MIRA INFORM REPORT

 

 

Report Date :           

12.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SAMPA OTOMOTIV SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Organize Sanayi Bulvari No:31 Kutlukent Tekkekoy  Samsun

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

15.09.1994

 

 

Com. Reg. No.:

125-Tekkekoy

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of automotive spare 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 :

4.800.000 USD

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

SAMPA OTOMOTIV SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bulvari No:31 Kutlukent Tekkekoy  Samsun / Turkey

PHONE NUMBER

:

90-362-266 40 35

90-362-266 77 92

 

FAX NUMBER

:

90-362-266 62 19

90-362-266 93 58

 

WEB-ADDRESS

:

www.sampa.com.tr

E-MAIL

:

sampax@sampa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

19 Mayis

TAX NO

:

7420050605

REGISTRATION NUMBER

:

125-Tekkekoy

REGISTERED OFFICE

:

Samsun Chamber of Commerce and Industry

DATE ESTABLISHED

:

15.09.1994

ESTABLISHMENT GAZETTE DATE/NO

:

21.09.1994/3621

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.420.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

14.07.2005 (Commercial Gazette Date /Number 21.07.2005/ 6351)

Previous Registered Capital

:

TL 2.100.000

Changed On

:

12.09.2008 (Commercial Gazette Date /Number 17.09.2008/ 7151)

Previous Registered Capital

:

TL 6.120.000

Changed On

:

14.07.2009 (Commercial Gazette Date /Number 22.07.2009/ 7359)

Previous Registered Capital

:

TL 6.300.000

Changed On

:

10.05.2011 (Commercial Gazette Date /Number 18.05.2011/ 7818)

Previous Address

:

Ornek Sanayi Sitesi Sahil Cad. No:47/4 Kutlukent  Samsun

Changed On

:

03.09.2009 (Commercial Gazette Date /Number 09.09.2009/ 7394)

Merger

:

The subject took over and merged with “Mettek Metal Isleme Teknolojileri San. ve Tic. Ltd. Sti.” and “Smt Sac Metal Teknolojileri San. ve Tic. Ltd. Sti.”

Changed On

:

27.08.2008 (Commercial Gazette Date /Number 03.09.2008/ 7141)

Merger

:

The subject took over and merged with “Elaskom Kaucuk Metal San. ve Tic. Ltd. Sti." .

Changed On

:

12.06.2009 (Commercial Gazette Date /Number 17.06.2009/ 7334)

Merger

:

The subject took over and merged with "Sampa Dis Ticaret Ltd. Sti."

Changed On

:

26.04.2011 (Commercial Gazette Date /Number 04.05.2011/ 7808)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Tarik Altuncu

38,91 %

Tayfun Altuncu

19,84 %

Sahin Sahinkaya

12,97 %

Hasan Mufit Sahinkaya

12,97 %

Emine Sahinkaya

12,97 %

Nurettin Husnu Cep

2,33 %

 

 

SISTER COMPANIES

:

ELASKOM ELASTOMER KOMPOZIT TEKNOLOJILERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

ELASKOM ELASTOMER KOMPOZIT TEKNOLOJILERI SANAYI TICARET LTD. STI.

 

DIRECTORS

:

Tarik Altuncu

 

Tayfun Altuncu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of automotive spare parts. 

 

NACE CODE

:

DM.34.30

 

NUMBER OF EMPLOYEES

:

380

 

NET SALES

:

1.639 TL Thousand

(2001) 

3.955 TL Thousand

(2002) 

7.700 TL Thousand

(2003) 

13.098 TL Thousand

(2004) 

13.384 TL Thousand

(2005) 

18.041 TL Thousand

(2006) 

27.871 TL Thousand

(2007) 

29.075.487 TL

(2008) 

21.441.577 TL

(2009) 

61.284.568 TL

(2010) 

9.036.287 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

360.747 TL

(2002)

160.000 USD

(2003)

210.000 USD

(2004)

78.927 USD

(2005)

569.929 TL

(2006)

803.187 TL

(2007)

1.035.981 TL

(2008)

1.053.895 TL

(2009)

653.951 TL

(01.01-31.03.2010)

 

 

 

IMPORT COUNTRIES

:

Spain

Germany

China

Romania

Taiwan

India

 

MERCHANDISE IMPORTED

:

Automotive spare parts

Raw material

 

