MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIRCELIK PASLANMAZ CELIK TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Tersane Cad. Bugulu Sok. No: 22 Karakoy Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.11.1996 |
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Com. Reg. No.: |
356805 |
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|
Legal Form : |
Limited Company |
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|
|
Line of Business : |
Trader 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 1 million |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BIRCELIK PASLANMAZ
CELIK TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Tersane Cad. Bugulu Sok. No: 22 Karakoy Istanbul /
Turkey Warehouse: Demirciler Sit. 4. Cad. No:5 34760 Zeytinburnu Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-665 76 34 (Head Office) |
|
FAX NUMBER |
: |
90-212-558 87 07 (Head Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Galata / 1770049943 |
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|
|
REGISTRATION NUMBER |
: |
356805 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
21.11.1996 (Commercial Registry Gazette
Date/No: 26.11.1996/4174) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,500,000 |
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|
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PAID-IN CAPITAL |
: |
YTL 2,500,000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous Registered Capital |
:YTL 750,000 |
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|
|
|
Regist. Capital Changed on |
: 31.12.2007 (Commercial Registry Gazette Date/No: 04.01.2008/6970) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Unlu Gulsen Unlu |
60 % 40 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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|
GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
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|
DIRECTOR |
: |
Ibrahim Unlu |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of stainless steel |
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|
SECTOR |
: |
Commerce |
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|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF EMPLOYEES |
: |
5 |
|
|
NET SALES |
: |
(YTL) 3,592,119 4,137,462 5,459,885 |
(2005) (2006) (2007) |
|
CAPACITY |
: |
None |
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|
PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
France, Italy, Japan, India |
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MERCHANDISE IMPORTED |
: |
Stainless steel |
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EXPORT VALUE |
: |
None |
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|
PREMISES |
: |
Head Office: Tersane Cad. Bugulu Sok. No:22 Karakoy Istanbul (rented) Warehouse: Demirciler Sit. 4. Cad. No:5 34760 Zeytinburnu Istanbul
(owned) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Karakoy branch in Istanbul Akbank Galata branch in Istanbul Turkiye Is Bankasi Arapcami branch in Istanbul Yapi ve Kredi Bankasi Persembe Pazari branch in
Istanbul |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays
have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
||
|
Capitalization was
high as of 31.12.2007.Furthermore 17 % of total liabilities and equity was due
to loans from shareholders rather than liabilities to third parties as of
31.12.2007. |
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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 |
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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
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 1 million may be
granted to the subject company. |
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|
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.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
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BALANCE
SHEETS
|
||||||||
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|
YTL |
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YTL |
|
|
|
|
|
|
31.12.06 |
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|
31.12.07 |
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CURRENT ASSETS |
3.396.587 |
|
0,99 |
|
4.269.422 |
|
0,99 |
|
|
|
Cash and Banks |
138.458 |
|
0,04 |
|
176.102 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
973.070 |
|
0,28 |
|
747.617 |
|
0,17 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Inventories |
2.064.936 |
|
0,60 |
|
3.196.283 |
|
0,74 |
|
|
|
Advances Given |
122.251 |
|
0,04 |
|
14.782 |
|
0,00 |
|
|
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Other Current Assets |
97.872 |
|
0,03 |
|
134.638 |
|
0,03 |
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NON-CURRENT ASSETS |
28.319 |
|
0,01 |
|
25.650 |
|
0,01 |
|
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Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Tangible Fixed Assets (net) |
22.883 |
|
0,01 |
|
15.309 |
|
0,00 |
|
|
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Intangible Assets |
3.280 |
|
0,00 |
|
9.344 |
|
0,00 |
