MIRA
INFORM REPORT
|
Report Date : |
21.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUPSAN MOTOR SUPAPLARI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Halkali Cad. No:158 Sefakoy
Kucukcekmece-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1970 |
|
|
|
|
Com. Reg. No.: |
115346 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Engine Valves,
Valve Guide and Inlet Valve O-Ring |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REMARKS: According to the
Commercial Registry there is no firm under the name of “SUSPAN MOTOR SUPAPLARI
SANAYI VE TICARET A.S.” in Turkey. The registered name of the firm having the
address stated at your inquiry is “SUPSAN MOTOR SUPAPLARI SANAYI VE TICARET A.S.”
COMPANY IDENTIFICATION
|
NAME |
: |
SUPSAN MOTOR SUPAPLARI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Factory: Halkali Cad. No:158
Sefakoy Kucukcekmece-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-336 32 00 |
|
FAX NUMBER |
: |
90-212-592 72 68 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Halkali/7840007852 |
|
REGISTRATION NUMBER |
: |
115346 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
1970 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 6.200.000 |
|
PAID-IN CAPITAL |
: |
YTL 6.200.000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 600.000 |
|
|
|
|
Regist. Capital Changed on |
:21.03.2006 (Commercial Registry Gazette
Date/No: 24.03.2006/6520) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Borusan Istikbal Tic TAS Borusan Yatirim Ve Pazarlama A.S. Others |
40 % 10 % |
||
|
GROUP PARENT COMPANY |
: |
Borusan Holding AS |
|||
|
SISTER COMPANIES |
: |
Baltalimani Enerji
Yatirimlari Urt. ve Tic. A.S. Beylerbeyi Enerji Yatirimlari Urt. ve Tic.
A.S. Borasco Enerji ve Kimya Sanayi Tic. A.S. Borcelik Celik Sanayii Ticaret A.S. Borusan Birlik Danismanlik ve Organizasyon
Hizm A.S. Borusan Demir Celik Sanayi ve Ticaret A.S. Borusan Elektronik Mot. Arc. Acik Artrm.
Tic. Ilt. ve Bilgi Hiz.A.S. Borusan Enerji Yatirimlari ve Uretim A.S. Borusan Guc Sistemleri San. Ve Tic. A.S. Borusan Holding AS Borusan Istikbal Tic TAS Borusan Kultur ve Sanat Hizmetleri Yayincilik Ticaret A.S. Borusan Lojistik
Dagitim Depolama Tasimacilik ve Tic A.S Borusan Makina Servis ve Tic. A.S. Borusan Mannesmann Boru Sanayi Ve Ticaret
A.S. Borusan Mannesmann Boru Yatirim Holding
A.S. Borusan
Mannesmann Holding BV Borusan
Mannesmann Vobarno Tubi SPA Borusan Muhendislik Insaat ve Sanayi
Makinalari Imalat A.S. Borusan Oto Servis ve Ticaret A.S. Borusan Otomotiv Ithalat ve Dagitim A.S. Borusan Paslanmaz Celik Boru ve Profil
San. Tic. A.S. Borusan Sigorta
Acenteligi A.S. Borusan Teknolojik Yatirimlar Holding A.S. Borusan Telekom Ve Iletisim Hizmetleri
A.S. Borusan Yatirim Ve Pazarlama A.S Burgaz Enerji Yatirimlari Urt. ve Tic.
A.S. Dinc Enerji Madencilik Urt. ve Tic. A.S. Esentepe Enerji Yatirimlari Urt. ve Tic.
A.S. |
|||
|
|
|
Guney Ruzgari Elektrik Urt. ve Tic. A.S. Hazal Hidroelektrik Uretim A.S. Hidiv Elektrik Enerjisi Toptan Satis A.S. Kerim Celik Mamulleri Imalat ve Ticaret
A.S. Kuzeyruzgari Enerji Uretim ve Ticaret A.S. Maya Enerji Yatirimlari A.S. Meltem Elektrik Urt. ve Tic. A.S. Tayfun Elektrik Urt. ve Tic. A.S. Turkuaz Elektrik Uretim A.S. Van Elektrik Uretim San ve Tic A.S. Vanikoy Enerji Yatirimlari Uretim ve
Ticaret A.S. Yedigol Hidroelektrik Urt. ve Tic. A.S. Yeni Enerji Arastirma
Gelistirme Sanayi ve Ticaret A.S |
|||
|
BOARD OF DIRECTORS |
: |
Cemil Bulent Demirciglu Agah Ugur Canan Celik Fatma Gulden Dogan Semih Abidin Ozmen |
Chairman Vice-Chairman Member Member Member |
||
|
DIRECTORS |
: |
Salih Alson |
General Manager |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of engine valves,
valve guide and inlet valve o-ring |
|
|
SECTOR |
: |
Automotive |
|
|
TRADEMARKS OWNED |
: |
Supsan |
|
|
NUMBER OF
EMPLOYEES |
: |
250 |
|
|
NET SALES |
: |
(YTL) 26.344.120 28.588.097 18.122.832 |
(2006) (2007) (01.01-30.06.2008) |
|
CAPACITY |
: |
(Units/Yr) 8.164.800 8.164.800 8.164.800 |
(2006) (2007) (2008) |
|
PRODUCTION |
: |
(Units) 5.715.220 6.416.737 4.116.311 |
(2006) (2007) (01.01-30.06.2008) |
|
IMPORT VALUE |
: |
(EUR) 4.659.918 6.482.213 3.287.391 |
(2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
USA, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Parts of valves, intermediate materials |
|
|
EXPORT VALUE |
: |
(YTL) 17.825.884 19.857.612 11.955.484 |
(2006) (2007) (01.01-30.06.2008) |
|
EXPORT COUNTRIES |
: |
USA, Italy, Germany, France, Netherlands.. |
|
|
MERCHANDISE
EXPORTED |
: |
Valves, guide and spare parts |
|
|
PREMISES |
: |
Head Office/Factory: Halkali Cad. No:158
Sefakoy Kucukcekmece-Istanbul (20.000
sqm) (owned) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
|
|
|
|
|
|
SIZE OF BUSINESS |
: |
Large |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Sefakoy branch in Istanbul T.Is Bankasi Maslak branch in Istanbul Fortisbank Sefakoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the former
