MIRA
INFORM REPORT
|
Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAYSAN TAKIM TEZGAHLARI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Avrupa Serbest Bolgesi 111 Ada 20 Parsel Karamehmet Koyu Velimese Mevkii
Corlu-Tekirdag |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.06.2008 |
|
|
|
|
Date of Incorporation : |
21.05.2007 |
|
|
|
|
Com. Reg. No.: |
9608 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trader of CNC Benches |
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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MAYSAN TAKIM TEZGAHLARI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Store: Avrupa Serbest Bolgesi
111 Ada 20 Parsel Karamehmet Koyu Velimese Mevkii Corlu-Tekirdag/Turkey |
|
PHONE NUMBER |
: |
90-212-615 60 00 (8 lines) |
|
FAX NUMBER |
: |
90-212-615 60 08-09 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Corlu / 6130642603 |
|
|
|
REGISTRATION NUMBER |
: |
9608 |
|
|
|
REGISTERED OFFICE |
: |
Corlu Chamber of Commerce and Industry |
|
|
|
DATE ESTABLISHED |
: |
21.05.2007 (Commercial Registry Gazette
Date/No:30.05.2007/6819) |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 200.000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL
50.000 (as of 30.06.2008) |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Address |
:Avrupa Serbest
Bolgesi Karamehmet Koyu 108 Ada 4 Parsel No:16 Corlu-Tekirdag/Turkey |
|
|
|
|
Address Changed On |
:05.03.2008 (Commercial Registry Gazette
Date/No: 12.03.2008 / 7018) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Seyit Mehmet Ozsandikci Hulya Avakyan Onur Ozsandikci Ali Ozsandikci Aysel Ozsandikci Cagla Ozsandikci |
22,5 % 22,5 % 22,5 % 15 % 10 % 7,5
% |
|
GROUP |
: |
Sandikcilar Group |
|
|
SISTER COMPANIES |
: |
Komtas Makine Sanayi Ve Ticaret A.S. Maysan Makina Sanayi Ve Ticaret A.S. Sandikcilar Makina Sanayi ve Ticaret A.S. Sandikcilar Takim Tezgahlari Sanayi Ve
Ticaret A.S. Temsan Makine Sanayi Ve Ticaret A.S. |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Seyit Mehmet Ozsandikci Ali Ozsandikci Cagla Ozsandikci |
Chairman Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of CNC benches |
|
|
SECTOR |
: |
Commerce |
|
|
DISTRIBUTOR OF |
: |
Okuma GmbH Hardinge
Ace |
|
|
NUMBER OF
EMPLOYEES |
: |
3 |
|
|
NET SALES |
: |
(YTL) 2.277.739 4.429.352 |
(21.05.-31.12.2007) (01.01.-30.06.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
(YTL) 5.491.473 |
(21.05.-31.12.2007) |
|
REMARKS ON
IMPORT |
: |
The firm has amounts of import between
21.05.-31.12.2007 which is over its sales volume, the firm is working with
high amounts of inventories. |
|
|
IMPORT COUNTRIES |
: |
Germany, Japan, Taiwan, USA, India |
|
|
MERCHANDISE
IMPORTED |
: |
CNC benches |
|
|
EXPORT VALUE |
: |
(YTL) 2.277.739 4.429.352 |
(21.05.-31.12.2007) (01.01.-30.06.2008) |
|
REMARKS ON
EXPORT |
: |
As the subject company is located at free
zone all of it sales are regarded as exports. |
|
|
PREMISES |
: |
Head Office/Store: Avrupa Serbest Bolgesi
111 Ada 20 Parsel Karamehmet Koyu Velimese Mevkii Corlu-Tekirdag (721 sqm)
(rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
Undetermined; young establishment. |
|
|
|
|
|
|
|
SIZE OF BUSINESS |
: |
Medium |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Asya Katilim Bankasi Tuzla Serbest Bolge
branch in Istanbul Is Bankasi Tuzla Serbest Bolge branch in
Istanbul Yapi ve Kredi Bankasi AHL Serbest Bolge
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) |
||
|
Low |
As of 30.06.2008 |
|
|
LIQUIDITY |
||
|
Current ratio was good but acid-test ratio was low as of 30.06.2008 as
a main part of current assets was due to inventories which is not a very
liquid item. |
||
|
PROFITABILITY |
||
|
Good |
