MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NET CELIK SANAYI VE TICARET LTD STI |
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|
|
|
Registered Office : |
Yesilce Mah. Dalgic Sokak No:18 Kagithane Istanbul |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.10.1988 |
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Com. Reg. No.: |
249499 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Kitchen Utensils and Taps made of Glass |
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 : |
Moderate |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
NET CELIK SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office&Production Plant: Yesilce
Mah. Dalgic Sokak No:18 Kagithane Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-270 44 91 |
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FAX NUMBER |
: |
90-212-280 50 95 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Maslak / 6310025886 |
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|
REGISTRATION NUMBER |
: |
249499 |
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|
REGISTERED OFFICE |
: |
Istanbul Chamber Of Commerce |
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|
DATE ESTABLISHED |
: |
18.10.1988 (Commercial Registry Gazette
Date/No: 21.10.1988/2128) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 700,000 |
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PAID-IN CAPITAL |
: |
YTL 700,000 |
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|
HISTORY |
: |
|
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|
|
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|
Previous
Registered Capital |
:YTL 150,000 |
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|
|
|
Regist. Capital Changed on |
:29.12.2005 (Commercial Registry Gazette
Date/No: 04.01.2006/6467) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Neset Akgun Serhat Bitis Hamdi Akgun |
55 % 40 % 5 % |
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GROUP PARENT COMPANY |
: |
None |
|
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SISTER COMPANIES |
: |
Netlon Mutfak Araclari Turizm Sanayi ve
Ticaret Ltd Sti Termonet Metal Sanayi A.S. |
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SUBSIDIARIES |
: |
None |
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|
DIRECTORS |
: |
Neset Akgun Hamdi Akgun |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of kitchen utensils and
taps made of glass |
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|
TRADEMARK(S) |
: |
“Netlon”, “Net Celik” |
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|
NUMBER OF
EMPLOYEES |
: |
88 |
|
|
NET SALES |
: |
(YTL) 4,500,144 4,774,153 3,172,470 |
(2006) (2007) (01.01-30.06.2008) |
|
CAPACITY |
: |
(Tons/Yr) 2,022 2,022 |
(2007) (2008) |
|
IMPORT VALUE |
: |
(USD) 62,000 176,000 |
(2007) (01.01-15.09.2008) |
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IMPORT COUNTRIES |
: |
China, Spain |
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MERCHANDISE
IMPORTED |
: |
Glass, metal sheet, raw materials |
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EXPORT VALUE |
: |
(YTL) 881,608 203,983 0 |
(2006) (2007) (01.01-30.06.2008) |
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EXPORT COUNTRIES |
: |
Tunisia, USA, Qatar, Macedonia, Albania,
Hungary… |
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MERCHANDISE
EXPORTED |
: |
Kitchen utensils |
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|
PREMISES |
: |
Head Office&Production Plant: Yesilce
Mah. Dalgic Sokak No:18 Kagithane Istanbul Store: Istoc 24. Ada No:101 Mahmutbey
Istanbul (rented) Production Plant: Yesilce Mah. Emektar
Sokak No:23 Kagithane Istanbul |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Medium |
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FINANCE
|
MAIN DEALING BANKERS |
: |
Halk Bankasi Maslak branch in Istanbul Finansbank Sanayi Levent branch in
Istanbul Akbank Galata branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about some payment delays which were resolved later
on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was low as of 31.12.2007.A part of liabilities was due
to loans from shareholders but the major part of liabilities was to third
parties |
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LIQUIDITY |
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|
Liquidity was just fair as of 31.12.2007 even if disregarding “loans from
shareholders” from “current liabilities” |
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PROFITABILITY |
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Low |
In 2007 |
Net Loss |
Between 01.01.-30.06.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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|
Unsatisfactory |
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|
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.-31.08.2008) |
12.49 % |
1.2121 |
1.8537 |
2.3867 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
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|
31.12.07 |
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CURRENT ASSETS |
4.353.424 |
|
0.96 |
|
5.922.706 |
|
0.96 |
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|
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Cash and Banks |
92.994 |
|
0.02 |
|
59.520 |
|
0.01 |
|
|
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Marketable Securities |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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Account Receivable |
1.296.663 |
|
0.28 |
|
1.466.907 |
|
0.24 |
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Other Receivable |
54.099 |
|
0.01 |
|
115.437 |
|
0.02 |
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Inventories |
2.348.698 |
|
0.52 |
|
3.978.078 |
|
0.64 |
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Advances Given |
496.718 |
|
0.11 |
|
238.457 |
|
0.04 |
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Other Current Assets |
64.252 |
|
0.01 |
|
64.307 |
|
0.01 |
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NON-CURRENT ASSETS |
197.668 |
|
0.04 |
|
269.708 |
|
0.04 |
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Long-term Receivable |
0 |
|
0.00 |
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0 |
|
0.00 |
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Financial Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Tangible Fixed Assets (net) |
192.734 |
|
0.04 |
|
129.310 |
|
0.02 |
