MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MATKA DIS TICARET LTD. STI. |
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Formerly Known As : |
MATKA INSAAT OTOMOTIV TEKSTIL SANAYI VE TIC. LTD. STI. |
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Registered Office : |
Libadiye Cad. Tahrali Sit. Gunyeli Apt. B Blok D:21 Uskudar Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.09.1998 |
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Com. Reg. No.: |
403870 |
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Legal Form : |
Limited Company |
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Line of Business : |
Acting as an Intermediary between the
companies operating at stainless steel industry sector on commission basis. |
RATING &
COMMENTS
|
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 |
: |
MATKA DIS TICARET LTD. STI. |
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ADDRESS |
: |
Head Office: Libadiye Cad. Tahrali Sit.
Gunyeli Apt. B Blok D:21 Uskudar Istanbul / Turkey |
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PHONE NUMBER |
: |
90-216-317 29 19 |
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FAX NUMBER |
: |
90-216-317 59 57 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Umraniye / 6130160906 |
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REGISTRATION NUMBER |
: |
403870 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
25.09.1998 (Commercial Registry Gazette
Date/No:01.10.1998/4639) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 150.000 |
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HISTORY |
: |
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Previous Name |
:Matka Insaat Otomotiv Tekstil Sanayi ve
Tic. Ltd. Sti. |
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Name Changed On |
: 15.11.2006 (Commercial Registry Gazette
Date/No:20.11.2006/6686) |
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Previous
Registered Capital |
:YTL 50.000 |
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Regist. Capital Changed on |
:24.01.2008 (Commercial Registry Gazette
Date/No:29.01.2008/6987). This increase is decided to be financed by cash. According to the
capital increase decision ¼ of the increase has to be paid within 3 months
following the date of capital increase and the rest has to be paid within 3
years. |
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Previous Address |
:Ataturk Mah. Alemdag Cad. Ozturk Is
Merkezi No:35 K:6 D:11 Umraniye Istanbul |
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Address Changed On |
:29.02.2008 (Commercial Registry Gazette Date/No:05.03.2008/7013) |
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Previous Shareholders |
:Muzaffer Donmez 50 % Suleyman Donmez 50 % |
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Shareholders Changed On |
: 15.11.2006 (Commercial Registry Gazette
Date/No:20.11.2006/6686) |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Baris Yilmaz Goksel Donmez |
50 % 50 % |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Donmezler Insaat Sanayi Ve Ticaret A.S. |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Baris Yilmaz Goksel Donmez |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Acting as an intermediary between the
companies operating at stainless steel industry sector on commission basis. |
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SECTOR |
: |
Commerce |
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REPRESENTATIVE OF |
: |
COGNE Acciai Speciali
S.R.L (Italy) Gaggia S.p.A (Italy) |
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NUMBER OF
EMPLOYEES |
: |
3 |
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NET SALES |
: |
(YTL) 201.525 164.613 |
(2007) (01.01.-30.06.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Libadiye Cad. Tahrali Sit. Gunyeli
Apt. B Blok D:21 Uskudar Istanbul
(rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There appears an upwards trend in the
first half of 2008. |
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SIZE OF BUSINESS |
: |
Small |
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FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi
Umraniye branch in Istanbul Denizbank Umraniye branch in Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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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 in order as of 31.12.2007.
It has to be noted that 34 % of total liabilities and equity was due to loans
from shareholders rather than liabilities to third parties as of 31.12.2007
indicating low indebtedness to third parties. Furthermore the registered
capital was increased from YTL 50.000 to YTL 150.000 on 24.01.2008. This
increase is decided to be financed by cash. |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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High |
In 2007 |
Operating / Net Losses |
Between 01.01.-30.06.2008 |
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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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Liquidity was high and capitalization was
in order as of 31.12.2007 and the capital increase is expected to have a positive
effect on equity total since 31.12.2007. Profitability was high in 2007 but
the subject had operating loss and net loss in the first 6 months of 2008. |
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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 |
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(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
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(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
80.878 |
|
0,86 |
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Cash and
Banks |
10.914 |
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0,12 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
66.684 |
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0,71 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
0 |
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0,00 |
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Advances
Given |
0 |
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0,00 |
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Other
Current Assets |
3.280 |
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0,03 |
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NON-CURRENT ASSETS |
13.084 |
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0,14 |
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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) |
13.084 |
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0,14 |
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Intangible Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
93.962 |
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1,00 |
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CURRENT LIABILITIES |
47.467 |
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0,51 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
5.226 |
|
0,06 |
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Loans
from Shareholders |
31.500 |
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0,34 |
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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 |
7.461 |
|
0,08 |
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Provisions |
3.280 |
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0,03 |
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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 |
46.495 |
|
0,49 |
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Paid-in
Capital |
50.000 |
|
0,53 |
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Reserves |
0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-15.242 |
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-0,16 |
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Net
Profit (loss) |
11.737 |
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0,12 |
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TOTAL LIABILITIES AND EQUITY |
93.962 |
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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.-30.06.2008 |
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Net Sales |
201.525 |
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1,00 |
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164.613 |
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1,00 |
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Cost of
Goods Sold |
37.615 |
|
0,19 |
|
32.955 |
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0,20 |
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Gross Profit |
163.910 |
|
0,81 |
|
131.658 |
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0,80 |
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Operating
Expenses |
148.893 |
|
0,74 |
|
144.016 |
|
0,87 |
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Operating Profit |
15.017 |
|
0,07 |
|
-12.358 |
|
-0,08 |
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Other
Income |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Expenses |
0 |
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0,00 |
|
2.111 |
|
0,01 |
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Profit (loss) Before Tax |
15.017 |
|
0,07 |
|
-14.469 |
|
-0,09 |
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Tax
Payable |
3.280 |
|
0,02 |
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0 |
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0,00 |
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Net Profit (loss) |
11.737 |
|
0,06 |
|
-14.469 |
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-0,09 |
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FINANCIAL
RATIOS
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2007 |
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01.01.-30.06.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,70 |
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-- |
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Acid-Test Ratio |
1,63 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,00 |
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-- |
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Short-term Receivable/Total Assets |
0,71 |
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-- |
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Tangible Assets/Total Assets |
0,14 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
-- |
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-- |
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Stockholders' Equity Turnover |
4,33 |
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-- |
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Asset Turnover |
2,14 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,49 |
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-- |
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Current Liabilities/Total Assets |
0,51 |
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-- |
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Financial Leverage |
0,51 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,25 |
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-- |
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Operating Profit Margin |
0,07 |
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|
-0,08 |
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Net Profit Margin |
0,06 |
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-0,09 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
119,12 |
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-- |
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Average Payable Period (days) |
50,02 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
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 |
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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%)