Between 01.01.-30.06.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.06.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.07 |
|
|
|
30.6.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
6.110.523 |
|
1,00 |
|
5.319.194 |
|
1,00 |
|
|
|
Cash and
Banks |
2.029.437 |
|
0,33 |
|
758.560 |
|
0,14 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
423.505 |
|
0,07 |
|
561.916 |
|
0,11 |
|
|
|
Other
Receivable |
15.657 |
|
0,00 |
|
15.657 |
|
0,00 |
|
|
|
Inventories |
3.635.285 |
|
0,59 |
|
3.780.541 |
|
0,71 |
|
|
|
Advances
Given |
6.639 |
|
0,00 |
|
158.271 |
|
0,03 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
44.249 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
10.239 |
|
0,00 |
|
16.520 |
|
0,00 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
0 |
|
0,00 |
|
1.135 |
|
0,00 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
10.239 |
|
0,00 |
|
15.385 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.120.762 |
|
1,00 |
|
5.335.714 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.732.906 |
|
0,94 |
|
4.648.163 |
|
0,87 |
|
|
|
Financial
Loans |
130.191 |
|
0,02 |
|
548.592 |
|
0,10 |
|
|
|
Accounts
Payable |
4.812.711 |
|
0,79 |
|
2.363.545 |
|
0,44 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
3.931 |
|
0,00 |
|
|
|
Advances
from Customers |
700.842 |
|
0,11 |
|
1.638.578 |
|
0,31 |
|
|
|
Taxes
Payable |
4.031 |
|
0,00 |
|
93.400 |
|
0,02 |
|
|
|
Provisions |
85.131 |
|
0,01 |
|
117 |
|
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 |
387.856 |
|
0,06 |
|
687.551 |
|
0,13 |
|
|
|
Paid-in
Capital |
50.000 |
|
0,01 |
|
50.000 |
|
0,01 |
|
|
|
Reserves |
0 |
|
0,00 |
|
337.856 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
337.856 |
|
0,06 |
|
299.695 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.120.762 |
|
1,00 |
|
5.335.714 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
21.05.-31.12.2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.277.739 |
|
1,00 |
|
4.429.352 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
1.856.188 |
|
0,81 |
|
3.551.190 |
|
0,80 |
|
|
|
Gross Profit |
421.551 |
|
0,19 |
|
878.162 |
|
0,20 |
|
|
|
Operating
Expenses |
101.760 |
|
0,04 |
|
134.875 |
|
0,03 |
|
|
|
Operating Profit |
319.791 |
|
0,14 |
|
743.287 |
|
0,17 |
|
|
|
Other
Income |
224.688 |
|
0,10 |
|
513.276 |
|
0,12 |
|
|
|
Other
Expenses |
80.574 |
|
0,04 |
|
870.190 |
|
0,20 |
|
|
|
Financial
Expenses |
40.918 |
|
0,02 |
|
86.679 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
422.987 |
|
0,19 |
|
299.695 |
|
0,07 |
|
|
|
Tax
Payable |
85.131 |
|
0,04 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
337.856 |
|
0,15 |
|
299.695 |
|
0,07 |
|
FINANCIAL RATIOS
|
|
|
21.05.-31.12.2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,07 |
|
|
|
1,14 |
|
|
|
|
|
Acid-Test Ratio |
0,43 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,59 |
|
|
|
0,71 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,07 |
|
|
|
0,11 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,51 |
|
|
|
0,94 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,87 |
|
|
|
6,44 |
|
|
|
|
|
Asset Turnover |
0,37 |
|
|
|
0,83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,06 |
|
|
|
0,13 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,94 |
|
|
|
0,87 |
|
|
|
|
|
Financial Leverage |
0,94 |
|
|
|
0,87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,87 |
|
|
|
0,44 |
|
|
|
|
|
Operating Profit Margin |
0,14 |
|
|
|
0,17 |
|
|
|
|
|
Net Profit Margin |
0,15 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
66,94 |
|
|
|
45,67 |
|
|
|
|
|
Average Payable Period (days) |
933,41 |
|
|
|
239,60 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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%)