |
|
0,01 |
|
3.940 |
|
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 |
1.205.948 |
|
0,76 |
|
1.448.068 |
|
0,74 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,06 |
|
100.000 |
|
0,05 |
|
|
|
Inflation
Adjustment of Capital |
212.997 |
|
0,13 |
|
212.997 |
|
0,11 |
|
|
|
Reserves |
680.574 |
|
0,43 |
|
892.951 |
|
0,45 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
212.377 |
|
0,13 |
|
242.120 |
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.583.225 |
|
1,00 |
|
1.969.441 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.188.487 |
|
1,00 |
|
3.888.087 |
|
1,00 |
|
714.895 |
|
1,00 |
|
|
|
Cost of Goods Sold |
2.653.918 |
|
0,83 |
|
3.277.921 |
|
0,84 |
|
600.139 |
|
0,84 |
|
|
|
Gross Profit |
534.569 |
|
0,17 |
|
610.166 |
|
0,16 |
|
114.756 |
|
0,16 |
|
|
|
Operating Expenses |
210.056 |
|
0,07 |
|
200.107 |
|
0,05 |
|
62.987 |
|
0,09 |
|
|
|
Operating Profit |
324.513 |
|
0,10 |
|
410.059 |
|
0,11 |
|
51.769 |
|
0,07 |
|
|
|
Other Income |
17.757 |
|
0,01 |
|
6.631 |
|
0,00 |
|
42.136 |
|
0,06 |
|
|
|
Other Expenses |
53.043 |
|
0,02 |
|
61.474 |
|
0,02 |
|
19.616 |
|
0,03 |
|
|
|
Financial Expenses |
21.738 |
|
0,01 |
|
50.461 |
|
0,01 |
|
18.625 |
|
0,03 |
|
|
|
Profit (loss) Before
Tax |
267.489 |
|
0,08 |
|
304.755 |
|
0,08 |
|
55.664 |
|
0,08 |
|
|
|
Tax Payable |
55.112 |
|
0,02 |
|
62.635 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
212.377 |
|
0,07 |
|
242.120 |
|
0,06 |
|
55.664 |
|
0,08 |
|
FINANCIAL
RATIOS
|
|
|
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|
|
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|
|
|
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|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.03.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
4,02 |
|
|
|
3,36 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
2,70 |
|
|
|
1,84 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,30 |
|
|
|
0,31 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,51 |
|
|
|
0,40 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,11 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,56 |
|
|
|
5,38 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
2,64 |
|
|
|
2,69 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,01 |
|
|
|
1,97 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,76 |
|
|
|
0,74 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,24 |
|
|
|
0,26 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,24 |
|
|
|
0,26 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,18 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,10 |
|
|
|
0,11 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,07 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
91,57 |
|
|
|
73,05 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
29,68 |
|
|
|
15,63 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
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%)