MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEMES KABLO SANAYII VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Kirac Beldesi 3. Bolge Fevzi Cakmak Cad. No: 19 Buyukcekmece- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
13.05.1985 |
|
|
|
|
Com. Reg. No.: |
1048- 4 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Cable |
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 : |
EUR 2.2 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
DEMES KABLO SANAYII VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Factory: Kirac Beldesi 3.
Bolge Fevzi Cakmak Cad. No: 19 Buyukcekmece- Istanbul/ Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The door number which was changed from
“41” to” 56” was re- changed from “56” to “19” by the Municipality. |
|
PHONE NUMBER |
: |
90-212-689 49 00 (10 lines) |
|
FAX NUMBER |
: |
90-212-689 00 17 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 2740026276 |
|
|
|
REGISTRATION NUMBER |
: |
1048- 4 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
13.05.1985 |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 2.000.000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 2.000.000 |
|
|
|
HISTORY |
: |
|
||
|
|
|
Previous
Registered Capital |
: YTL 2.000 |
|
|
|
|
Regist.Capital Changed On |
: 11.09.2002 (Commercial Registry Gazette
Date/No:16.09.2002/5635) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Etem Yuksel Adnan Yuksel Ekrem Yuksel Gulseren Yuksel Yasar Burak Yuksel |
34,85 % 24,25 % 20,45 % 12,45 %
8 % |
|
SISTER COMPANIES |
: |
-Helgin Kablo Sanayi ve Ticaret Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ekrem Yuksel Etem Yuksel Adnan Yuksel |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of cable |
|
|
TRADEMARKS OWNED |
: |
“Demes”, “Helgin” |
|
|
NUMBER OF
EMPLOYEES |
: |
138 |
|
|
NET SALES |
: |
(YTL) 4.370.280 9.295.334 11.796.188 13.549.024 12.162.467 24.004.967 26.066.628 37.597.882 61.481.674 15.544.996 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
IMPORT VALUE |
: |
USD 1.998.000 |
(2007) |
|
IMPORT COUNTRIES |
: |
Russia, Italy, UK, Romania, Free Trade
Zone |
|
|
MERCHANDISE
IMPORTED |
: |
PVC, polyethylene |
|
|
EXPORT VALUE |
: |
USD 3.369.828 USD 3.023.278 USD 6.076.650 USD 5.437.133 YTL 7.105.785 YTL 19.390.473 YTL 22.592.235 YTL 31.420.720 YTL 55.743.624 YTL 15.178.063 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
EXPORT COUNTRIES |
: |
Azerbaijan, Belgium, Bulgaria, Denmark,
Ethiopia, France, Greece, Iraq, Northern Cyprus Turkish Republic, Norway,
Russia, Syria, Ukraine… |
|
|
MERCHANDISE
EXPORTED |
: |
Cable, conductors, winding wire… |
|
|
PREMISES |
: |
Head office & Factory : Kirac Beldesi 3.
Bolge Fevzi Cakmak Cad. No: 19 Buyukcekmece- Istanbul (13,900 sqm area)
(owned by shareholders) Branch Office : Bankalar Cad. Yakup Bey Is
Hani No: 79/3 Karakoy- Istanbul (rented) (150 sqm) Store : Sair Ziyapasa Cad. Tugrul Han No: 53 Karakoy- Istanbul.(rented) (50 sqm) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Galata branch in Istanbul HSBC Beylikduzu
branch in Istanbul Yapi ve Kredi Bankasi
Beyoglu branch in Istanbul Arap Turk Bankasi
Merkez branch in Istanbul Denizbank Bankalar
Caddesi branch in Istanbul Fortisbank Bankalar
Caddesi branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in this year which was
resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
High |
As of 31.12.2007 |
||
|
LIQUIDITY |
|||
|
High |
As of 31.12.2007 |
||
|
PROFITABILITY |
|||
|
High |
In 2007 |
Good |
Between 1.1.-30.06.2008 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Unfavorable |
In 2007 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
Good |
|||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 2.2 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(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.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.613.329 |
|
0,60 |
|
8.580.514 |
|
0,79 |
|
13.745.932 |
|
0,87 |
|
|
|
Cash and Banks |
-589.652 |
|
-0,10 |
|
2.816.534 |
|
0,26 |
|
3.772.323 |
|
0,24 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
1.733.774 |
|
0,29 |
|
2.523.003 |
|
0,23 |
|
3.993.793 |
|
0,25 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.746.299 |
|
0,29 |
|
2.598.642 |
|
0,24 |
|
3.948.257 |
|
0,25 |
|
|
|
Advances Given |
111.547 |
|
0,02 |
|
153.120 |
|
0,01 |
|
363.035 |
|
0,02 |
|
|
|
Other Current Assets |
611.361 |
|
0,10 |
|
489.215 |
|
0,05 |
|
1.668.524 |
|
0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.449.446 |
|
0,40 |
|
2.238.766 |
|
0,21 |
|
1.999.125 |
|
0,13 |
|
|
|
Long-term Receivable |
700.000 |
|