years but no payment delays have come to our knowledge in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Satisfactory |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
Current ratio was good but acid-test ratio was low as of 31.12.2007 as
a main part of current assets was due to inventories which is not a very
liquid item. |
||
|
PROFITABILITY |
||
|
The firm had net loss in 2007. Profitability was fair between
01.01-30.06.2008. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Passable |
||
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. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
9.985.572 |
|
0,59 |
|
11.295.244 |
|
0,57 |
|
|
|
Cash and
Banks |
37.677 |
|
0,00 |
|
46.344 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
3.098.561 |
|
0,18 |
|
2.721.691 |
|
0,14 |
|
|
|
Other
Receivable |
11.376 |
|
0,00 |
|
28.423 |
|
0,00 |
|
|
|
Inventories |
6.182.459 |
|
0,37 |
|
7.877.009 |
|
0,40 |
|
|
|
Advances
Given |
39.153 |
|
0,00 |
|
46.113 |
|
0,00 |
|
|
|
Other
Current Assets |
616.346 |
|
0,04 |
|
575.664 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
6.878.515 |
|
0,41 |
|
8.549.723 |
|
0,43 |
|
|
|
Long-term
Receivable |
194.569 |
|
0,01 |
|
272.709 |
|
0,01 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
6.398.421 |
|
0,38 |
|
8.143.409 |
|
0,41 |
|
|
|
Intangible Assets |
204.038 |
|
0,01 |
|
126.323 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
81.487 |
|
0,00 |
|
7.282 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
16.864.087 |
|
1,00 |
|
19.844.967 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
6.832.616 |
|
0,41 |
|
10.002.878 |
|
0,50 |
|
|
|
Financial
Loans |
3.228.225 |
|
0,19 |
|
5.814.701 |
|
0,29 |
|
|
|
Accounts
Payable |
2.431.696 |
|
0,14 |
|
3.135.660 |
|
0,16 |
|
|
|
Loans
from Shareholders |
54.835 |
|
0,00 |
|
89.440 |
|
0,00 |
|
|
|
Other
Short-term Payable |
185.929 |
|
0,01 |
|
180.550 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
465.506 |
|
0,03 |
|
539.078 |
|
0,03 |
|
|
|
Provisions |
466.425 |
|
0,03 |
|
243.201 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
248 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.771.125 |
|
0,11 |
|
2.434.740 |
|
0,12 |
|
|
|
Financial
Loans |
1.388.625 |
|
0,08 |
|
2.052.240 |
|
0,10 |
|
|
|
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 |
382.500 |
|
0,02 |
|
382.500 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
8.260.346 |
|
0,49 |
|
7.407.349 |
|
0,37 |
|
|
|
Paid-in
Capital |
6.200.000 |
|
0,37 |
|
6.200.000 |
|
0,31 |
|
|
|
Reserves |
742.423 |
|
0,04 |
|
1.272.369 |
|
0,06 |
|
|
|
Revaluation
Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
1.317.923 |
|
0,08 |
|
-65.020 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
16.864.087 |
|
1,00 |
|
19.844.967 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
26.344.120 |
|
1,00 |
|
28.588.097 |
|
1,00 |
|
18.122.832 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
19.047.494 |
|
0,72 |
|
24.075.608 |
|
0,84 |
|
13.678.745 |
|
0,75 |
|
|
|
Gross Profit |
7.296.626 |
|
0,28 |
|
4.512.489 |
|
0,16 |
|
4.444.087 |
|
0,25 |
|
|
|
Operating
Expenses |
4.177.440 |
|
0,16 |
|
4.260.899 |
|
0,15 |
|
2.022.776 |
|
0,11 |
|
|
|
Operating Profit |
3.119.186 |
|
0,12 |
|
251.590 |
|
0,01 |
|
2.421.311 |
|
0,13 |
|
|
|
Other
Income |
332.829 |
|
0,01 |
|
326.025 |
|
0,01 |
|
452.843 |
|
0,02 |
|
|
|
Other
Expenses |
633.492 |
|
0,02 |
|
427.653 |
|
0,01 |
|
780.737 |
|
0,04 |
|
|
|
Financial
Expenses |
1.177.492 |
|
0,04 |
|
214.982 |
|
0,01 |
|
1.505.658 |
|
0,08 |
|
|
|
Profit (loss) Before Tax |
1.641.031 |
|
0,06 |
|
-65.020 |
|
0,00 |
|
587.759 |
|
0,03 |
|
|
|
Tax
Payable |
323.108 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.317.923 |
|
0,05 |
|
-65.020 |
|
0,00 |
|
587.759 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,46 |
|
|
|
1,13 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,46 |
|
|
|
0,28 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,37 |
|
|
|
0,40 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,18 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,38 |
|
|
|
0,41 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,08 |
|
|
|
3,06 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,19 |
|
|
|
3,86 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,56 |
|
|
|
1,44 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,49 |
|
|
|
0,37 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,41 |
|
|
|
0,50 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,51 |
|
|
|
0,63 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,16 |
|
|
|
-0,01 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,12 |
|
|
|
0,01 |
|
|
|
0,13 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,00 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
45,00 |
|
|
|
37,71 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
45,96 |
|
|
|
46,89 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)