MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SERIMAK SERIGRAFI MALZEMELERI SANAYII LTD. STI. |
|
|
|
|
Registered Office : |
Firin Sok. No:58 Bomonti Sisli
Istanbul |
|
|
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
24.12.1984 |
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|
Com. Reg. No.: |
208746 |
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|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Trade of Serigraphy Machinery and its parts |
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 460,000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SERIMAK SERIGRAFI MALZEMELERI SANAYII LTD. STI. |
|
ADDRESS |
: |
Head Office: Firin Sok. No:58 Bomonti
Sisli Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-368 82 20 (4 lines) |
|
FAX NUMBER |
: |
90-212-232 94 10 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar/7620023468 |
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|
|
REGISTRATION NUMBER |
: |
208746 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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|
DATE ESTABLISHED |
: |
24.12.1984 (Commercial Registry Gazette
Date/No: 28.12.1984/1168) |
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LEGAL FORM |
: |
Limited Company |
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|
TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 260,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 260,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 60,000 |
|
|
|
|
Regist. Capital Changed on |
:17.11.2005 (Commercial Registry Gazette
Date/No: 22.11.2005/6436) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Dimitri Angelidis Eleni Angelidis Dimitri Angelidis (son of
Dimitri&Eleni Angelidis) |
45 % 45 % 10 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
-Serichem Cephe Hazirlama Emprenye Malzemeleri
Sanayi Ve Ticaret Ltd. Sti. |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Dimitri Angelidis Eleni Angelidis Dimitri Angelidis (son of
Dimitri&Eleni Angelidis) |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of serigraphy machinery and its
parts |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
32 |
|
|
NET SALES |
: |
(YTL) 5,674,076 5,551,288 2,817,072 |
(2006) (2007) (01.01.-30.06.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
(YTL) 1,679,176 |
(2007) |
|
IMPORT COUNTRIES |
: |
UK. France, USA, Far East Countries.. |
|
|
MERCHANDISE
IMPORTED |
: |
Serigraphy machinery and its parts. |
|
|
EXPORT COUNTRIES |
: |
Uzbekistan, Turkmenistan, Greece,
Azerbaijan… |
|
|
MERCHANDISE
EXPORTED |
: |
Serigraphy machinery and its parts. |
|
|
PREMISES |
: |
Head Office: Firin Sok. No:58 Bomonti
Sisli Istanbul Warehouse: Yenibosna Mah. Dogu Kucuk
San.Sitesi 4.Blok No:13
Bahcelievler-Istanbul |
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|
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007. |
|
SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Siracevizler branch in
Istanbul Akbank Siracevizler branch in Istanbul T.Is Bankasi Siracevizler 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) |
||
|
Satisfactory |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
Satisfactory |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
Profitability was low in 2007. The subject which had operating profitability,
had net loss due to other expenses in the first 6 months of 2008. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 460,000 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.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT ASSETS |
4.911.745 |
|
0,88 |
|
5.562.697 |
|
0,84 |
|
|
|
Cash and
Banks |
19.157 |
|
0,00 |
|
41.905 |
|
0,01 |
|
|
|
Marketable Securities |
1.105 |
|
0,00 |
|
12.116 |
|
0,00 |
|
|
|
Account
Receivable |
2.190.289 |
|
0,39 |
|
2.233.076 |
|
0,34 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
2.650.000 |
|
0,47 |
|
3.275.600 |
|
0,50 |
|
|
|
Advances
Given |
51.194 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
|
|
|
|
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|
|
|
|
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|
NON-CURRENT ASSETS |
669.563 |
|
0,12 |
|
1.033.935 |
|
0,16 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
575.804 |
|
0,10 |
|
963.336 |
|
0,15 |
|
|
|
Intangible Assets |
73.839 |
|
0,01 |
|
51.369 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
19.920 |
|
0,00 |
|
19.230 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5.581.308 |
|
1,00 |
|
6.596.632 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
2.989.878 |
|
0,54 |
|
3.938.430 |
|
0,60 |
|
|
|
Financial
Loans |
265.675 |
|
0,05 |
|
1.018.925 |
|
0,15 |
|
|
|
Accounts
Payable |
2.466.080 |
|
0,44 |
|
2.551.362 |
|
0,39 |
|
|
|
Loans
from Shareholders |
207.881 |
|
0,04 |
|
339.412 |
|
0,05 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
48.002 |
|
0,01 |
|
28.369 |
|
0,00 |
|
|
|
Provisions |
2.240 |
|
0,00 |
|
362 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
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 |
2.591.430 |
|
0,46 |
|
2.658.202 |
|
0,40 |
|
|
|
Paid-in
Capital |
260.000 |
|
0,05 |
|
260.000 |
|
0,04 |
|
|
|
Inflation
Adjustment of Capital |
239.807 |
|
0,04 |
|
239.807 |
|
0,04 |
|
|
|
Reserves |
2.287.388 |
|
0,41 |
|
2.321.944 |
|
0,35 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-230.321 |
|
-0,04 |
|
-230.321 |
|
-0,03 |
|
|
|
Net
Profit (loss) |
34.556 |
|
0,01 |
|
66.772 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
5.581.308 |
|
1,00 |
|
6.596.632 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.674.076 |
|
1,00 |
|
5.551.288 |
|
1,00 |
|
2.817.072 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.889.240 |
|
0,69 |
|
3.779.910 |
|
0,68 |
|
2.045.618 |
|
0,73 |
|
|
|
Gross Profit |
1.784.836 |
|
0,31 |
|
1.771.378 |
|
0,32 |
|
771.454 |
|
0,27 |
|
|
|
Operating
Expenses |
1.622.866 |
|
0,29 |
|
1.557.575 |
|
0,28 |
|
715.995 |
|
0,25 |
|
|
|
Operating Profit |
161.970 |
|
0,03 |
|
213.803 |
|
0,04 |
|
55.459 |
|
0,02 |
|
|
|
Other
Income |
31.344 |
|
0,01 |
|
116.548 |
|
0,02 |
|
36.966 |
|
0,01 |
|
|
|
Other
Expenses |
120.286 |
|
0,02 |
|
162.603 |
|
0,03 |
|
116.820 |
|
0,04 |
|
|
|
Financial
Expenses |
20.048 |
|
0,00 |
|
73.960 |
|
0,01 |
|
33.350 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
52.980 |
|
0,01 |
|
93.788 |
|
0,02 |
|
-57.745 |
|
-0,02 |
|
|
|
Tax
Payable |
18.424 |
|
0,00 |
|
27.016 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
34.556 |
|
0,01 |
|
66.772 |
|
0,01 |
|
-57.745 |
|
-0,02 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,64 |
|
|
|
1,41 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,74 |
|
|
|
0,58 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,47 |
|
|
|
0,50 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,39 |
|
|
|
0,34 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,10 |
|
|
|
0,15 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,47 |
|
|
|
1,15 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
2,19 |
|
|
|
2,09 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,02 |
|
|
|
0,84 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,46 |
|
|
|
0,40 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,54 |
|
|
|
0,60 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,54 |
|
|
|
0,60 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,01 |
|
|
|
0,03 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,04 |
|
|
|
0,02 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
-0,02 |
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
138,97 |
|
|
|
144,81 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
228,27 |
|
|
|
242,99 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
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%)