MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARAS PASLANMAZ METAL SANAYI VE TICARET LTD. STI. |
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Registered Office : |
S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.01.2001 |
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Com. Reg. No.: |
451089 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import and Domestic Trade of Stainless Steel Bar, Iron Plate Profile |
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 6,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ARAS PASLANMAZ METAL
SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Store: S. Nizam Mah.
Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu Istanbul – Turkey |
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PHONE NUMBER |
: |
90-212-582 02 67-8 |
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FAX NUMBER |
: |
90-212-546 49 60 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa / 0720160909 |
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REGISTRATION NUMBER |
: |
451089 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
02.01.2001 (Commercial Registry Gazette
Date/No: 08.01.2001 / 5209 ) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 7,500,000 |
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PAID-IN CAPITAL |
: |
YTL 7,500,000 |
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HISTORY |
: |
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Previous
Registered Capital |
: YTL 50,000 |
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Regist. Capital
Changed on |
: 05.06.2003 (Commercial Registry Gazette
Date/No: 10.06.2003 / 5816) |
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Previous
Registered Capital |
:YTL 900,000 |
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Regist. Capital Changed on |
:13.10.2006 (Commercial Registry Gazette
Date/No: 19.10.2006 / 6667) |
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Previous Address |
:Demirciler Sitesi 1. Cad. No:31
Zeytinburnu Istanbul |
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Address Changed On |
: 09.03.2007 (Commercial Registry Gazette Date / No: 14.03.2007 /
6765) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Fadime Aras Ali Riza Aras Zehra Aras |
70 % 20 % 10 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ali Riza Aras Burhan Asan |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of stainless
steel bar, iron plate profile |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
17 |
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NET SALES |
: |
(YTL Thousand) 4,028 7,029 9,081 14,022 16,504 27,511 29,288 5,665 |
(02.01-31.12.2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 5 million USD 11 million YTL 12,937,048 YTL 19,042,394 YTL 26,362,218 |
(2003) (2004) (2005) (2006) (2007) |
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IMPORT COUNTRIES |
: |
India, Taiwan, Germany, Italy, China |
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MERCHANDISE
IMPORTED |
: |
Stainless steel, metal sheet, pipe… |
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EXPORT |
: |
None |
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PREMISES |
: |
Head
Office/Store: S. Nizam Mah. Demirciler Sitesi 1. Cad. No: 33 Zeytinburnu
Istanbul (owned) Warehouse: Demirciler Sit. 2. Yol No:48
Zeytinburnu Istanbul (owned by Ali Riza Aras) Warehouse:
Des Sanayi Sitesi 106.Sok. B12 Blok N:20 Umraniye Istanbul (rented) Warehouse:
Des Sanayi Sitesi 110.Sok. D28 Blok N:5 Umraniye Istanbul (rented) Warehouse:
Des Sanayi Sitesi 106.Sok. B12 Blok N:16 Umraniye Istanbul (rented) Warehouse:
Demirciler Sitesi 1. Cad. No:31 Zeytinburnu Istanbul (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Large |
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FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Demirciler
Sitesi branch in Istanbul Yapi ve Kredi Bankasi
Bakirkoy Dikilitas branch in Istanbul T. Is Bankasi Demirciler Sitesi branch in
Istanbul Akbank Demirciler Sitesi branch in
Istanbul Denizbank Demirciler Sitesi branch in
Istanbul Turk Ekonomi Bankasi Demirciler Sitesi
branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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Capitalization was high as of 31.12.2007. Furthermore, 18 % of “total liabilities and equity” was
consisting of “loans from shareholders” rather than liabilities to third parties
indicating low indebtedness to third parties. |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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High |
In 2007 |
Good |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 6,000,000 may be granted to the
subject company. |
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|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
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(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
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(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEET
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YTL |
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|
31.12.07 |
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CURRENT ASSETS |
21.327.453 |
|
0,96 |
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Cash and Banks |
2.369.482 |
|
0,11 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
2.507.861 |
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0,11 |
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Other Receivable |
0 |
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0,00 |
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Inventories |
15.756.658 |
|
0,71 |
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Advances Given |
0 |
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0,00 |
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Other Current Assets |
693.452 |
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0,03 |
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NON-CURRENT ASSETS |
879.580 |
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0,04 |
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Long-term Receivable |
0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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Tangible Fixed Assets (net) |
877.405 |
|
0,04 |
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Intangible Assets |
1.014 |
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0,00 |
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Other Non-Current Assets |
1.161 |
|
0,00 |
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TOTAL ASSETS |
22.207.033 |
|
1,00 |
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CURRENT LIABILITIES |
5.160.337 |
|
0,23 |
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Financial Loans |
935.344 |
|
0,04 |
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Accounts Payable |
203.563 |
|
0,01 |
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Loans from Shareholders |
3.939.950 |
|
0,18 |
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Other Short-term Payable |
0 |
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0,00 |
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Advances from Customers |
0 |
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0,00 |
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Taxes Payable |
14.321 |
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0,00 |
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Provisions |
67.159 |
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0,00 |
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Other Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
17.046.696 |
|
0,77 |
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Paid-in Capital |
7.500.000 |
|
0,34 |
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Inflation Adjustment of Capital |
245.342 |
|
0,01 |
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Reserves |
5.874.100 |
|
0,26 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net Profit (loss) |
3.427.254 |
|
0,15 |
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TOTAL LIABILITIES AND EQUITY |
22.207.033 |
|
1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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|
2007 |
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|
01.01-31.03.2008 |
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Net Sales |
29.287.991 |
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1,00 |
|
5.665.223 |
|
1,00 |
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Cost of Goods Sold |
23.982.374 |
|
0,82 |
|
5.162.669 |
|
0,91 |
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Gross Profit |
5.305.617 |
|
0,18 |
|
502.554 |
|
0,09 |
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Operating Expenses |
777.170 |
|
0,03 |
|
205.518 |
|
0,04 |
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Operating Profit |
4.528.447 |
|
0,15 |
|
297.036 |
|
0,05 |
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Other Income |
41.343 |
|
0,00 |
|
94.845 |
|
0,02 |
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Other Expenses |
284.376 |
|
0,01 |
|
4.539 |
|
0,00 |
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Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Profit (loss) Before Tax |
4.285.414 |
|
0,15 |
|
387.342 |
|
0,07 |
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Tax Payable |
858.160 |
|
0,03 |
|
0 |
|
0,00 |
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Net Profit (loss) |
3.427.254 |
|
0,12 |
|
387.342 |
|
0,07 |
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FINANCIAL
RATIOS
|
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|
2007 |
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|
01.01-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
4,13 |
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-- |
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Acid-Test Ratio |
0,95 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,71 |
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|
-- |
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Short-term Receivable/Total Assets |
0,11 |
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|
-- |
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Tangible Assets/Total Assets |
0,04 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,52 |
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|
-- |
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Stockholders' Equity Turnover |
1,72 |
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|
-- |
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Asset Turnover |
1,32 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,77 |
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|
-- |
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Current Liabilities/Total Assets |
0,23 |
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|
-- |
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Financial Leverage |
0,23 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,20 |
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|
-- |
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Operating Profit Margin |
0,15 |
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|
0,05 |
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Net Profit Margin |
0,12 |
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|
0,07 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
30,83 |
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|
-- |
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Average Payable Period (days) |
3,06 |
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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%)