0,12 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
127.382 |
|
0,01 |
|
|
|
Tangible Fixed Assets (net) |
1.689.003 |
|
0,28 |
|
2.163.973 |
|
0,20 |
|
1.781.116 |
|
0,11 |
|
|
|
Intangible Assets |
41.601 |
|
0,01 |
|
53.895 |
|
0,00 |
|
67.387 |
|
0,00 |
|
|
|
Other Non-Current Assets |
18.842 |
|
0,00 |
|
20.898 |
|
0,00 |
|
23.240 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.062.775 |
|
1,00 |
|
10.819.280 |
|
1,00 |
|
15.745.057 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.120.121 |
|
0,18 |
|
4.195.457 |
|
0,39 |
|
6.361.151 |
|
0,40 |
|
|
|
Financial Loans |
590.175 |
|
0,10 |
|
1.284.687 |
|
0,12 |
|
3.457.411 |
|
0,22 |
|
|
|
Accounts Payable |
259.212 |
|
0,04 |
|
1.753.409 |
|
0,16 |
|
823.692 |
|
0,05 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
125.850 |
|
0,02 |
|
441.323 |
|
0,04 |
|
421.002 |
|
0,03 |
|
|
|
Taxes Payable |
55.624 |
|
0,01 |
|
207.660 |
|
0,02 |
|
233.290 |
|
0,01 |
|
|
|
Provisions |
69.439 |
|
0,01 |
|
258.772 |
|
0,02 |
|
225.803 |
|
0,01 |
|
|
|
Other Current Liabilities |
19.821 |
|
0,00 |
|
249.606 |
|
0,02 |
|
1.199.953 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
4.942.654 |
|
0,82 |
|
6.623.823 |
|
0,61 |
|
9.383.906 |
|
0,60 |
|
|
|
Paid-in Capital |
2.000.000 |
|
0,33 |
|
2.000.000 |
|
0,18 |
|
2.000.000 |
|
0,13 |
|
|
|
Inflation Adjustment of Capital |
1.059.765 |
|
0,17 |
|
1.059.765 |
|
0,10 |
|
1.059.765 |
|
0,07 |
|
|
|
Reserves |
807.133 |
|
0,13 |
|
573.360 |
|
0,05 |
|
2.714.058 |
|
0,17 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.075.756 |
|
0,18 |
|
2.990.698 |
|
0,28 |
|
3.610.083 |
|
0,23 |
|
|
|
TOTAL LIABILITIES AND EQ. |
6.062.775 |
|
1,00 |
|
10.819.280 |
|
1,00 |
|
15.745.057 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
26.066.628 |
|
1,00 |
|
37.597.882 |
|
1,00 |
|
61.481.674 |
|
1,00 |
|
|
|
Cost of Goods Sold |
23.838.978 |
|
0,91 |
|
30.506.965 |
|
0,81 |
|
54.855.114 |
|
0,89 |
|
|
|
Gross Profit |
2.227.650 |
|
0,09 |
|
7.090.917 |
|
0,19 |
|
6.626.560 |
|
0,11 |
|
|
|
Operating Expenses |
968.805 |
|
0,04 |
|
2.560.027 |
|
0,07 |
|
2.239.047 |
|
0,04 |
|
|
|
Operating Profit |
1.258.845 |
|
0,05 |
|
4.530.890 |
|
0,12 |
|
4.387.513 |
|
0,07 |
|
|
|
Other Income |
233.014 |
|
0,01 |
|
853.525 |
|
0,02 |
|
740.616 |
|
0,01 |
|
|
|
Other Expenses |
161.270 |
|
0,01 |
|
1.568.220 |
|
0,04 |
|
440.821 |
|
0,01 |
|
|
|
Financial Expenses |
31.468 |
|
0,00 |
|
73.501 |
|
0,00 |
|
172.959 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.299.121 |
|
0,05 |
|
3.742.694 |
|
0,10 |
|
4.514.349 |
|
0,07 |
|
|
|
Tax Payable |
223.365 |
|
0,01 |
|
751.996 |
|
0,02 |
|
904.266 |
|
0,01 |
|
|
|
Net Profit (loss) |
1.075.756 |
|
0,04 |
|
2.990.698 |
|
0,08 |
|
3.610.083 |
|
0,06 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
3,23 |
|
|
|
2,05 |
|
|
|
2,16 |
|
|
|
|
|
Acid-Test Ratio |
1,02 |
|
|
|
1,27 |
|
|
|
1,22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,29 |
|
|
|
0,24 |
|
|
|
0,25 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,29 |
|
|
|
0,23 |
|
|
|
0,25 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,28 |
|
|
|
0,20 |
|
|
|
0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
13,65 |
|
|
|
11,74 |
|
|
|
13,89 |
|
|
|
|
|
Stockholders' Equity
Turnover |
5,27 |
|
|
|
5,68 |
|
|
|
6,55 |
|
|
|
|
|
Asset Turnover |
4,30 |
|
|
|
3,48 |
|
|
|
3,90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,82 |
|
|
|
0,61 |
|
|
|
0,60 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,18 |
|
|
|
0,39 |
|
|
|
0,40 |
|
|
|
|
|
Financial Leverage |
0,18 |
|
|
|
0,39 |
|
|
|
0,40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,22 |
|
|
|
0,45 |
|
|
|
0,38 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,12 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,08 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
33,61 |
|
|
|
24,16 |
|
|
|
23,39 |
|
|
|
|
|
Average Payable Period
(days) |
3,91 |
|
|
|
20,69 |
|
|
|
5,41 |
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
34.958.552 |
|
1.00 |
|
|
|
Cost of Goods Sold |
31.452.866 |
|
0.90 |
|
|
|
Gross Profit |
3.505.686 |
|
0.10 |
|
|
|
Operating Expenses |
1.015.293 |
|
0.03 |
|
|
|
Operating Profit |
2.490.393 |
|
0.07 |
|
|
|
Other Income |
550.586 |
|
0.02 |
|
|
|
Other Expenses |
541.271 |
|
0.02 |
|
|
|
Financial Expenses |
63.357 |
|
0.00 |
|
|
|
Profit (loss) Before Tax |
2.436.351 |
|
0.07 |
|
|
|
Tax Payable |
0 |
|
0.00 |
|
|
|
Net Profit (loss) |
2.436.351 |
|
0.07 |
|
|
|
|
|
|
|
|
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 |
|
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%)