MIRA INFORM REPORT

 

 

Report Date :           

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

TEMA SINAYI VE TICARI URUNLER LTD. STI.

 

 

Registered Office :

Mumin Ozyurt Cad. No: 7 Mersin Serbest Bolge (Free Zone) Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.02.1993

 

 

Com. Reg. No.:

19588

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of stainless steel bar at free zone

 

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 :

6.500.000 USD

Status :

Good

Payment Behaviour :

No Complaints

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

 

 Bottom of Form

 

COMPANY IDENTIFICATION

 

NAME

:

TEMA SINAYI VE TICARI URUNLER LTD. STI.

HEAD OFFICE ADDRESS

:

Mumin Ozyurt Cad. No: 7 Mersin Serbest Bolge (Free Zone) Mersin / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Mersin Serbest Bolge (Free Zone) G Adasi D.1 Parsel 2/3-4-5 Mersin” to “Mumin Ozyurt Cad. No: 7 Mersin Serbest Bolge (Free Zone) Mersin” by the Municipality.

PHONE NUMBER

:

90-324-238 39 67

 

FAX NUMBER

:

90-324-238 39 69

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Uray

TAX NO

:

8370030850

REGISTRATION NUMBER

:

19588

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

10.02.1993

ESTABLISHMENT GAZETTE DATE/NO

:

23.02.1993/3227

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

HISTORY

:

Previous Registered Capital

:

TL 32.000

Changed On

:

21.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

Other Changes

:

The firm was firstly established in Adana and registered at Adana Commercial Registry with registration no. “26184”.Then, the firm moved from Adana to Mersin and registered at Mersin Commercial Registry with registration no. “19588”.

Changed On

:

27.01.1998 (Commercial Gazette Date /Number 13.03.1998/ 4501)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ercan Sire

35 %

Erman Sire

35 %

Erdem Sire

15 %

Erdogan Sire

15 %

 

 

GROUP

:

TEKNIK GROUP OF COMPANIES

 

SISTER COMPANIES

:

ESNAR TARIM URUNLERI, ILACLAMA, SANAYI VE TICARET LTD. STI.

 

NESEL TEKNIK YAPI INSAAT SANAYI VE TICARET A.S.

 

TEKNIK METAL ENDUSTRI MALZEMELERI TICARET VE SANAYI A.S.

 

TEMPA METAL SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Erdem Sire                                                                                                                                                                                                                                                                                   

Director

Erdogan Sire                                                                                                                                                                                                                                                                                   

Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of stainless steel bar at free zone. 

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

14

 

 

NET SALES

:

27.650.918 TL

(2006) 

46.924.226 TL

(2007) 

54.631.682 TL

(2008) 

32.454.473 TL

(2009) 

47.657.048 TL

(2010) 

 

 

IMPORT VALUE

:

15.900.000 USD

(2009)

31.295.250 USD

(2010)

 

 

IMPORT COUNTRIES

:

Japan

China

India

Germany

U.K.

France

Korea

 

MERCHANDISE IMPORTED

:

Stainless steel products

 

EXPORT VALUE

:

20.556 TL Thousand

(2005)

27.651 TL Thousand

(2006)

46.924 TL Thousand

(2007)

54.632 TL Thousand

(2008)

32.454 TL Thousand

(2009)

47.657 TL Thousand

(2010)

 

 

REMARKS ON EXPORT

:

As the subject company is located at "Free Zone" all of its sales are regarded as exports.

 

HEAD OFFICE ADDRESS

:

Mumin Ozyurt Cad. No: 7 Mersin Serbest Bolge (Free Zone)  Mersin / Turkey

( rented )

 

BRANCHES

:

Warehouse  :  Mersin Serbest Bolge (Free Zone) Mersin/Turkey

 

Head Office/Processing Plant  :  Mumin Ozyurt Cad. No: 7 Mersin Serbest Bolge (Free Zone) Mersin/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Mersin Branch

Garanti Bankasi Serbest Bolge Branch

HSBC Bank AHL 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

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(2010) TL

Net Sales

27.650.918

46.924.226

54.631.682

32.454.473

47.657.048

Profit (Loss) Before Tax

5.713.099

8.906.634

2.571.286

-2.592.931

3.269.059

Stockholders' Equity

13.132.469

21.337.805

27.301.821

22.179.984

25.612.063

Total Assets

16.276.497

26.616.483

43.950.725

31.551.874

40.287.650

Current Assets

16.101.278

26.450.093

43.661.036

31.356.021

40.064.381

Non-Current Assets

175.219

166.390

289.689

195.853

223.269

Current Liabilities

3.144.028

5.278.678

16.648.904

9.371.890

14.675.587

Long-Term Liabilities

0

0

0

0

0

Gross Profit (loss)

6.551.093

9.829.976

3.913.602

-1.633.594

4.015.063

Operating Profit (loss)

5.813.231

9.006.960

2.637.883

-2.194.143

3.122.091

Net Profit (loss)

5.698.613

8.906.634

2.571.286

-2.592.931

3.269.059

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

In Order As of 31.12.2010

Profitability

High Operating Profitability  in 2006

High Net Profitability  in 2006

High Operating Profitability  in 2007

High Net Profitability  in 2007

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

Gross Loss  in 2009

Operating Loss  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

 

Gap between average collection and payable periods

In order in 2010

General Financial Position

Good

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 6.500.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

