MIRA INFORM REPORT

 

 

Report Date :

25.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SIMGE PASLANMAZ METAL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Demirciler Sitesi 7. Cad. No:66 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.01.1988

 

 

Com. Reg. No.:

387609

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale Trade of Stainless Steel Products. 

 

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 :

750.000 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, 2010

 

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

:

SIMGE PASLANMAZ METAL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Demirciler Sitesi 7. Cad. No:66 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-679 81 57

FAX NUMBER

:

90-212-679 81 58

WEB-ADDRESS

:

www.simgepaslanmaz.com

E-MAIL

:

merkez@simgepaslanmaz.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Davutpasa 

TAX NO

:

7700075807

REGISTRATION NUMBER

:

387609

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.01.1988

ESTABLISHMENT GAZETTE DATE /NO

:

23.02.1988/4487

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   900.000

PAID-IN CAPITAL

:

TL   900.000

HISTORY

:

Previous Registered Capital

:

TL 150.000

Changed On

:

12.04.2004 (Commercial Gazette Date /Number 15.04.2004/ 6030)

Previous Address

:

Topkapi Merkezefendi Mah. Gumussuyu Cad. Sukru Altuncu Ishani No:29/25 Zeytinburnu/Istanbul/Turkey

Changed On

:

30.12.2005 (Commercial Gazette Date /Number 16.01.2006/ 6471)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

06.04.2010 (Commercial Gazette Date /Number 12.04.2010/ 7541)

 

 

 

PREVIOUS SHAREHOLDERS

:

Gaffur Asigul

63,33 %

Mehmet Bulent Dirikan

19,16 %

Kadir Dirikan

12,50 %

Mehmet Erdin

5 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ali Paftali

47,50 %

Gaffur Asigul

47,50 %

Mehmet Erdin

5 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ali Paftali

 

Gaffur Asigul

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of stainless steel products. 

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

6

 

NET SALES

:

3.268.539 TL

(2009) 

6.086.264 TL

(2010) 

1.605.655 TL

(01.01-31.03.2011) 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

873.014 USD

(2009)

2.674.365 USD

(2010)

667.391 USD

(01.01-31.03.2011)

 

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Stainless steel

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

HEAD OFFICE ADDRESS

:

Demirciler Sitesi 7. Cad. No:66 Zeytinburnu Istanbul / Turkey (rented)

(200 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Demirciler 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

:

 

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

 

Net Sales

3.268.539

6.086.264

1.605.655

 

 

Profit (Loss) Before Tax

-152.990

869.099

258.577

 

 

Stockholders' Equity

1.766.742

2.492.096

 

 

 

Total Assets

2.413.604

2.775.253

 

 

 

Current Assets

2.401.976

2.763.943

 

 

 

Non-Current Assets

11.628

11.310

 

 

 

Current Liabilities

402.147

283.157

 

 

 

Long-Term Liabilities

244.715

0

 

 

 

Gross Profit (loss)

105.938

1.058.376

309.976

 

 

Operating Profit (loss)

-112.824

886.370

263.861

 

 

Net Profit (loss)

-152.990

725.352

258.577

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Operating Loss  in 2009

Net Loss  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

High Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

We are of the opinion that, a max. credit of 750.000 USD may be granted to the subject company.

 

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.401.976

1,00

2.763.943

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

809.044

0,34

388.668

0,14

Marketable Securities

0

0,00

0

0,00

Account Receivable

408.358

0,17

1.099.272

0,40

Other Receivable

3.659

0,00

424

0,00

Inventories

1.162.201

0,48

1.271.921

0,46

Advances Given

9.787

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

8.927

0,00

3.658

0,00

NON-CURRENT ASSETS

11.628

0,00

11.310

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

72

0,00

72

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.942

0,00

5.585

0,00

Intangible Assets

5.341

0,00

5.342

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

273

0,00

311

0,00

TOTAL ASSETS

2.413.604

1,00

2.775.253

1,00

CURRENT LIABILITIES

402.147

0,17

283.157

0,10

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

141.619

0,06

0

0,00

Accounts Payable

7.160

0,00

47.557

0,02

Loans from Shareholders

243.993

0,10

164.715

0,06

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

9.375

0,00

7.183

0,00

Provisions

0

0,00

63.614

0,02

Other Current Liabilities

0

0,00

88

0,00

LONG-TERM LIABILITIES

244.713

0,10

0

0,00

Not Detailed 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

244.713

0,10

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.766.744

0,73

2.492.096

0,90

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

900.000

0,37

900.000

0,32

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

127.727

0,05

127.727

0,05

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

990.538

0,41

990.538

0,36

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-98.531

-0,04

-251.521

-0,09

Net Profit (loss)

-152.990

-0,06

725.352

0,26

TOTAL LIABILITIES AND EQUITY

2.413.604

1,00

2.775.253

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

3.268.539

1,00

6.086.264

1,00

1.605.655

1,00

Cost of Goods Sold

3.162.601

0,97

5.027.888

0,83

1.295.679

0,81

Gross Profit

105.938

0,03

1.058.376

0,17

309.976

0,19

Operating Expenses

218.762

0,07

172.006

0,03

46.115

0,03

Operating Profit

-112.824

-0,03

886.370

0,15

263.861

0,16

Other Income

73.669

0,02

35.043

0,01

3.175

0,00

Other Expenses

85.392

0,03

44.836

0,01

7.061

0,00

Financial Expenses

28.443

0,01

7.478

0,00

1.398

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-152.990

-0,05

869.099

0,14

258.577

0,16

Tax Payable

0

0,00

143.747

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-152.990

-0,05

725.352

0,12

258.577

0,16

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

5,97

9,76

Acid-Test Ratio

3,04

5,26

Cash Ratio

2,01

1,37

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,48

0,46

Short-term Receivable/Total Assets

0,17

0,40

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

2,72

3,95

Stockholders' Equity Turnover

1,85

2,44

Asset Turnover

1,35

2,19

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,73

0,90

Current Liabilities/Total Assets

0,17

0,10

Financial Leverage

0,27

0,10

Gearing Percentage

0,37

0,11

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,09

0,29

Operating Profit Margin

-0,03

0,15

Net Profit Margin

-0,05

0,12

Interest Cover

-4,38

117,22

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

44,98

65,03

Average Payable Period (days)

0,82

3,41

WORKING CAPITAL

1999829,00

2480786,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

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%)

 

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.