EXPORT VALUE

:

3.407 TL Thousand

(2002)

7.095 TL Thousand

(2003)

11.463 TL Thousand

(2004)

11.744 TL Thousand

(2005)

16.221 TL Thousand

(2006)

18.511 TL Thousand

(2007)

17.256.114 TL

(2008)

2.784.044 TL

(2009)

158.309 TL

(2010)

6.155.371 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Germany

Italy

Belgium

Australia

Bulgaria

France

Iran

Poland

Spain

Greece

Saudi Arabia

Ethiopia

Tunisia

Morocco

Russia

Albania

Romania

Slovakia

Estonia

Finland

Portugal

Ireland

Malaysia

Chile

Ecuador

Yemen

 

 

MERCHANDISE  EXPORTED

:

Automotive spare parts

Roller bearings

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bulvari No:31 Kutlukent Tekkekoy   Samsun / Turkey  (owned)

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bulvari No:31 Kutlukent Tekkekoy Samsun Samsun/Turkey (owned)

 

Branch Office  :  Yavuz Sultan Selim Bulv. Alemdag Cad. Perla Vista AVB B Blok Kat.10 Beykent Beylikduzu Istanbul/Turkey (owned)

 

Branch Office  :  Dolapdere Sanayi Sitesi 20. Ada No:24-26-28 Ikitelli Istanbul/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a substantial decline at sales volume in the first 3 months of this year.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Samsun Ticari Branch

T. Garanti Bankasi Merkez Branch

T. Is Bankasi Merkez Branch

T. Ziraat Bankasi Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

29.075.487

21.441.577

61.284.568

9.036.287

 

Profit (Loss) Before Tax

2.332.479

610.162

992.637

256.036

 

Stockholders' Equity

13.678.632

14.380.010

15.238.441

31.594.069

 

Total Assets

24.914.598

25.469.545

50.429.086

68.547.245

 

Current Assets

15.595.165

12.064.060

29.700.746

44.403.797

 

Non-Current Assets

9.319.433

13.405.485

20.728.340

24.143.448

 

Current Liabilities

10.903.760

9.022.938

26.242.503

30.468.002

 

Long-Term Liabilities

332.206

2.066.597

8.948.142

6.485.174

 

Gross Profit (loss)

7.735.318

5.315.852

8.606.910

2.585.798

 

Operating Profit (loss)

2.952.648

2.352.046

1.915.758

774.825

 

Net Profit (loss)

1.814.338

401.890

794.110

204.829

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2011

Remarks on Capitalization

There has been capital increase after the last balance sheet date.

Liquidity

Satisfactory As of 31.03.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability (01.01-31.03.2011)

Fair Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2011

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 4.800.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.07.2011)

6,18 %

1,5901

2,2465

2,5668

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.03.2011 )  TL

 

CURRENT ASSETS

15.595.165

0,63

12.064.060

0,47

29.700.746

0,59

44.403.797

0,65

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

79.618

0,00

135.284

0,01

7.778.654

0,15

7.380.091

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

14.995

0,00

Account Receivable

9.580.448

0,38

4.958.682

0,19

16.369.873

0,32

11.764.565

0,17

Other Receivable

836.063

0,03

500.418

0,02

3.295.621

0,07

1.547.578

0,02

Inventories

1.570.767

0,06

5.620.709

0,22

1.561.670

0,03

22.569.406

0,33

Advances Given

3.407.614

0,14

417.980

0,02

446.694

0,01

138.482

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

120.655

0,00

430.987

0,02

248.234

0,00

988.680

0,01

NON-CURRENT ASSETS

9.319.433

0,37

13.405.485

0,53

20.728.340

0,41

24.143.448

0,35

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

164.629

0,01

531.405

0,02

1.625

0,00

1.855

0,00

Financial Assets

1.155.678

0,05

760.678

0,03

320.000

0,01

320.000

0,00

Tangible Fixed Assets (net)