16.101.278

0,99

26.450.093

0,99

43.661.036

0,99

31.356.021

0,99

40.064.381

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.123.235

0,13

3.289.083

0,12

6.388.615

0,15

6.563.251

0,21

7.960.172

0,20

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.191.538

0,20

3.960.177

0,15

2.128.173

0,05

1.087.602

0,03

2.505.486

0,06

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

18.436

0,00

Inventories

9.905.785

0,61

19.008.390

0,71

34.884.316

0,79

23.259.160

0,74

28.735.790

0,71

Advances Given

880.720

0,05

169.641

0,01

259.932

0,01

446.008

0,01

688.990

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

22.802

0,00

0

0,00

0

0,00

155.507

0,00

NON-CURRENT ASSETS

175.219

0,01

166.390

0,01

289.689

0,01

195.853

0,01

223.269

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

4.651

0,00

4.402

0,00

5.508

0,00

4.998

0,00

5.177

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

157.293

0,01

160.925

0,01

242.907

0,01

173.951

0,01

160.211

0,00

Intangible Assets

0

0,00

1.063

0,00

798

0,00

483

0,00

38.131

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

13.275

0,00

0

0,00

40.476

0,00

16.421

0,00

19.750

0,00

TOTAL ASSETS

16.276.497

1,00

26.616.483

1,00

43.950.725

1,00

31.551.874

1,00

40.287.650

1,00

CURRENT LIABILITIES

3.144.028

0,19

5.278.678

0,20

16.648.904

0,38

9.371.890

0,30

14.675.587

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

958.476

0,06

3.340.787

0,13

10.383.651

0,24

8.427.655

0,27

11.637.940

0,29

Accounts Payable

2.049.603

0,13

1.865.949

0,07

5.137.659

0,12

573.279

0,02

2.215.575

0,05

Loans from Shareholders

0

0,00

0

0,00

649

0,00

105.883

0,00

0

0,00

Other Short-term Payable

34.503

0,00

12.265

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

93.711

0,01

56.052

0,00

1.123.454

0,03

258.170

0,01

679.055

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

4.912

0,00

3.625

0,00

3.491

0,00

6.903

0,00

7.557

0,00

Provisions

2.823

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

135.460

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

13.132.469

0,81

21.337.805

0,80

27.301.821

0,62

22.179.984

0,70

25.612.063

0,64

Not Detailed Stockholders' Equity

13.132.469

0,81

21.337.805

0,80

27.301.821

0,62

22.179.984

0,70

25.612.063

0,64

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

16.276.497

1,00

26.616.483

1,00

43.950.725

1,00

31.551.874

1,00

40.287.650

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

27.650.918

1,00

46.924.226

1,00

54.631.682

1,00

32.454.473

1,00

47.657.048

1,00

Cost of Goods Sold

21.099.825

0,76

37.094.250

0,79

50.718.080

0,93

34.088.067

1,05

43.641.985

0,92

Gross Profit

6.551.093

0,24

9.829.976

0,21

3.913.602

0,07

-1.633.594

-0,05

4.015.063

0,08

Operating Expenses

737.862

0,03

823.016

0,02

1.275.719

0,02

560.549

0,02

892.972

0,02

Operating Profit

5.813.231

0,21

9.006.960

0,19

2.637.883

0,05

-2.194.143

-0,07

3.122.091

0,07

Other Income

82.068

0,00

162.350

0,00

315.754

0,01

424.781

0,01

790.359

0,02

Other Expenses

8.888

0,00

7.696

0,00

72.413

0,00

133.640

0,00

159.927

0,00

Financial Expenses

173.312

0,01

254.980

0,01

309.938

0,01

689.929

0,02

483.464

0,01

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

5.713.099

0,21

8.906.634

0,19

2.571.286

0,05

-2.592.931

-0,08

3.269.059

0,07

Tax Payable

14.486

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.698.613

0,21

8.906.634

0,19

2.571.286

0,05

-2.592.931

-0,08

3.269.059

0,07

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

5,12

5,01

2,62

3,35

2,73

Acid-Test Ratio

1,69

1,37

0,51

0,82

0,71

Cash Ratio

0,68

0,62

0,38

0,70

0,54

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,61

0,71

0,79

0,74

0,71

Short-term Receivable/Total Assets

0,20

0,15

0,05

0,03

0,06

Tangible Assets/Total Assets

0,01

0,01

0,01

0,01

0,00

TURNOVER RATIOS

 

Inventory Turnover

2,13

1,95

1,45

1,47

1,52

Stockholders' Equity Turnover

2,11

2,20

2,00

1,46

1,86

Asset Turnover

1,70

1,76

1,24

1,03

1,18

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,81

0,80

0,62

0,70

0,64

Current Liabilities/Total Assets

0,19

0,20

0,38

0,30

0,36

Financial Leverage

0,19

0,20

0,38

0,30

0,36

Gearing Percentage

0,24

0,25

0,61

0,42

0,57

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,43

0,42

0,09

-0,12

0,13

Operating Profit Margin

0,21

0,19

0,05

-0,07

0,07

Net Profit Margin

0,21

0,19

0,05

-0,08

0,07

Interest Cover

33,96

35,93

9,30

-2,76

7,76

COLLECTION-PAYMENT

 

Average Collection Period (days)

41,61

30,42

14,06

12,12

18,97

Average Payable Period (days)

34,97

18,11

36,47

6,05

18,28

WORKING CAPITAL

12957250,00

21171415,00

27012132,00

21984131,00

25388794,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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