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Other Non-Current Assets |
2.156 |
|
0,00 |
|
997 |
|
0,00 |
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TOTAL ASSETS |
3.424.906 |
|
1,00 |
|
4.295.072 |
|
1,00 |
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CURRENT LIABILITIES |
1.571.968 |
|
0,46 |
|
963.224 |
|
0,22 |
|
|
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Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Accounts Payable |
180.185 |
|
0,05 |
|
205.401 |
|
0,05 |
|
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Loans from Shareholders |
1.336.202 |
|
0,39 |
|
720.753 |
|
0,17 |
|
|
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Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
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Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Taxes Payable |
55.581 |
|
0,02 |
|
37.070 |
|
0,01 |
|
|
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
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|
|
|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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STOCKHOLDERS' EQUITY |
1.852.938 |
|
0,54 |
|
3.331.848 |
|
0,78 |
|
|
|
Paid-in Capital |
750.000 |
|
0,22 |
|
2.500.000 |
|
0,58 |
|
|
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Inflation Adjustment of Capital |
498.151 |
|
0,15 |
|
0 |
|
0,00 |
|
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Reserves |
179.012 |
|
0,05 |
|
56.883 |
|
0,01 |
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
425.775 |
|
0,12 |
|
774.965 |
|
0,18 |
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TOTAL LIABILITIES AND EQUITY |
3.424.906 |
|
1,00 |
|
4.295.072 |
|
1,00 |
|
|
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INCOME
STATEMENTS
|
||||||||
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
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|
|
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|
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Net Sales |
4.137.462 |
|
1,00 |
|
5.459.885 |
|
1,00 |
|
|
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Cost of Goods Sold |
3.367.361 |
|
0,81 |
|
4.177.654 |
|
0,77 |
|
|
|
Gross Profit |
770.101 |
|
0,19 |
|
1.282.231 |
|
0,23 |
|
|
|
Operating Expenses |
299.179 |
|
0,07 |
|
280.892 |
|
0,05 |
|
|
|
Operating Profit |
470.922 |
|
0,11 |
|
1.001.339 |
|
0,18 |
|
|
|
Other Income |
74.511 |
|
0,02 |
|
10.023 |
|
0,00 |
|
|
|
Other Expenses |
11.569 |
|
0,00 |
|
41.441 |
|
0,01 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
533.864 |
|
0,13 |
|
969.921 |
|
0,18 |
|
|
|
Tax Payable |
108.089 |
|
0,03 |
|
194.956 |
|
0,04 |
|
|
|
Net Profit (loss) |
425.775 |
|
0,10 |
|
774.965 |
|
0,14 |
|
|
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FINANCIAL RATIOS
|
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2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,16 |
|
|
|
4,43 |
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Acid-Test Ratio |
0,71 |
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|
|
0,96 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,60 |
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|
|
0,74 |
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Short-term
Receivable/Total Assets |
0,28 |
|
|
|
0,17 |
|
|
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Tangible Assets/Total
Assets |
0,01 |
|
|
|
0,00 |
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TURNOVER RATIOS |
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|
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Inventory Turnover |
1,63 |
|
|
|
1,31 |
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Stockholders' Equity
Turnover |
2,23 |
|
|
|
1,64 |
|
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Asset Turnover |
1,21 |
|
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|
1,27 |
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FINANCIAL STRUCTURE |
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Stockholders'
Equity/Total Assets |
0,54 |
|
|
|
0,78 |
|
|
|
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|
Current Liabilities/Total
Assets |
0,46 |
|
|
|
0,22 |
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Financial Leverage |
0,46 |
|
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|
0,22 |
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PROFITABILITY RATIOS |
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Net
Profit/Stockholders' Eq. |
0,23 |
|
|
|
0,23 |
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Operating Profit
Margin |
0,11 |
|
|
|
0,18 |
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Net Profit Margin |
0,10 |
|
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|
0,14 |
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COLLECTION-PAYMENT |
|
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|
|
|
|
|
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Average Collection Period
(days) |
84,67 |
|
|
|
49,29 |
|
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Average Payable Period
(days) |
19,26 |
|
|
|
17,70 |
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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%)