7.350.505

0,30

11.535.078

0,45

18.427.583

0,37

21.876.251

0,32

Intangible Assets

446.096

0,02

506.340

0,02

1.927.603

0,04

1.929.203

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

202.525

0,01

71.984

0,00

51.529

0,00

16.139

0,00

TOTAL ASSETS

24.914.598

1,00

25.469.545

1,00

50.429.086

1,00

68.547.245

1,00

CURRENT LIABILITIES

10.903.760

0,44

9.022.938

0,35

26.242.503

0,52

30.468.002

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.988.888

0,16

936.448

0,04

8.869.910

0,18

14.322.451

0,21

Accounts Payable

3.736.395

0,15

2.000.846

0,08

15.639.981

0,31

15.343.384

0,22

Loans from Shareholders

0

0,00

0

0,00

73.607

0,00

0

0,00

Other Short-term Payable

200.922

0,01

271.389

0,01

416.281

0,01

438.993

0,01

Advances from Customers

1.369.946

0,05

4.512.441

0,18

724.882

0,01

24.882

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.154.024

0,05

1.301.582

0,05

499.013

0,01

287.085

0,00

Provisions

453.585

0,02

0

0,00

18.829

0,00

51.207

0,00

Other Current Liabilities

0

0,00

232

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

332.206

0,01

2.066.597

0,08

8.948.142

0,18

6.485.174

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

186.157

0,01

1.532.898

0,06

8.948.142

0,18

4.167.439

0,06

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

146.049

0,01

533.699

0,02

0

0,00

2.317.735

0,03

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

13.678.632

0,55

14.380.010

0,56

15.238.441

0,30

31.594.069

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.078.774

0,24

6.300.000

0,25

6.300.000

0,12

6.300.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

3.355.345

0,13

3.433.607

0,13

3.419.767

0,07

3.419.767

0,05

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.430.175

0,10

4.244.513

0,17

4.724.564

0,09

5.518.676

0,08

Revaluation Fund

0

0,00

0

0,00

0

0,00

16.150.797

0,24

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.814.338

0,07

401.890

0,02

794.110

0,02

204.829

0,00

TOTAL LIABILITIES AND EQUITY

24.914.598

1,00

25.469.545

1,00

50.429.086

1,00

68.547.245

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

29.075.487

1,00

21.441.577

1,00

61.284.568

1,00

9.036.287

1,00

Cost of Goods Sold

21.340.169

0,73

16.125.725

0,75

52.677.658

0,86

6.450.489

0,71

Gross Profit

7.735.318

0,27

5.315.852

0,25

8.606.910

0,14

2.585.798

0,29

Operating Expenses

4.782.670

0,16

2.963.806

0,14

6.691.152

0,11

1.810.973

0,20

Operating Profit

2.952.648

0,10

2.352.046

0,11

1.915.758

0,03

774.825

0,09

Other Income

1.165.113

0,04

460.022

0,02

385.534

0,01

63.129

0,01

Other Expenses

1.160.605

0,04

1.700.086

0,08

599.368

0,01

111.499

0,01

Financial Expenses

624.677

0,02

501.820

0,02

709.287

0,01

470.419

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

2.332.479

0,08

610.162

0,03

992.637

0,02

256.036

0,03

Tax Payable

518.141

0,02

208.272

0,01

198.527

0,00

51.207

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.814.338

0,06

401.890

0,02

794.110

0,01

204.829

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(01.01-31.03.2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,43

1,34

1,13

1,46

Acid-Test Ratio

0,96

0,62

1,05

0,68

Cash Ratio

0,01

0,01

0,30

0,24

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,06

0,22

0,03

0,33

Short-term Receivable/Total Assets

0,42

0,21

0,39

0,19

Tangible Assets/Total Assets

0,30

0,45

0,37

0,32

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

13,59

2,87

33,73

0,29

Stockholders' Equity Turnover

2,13

1,49

4,02

0,29

Asset Turnover

1,17

0,84

1,22

0,13

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,55

0,56

0,30

0,46

Current Liabilities/Total Assets

0,44

0,35

0,52

0,44

Financial Leverage

0,45

0,44

0,70

0,54

Gearing Percentage

0,82

0,77

2,31

1,17

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,13

0,03

0,05

0,01

Operating Profit Margin

0,10

0,11

0,03

0,09

Net Profit Margin

0,06

0,02

0,01

0,02

Interest Cover

4,73

2,22

2,40

1,54

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

120,66

92,18

96,17

468,77

Average Payable Period (days)

65,50

56,58

106,88

985,66

WORKING CAPITAL

4691405,00

3041122,00

3458243,00

13935795,00

 

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.27

UK Pound

1

Rs.73.34

Euro

1

Rs.64.58

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.