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Intangible Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Other Non-Current Assets |
4.934 |
|
0.00 |
|
140.398 |
|
0.02 |
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TOTAL ASSETS |
4.551.092 |
|
1.00 |
|
6.192.414 |
|
1.00 |
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CURRENT LIABILITIES |
3.723.125 |
|
0.82 |
|
5.355.740 |
|
0.86 |
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Financial Loans |
1.288.825 |
|
0.28 |
|
1.468.360 |
|
0.24 |
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Accounts Payable |
1.428.009 |
|
0.31 |
|
2.264.869 |
|
0.37 |
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Loans from Shareholders |
880.674 |
|
0.19 |
|
1.433.005 |
|
0.23 |
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Other Short-term Payable |
38.164 |
|
0.01 |
|
37.813 |
|
0.01 |
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Advances from Customers |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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Taxes Payable |
80.878 |
|
0.02 |
|
142.668 |
|
0.02 |
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Provisions |
6.575 |
|
0.00 |
|
9.025 |
|
0.00 |
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Other Current Liabilities |
0 |
|
0.00 |
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0 |
|
0.00 |
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LONG-TERM LIABILITIES |
0 |
|
0.00 |
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0 |
|
0.00 |
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Financial Loans |
0 |
|
0.00 |
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0 |
|
0.00 |
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Securities Issued |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Long-term Payable |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Loans from Shareholders |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Other Long-term Liabilities |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Provisions |
0 |
|
0.00 |
|
0 |
|
0.00 |
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STOCKHOLDERS' EQUITY |
827.967 |
|
0.18 |
|
836.674 |
|
0.14 |
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Paid-in Capital |
700.000 |
|
0.15 |
|
700.000 |
|
0.11 |
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Inflation Adjustment of Capital |
83.861 |
|
0.02 |
|
83.861 |
|
0.01 |
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Reserves |
25.812 |
|
0.01 |
|
44.107 |
|
0.01 |
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Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Accumulated Losses(-) |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Net Profit (loss) |
18.294 |
|
0.00 |
|
8.706 |
|
0.00 |
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TOTAL LIABILITIES AND EQUITY |
4.551.092 |
|
1.00 |
|
6.192.414 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-30.06.08 |
|
|
|
|
|
|
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|
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|
|
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Net Sales |
4.500.144 |
1.00 |
|
4.774.153 |
1.00 |
|
3.172.470 |
1.00 |
|
|
|
Cost of Goods Sold |
3.961.514 |
0.88 |
|
4.231.936 |
0.89 |
|
3.049.218 |
0.96 |
|
|
|
Gross Profit |
538.630 |
0.12 |
|
542.217 |
0.11 |
|
123.252 |
0.04 |
|
|
|
Operating Expenses |
240.355 |
0.05 |
|
254.183 |
0.05 |
|
110.279 |
0.03 |
|
|
|
Operating Profit |
298.275 |
0.07 |
|
288.034 |
0.06 |
|
12.973 |
0.00 |
|
|
|
Other Income |
55.777 |
0.01 |
|
72.248 |
0.02 |
|
29.140 |
0.01 |
|
|
|
Other Expenses |
161.578 |
0.04 |
|
15.083 |
0.00 |
|
46.203 |
0.01 |
|
|
|
Financial Expenses |
167.605 |
0.04 |
|
327.468 |
0.07 |
|
120.670 |
0.04 |
|
|
|
Profit (loss) Before Tax |
24.869 |
0.01 |
|
17.731 |
0.00 |
|
-124.760 |
-0.04 |
|
|
|
Tax Payable |
6.575 |
0.00 |
|
9.025 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
18.294 |
0.00 |
|
8.706 |
0.00 |
|
-124.760 |
-0.04 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-30.06.08 |
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LIQUIDITY RATIOS |
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Current Ratio |
1.17 |
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|
1.11 |
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|
-- |
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Acid-Test Ratio |
0.39 |
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|
0.31 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0.52 |
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|
0.64 |
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|
-- |
|
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Short-term Receivable/Total Assets |
0.30 |
|
|
0.26 |
|
|
-- |
|
|
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Tangible Assets/Total Assets |
0.04 |
|
|
0.02 |
|
|
-- |
|
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TURNOVER RATIOS |
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Inventory Turnover |
1.69 |
|
|
1.06 |
|
|
-- |
|
|
|
|
Stockholders' Equity Turnover |
5.44 |
|
|
5.71 |
|
|
-- |
|
|
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|
Asset Turnover |
0.99 |
|
|
0.77 |
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|
-- |
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FINANCIAL STRUCTURE |
|
|
|
|
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|
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Stockholders' Equity/Total Assets |
0.18 |
|
|
0.14 |
|
|
-- |
|
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|
Current Liabilities/Total Assets |
0.82 |
|
|
0.86 |
|
|
-- |
|
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|
Financial Leverage |
0.82 |
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|
0.86 |
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|
-- |
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PROFITABILITY RATIOS |
|
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Net Profit/Stockholders' Eq. |
0.02 |
|
|
0.01 |
|
|
-- |
|
|
|
|
Operating Profit Margin |
0.07 |
|
|
0.06 |
|
|
0.00 |
|
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Net Profit Margin |
0.00 |
|
|
0.00 |
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|
-0.04 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
103.73 |
|
|
110.61 |
|
|
-- |
|
|
|
|
Average Payable Period (days) |
129.77 |
|
|
192.67 |
|
|
-- |
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
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%)