MIRA INFORM REPORT

 

 

Report Date :           

14.11.2011

 

IDENTIFICATION DETAILS

 

Name :

NURSAN METALURJI ENDUSTRISI A.S.

 

 

Registered Office :

Payas Organize Sanayi Bolgesi Sincan Yolu Uzeri Dortyol Hatay

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.06.2004

 

 

Com. Reg. No.:

3160

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Melting iron scrap and manufacturing construction iron and steel log

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

NURSAN METALURJI ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Payas Organize Sanayi Bolgesi Sincan Yolu Uzeri Dortyol Hatay / Turkey

PHONE NUMBER

:

90-326-755 99 20

 

FAX NUMBER

:

90-326-755 99 31

 

WEB-ADDRESS

:

www.nursan.com

E-MAIL

:

metalurji@nursan.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dortyol 

TAX NO

:

6320278760

REGISTRATION NUMBER

:

3160

REGISTERED OFFICE

:

Dortyol Chamber of Commerce and Industry

DATE ESTABLISHED

:

03.06.2004

ESTABLISHMENT GAZETTE DATE/NO

:

08.06.2004/6066

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000.000

PAID-IN CAPITAL

:

TL   100.000.000

HISTORY

:

Previous Registered Capital

:

TL 50.000.000

Changed On

:

09.06.2009 (Commercial Gazette Date /Number 12.06.2009/ 7331)

Previous Registered Capital

:

TL 70.000.000

Changed On

:

25.09.2009 (Commercial Gazette Date /Number 30.09.2009/ 7407)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nurgul Keles Taysir

 

Fati Keles

 

Ilyas Keles

 

Sabri Keles

 

Ramazan Keles

 

 

 

GROUP

:

NURSAN GROUP OF COMPANIES

 

SISTER COMPANIES

:

NURSAN CELIK SANAYI VE HADDECILIK A.S.

NURSAN DEMIR PAZARLAMA A.S.

NURSAN DENIZCILIK LIMAN VE GEMI ISLETMECILIGI A.S.

NURSAN DIS TICARET A.S.

NURSAN ENERJI URETIM VE DAGITIM HIZMETLERI A.S.

 

SUBSIDIARIES

:

NURSAN DENIZCILIK LIMAN VE GEMI ISLETMECILIGI A.S.

 

BOARD OF DIRECTORS

:

Sabri Keles

Chairman

Ramazan Keles

Vice-Chairman

Ilyas Keles

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Melting iron scrap and manufacturing construction iron and steel log.

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Iron & Steel

 

NUMBER OF EMPLOYEES

:

565

 

NET SALES

:

77.870.725 TL

(2005) 

377.863.980 TL

(2006) 

426.094.919 TL

(2007) 

633.307.573 TL

(2008) 

603.671.180 TL

(2009) 

836.440.831 TL

(2010) 

477.417.267 TL

(01.01-30.06.2011) 

IMPORT VALUE

:

240.000.000 USD

(2006)

160.000.000 USD

(2007)

311.000.000 USD

(2008)

248.000.000 USD

(2009)

385.624.000 USD

(2010)

188.224.000 USD

(01.01-30.06.2011)

 

 

IMPORT COUNTRIES

:

U.S.A.

Russia

Israel

Lebanon

Algeria

Netherlands

Norway

France

 

MERCHANDISE IMPORTED

:

Consumables

Scrap

 

EXPORT VALUE

:

15.399.160 TL

(2005)

94.344.240 TL

(2006)

154.314.206 TL

(2007)

310.717.951 TL

(2008)

124.335.421 TL

(2009)

283.412.413 TL

(2010)

134.440.788 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

India

Israel

Iraq

 

MERCHANDISE  EXPORTED

:

Carbon electrodes

 

HEAD OFFICE ADDRESS

:

Payas Organize Sanayi Bolgesi Sincan Yolu Uzeri Dortyol  Hatay / Turkey ( owned )

 

BRANCHES

:

Head Office/Processing Plant  :  Payas Organize Sanayi Bolgesi Sincan Yolu Uzeri Dortyol Hatay/Turkey (owned) (40.000 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. Trend of business appears to be steady in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Giant

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Adana Branch

Akbank Iskenderun Branch

Finansbank Adana Branch

Finansbank Iskenderun Branch

Garanti Bankasi Iskenderun Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

426.094.919

633.307.573

603.671.180

836.440.831

477.417.267

Profit (Loss) Before Tax

10.752.662

21.450.711

1.408.769

17.880.171

3.572.553

Stockholders' Equity

59.918.760

69.156.183

103.926.904

118.001.521

 

Total Assets

306.875.307

397.961.526

471.172.157

587.847.220

 

Current Assets

137.162.026

164.248.446

225.696.457

363.614.647

 

Non-Current Assets

169.713.281

233.713.080

245.475.700

224.232.573

 

Current Liabilities

245.082.800

325.746.118

300.933.723

400.718.793

 

Long-Term Liabilities

1.873.747

3.059.225

66.311.530

69.126.906

 

Gross Profit (loss)

15.681.111

39.441.528

2.046.481

5.557.404

8.025.523

Operating Profit (loss)

12.546.930

33.099.774

-6.162.416

259.889

3.972.876

Net Profit (loss)

8.365.198

16.639.668

571.313

14.074.617

3.572.553

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Low As of 31.12.2010

Profitability

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

In Order Operating Profitability  in 2008

In Order Net Profitability  in 2008

Operating Loss  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Fair Net Profitability  in 2010

Low Operating Profitability (01.01-30.06.2011)

Low Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Not in order

 

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

137.162.026

0,45

164.248.446

0,41

225.696.457

0,48

363.614.647

0,62

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.123.861

0,01

10.180.237

0,03

6.183.132

0,01

13.749.628

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

170.574

0,00

2.547.478

0,01

623.601

0,00

3.741.786

0,01

Other Receivable

18.005.959

0,06

337.702

0,00

152.448

0,00

152.448

0,00

Inventories

62.755.483

0,20

135.086.178

0,34

207.756.439

0,44

313.580.357

0,53

Advances Given

39.085.225

0,13

10.635.371

0,03

3.844.042

0,01

1.966.663

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

13.020.924

0,04

5.461.480

0,01

7.136.795

0,02

30.423.765

0,05

NON-CURRENT ASSETS

169.713.281

0,55

233.713.080

0,59

245.475.700

0,52

224.232.573

0,38

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

100.000

0,00

100.000

0,00

600.000

0,00

Tangible Fixed Assets (net)

169.395.351

0,55

233.397.264

0,59

243.433.686

0,52

222.729.785

0,38

Intangible Assets

36.536

0,00

199.042

0,00

184.747

0,00

159.712

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

281.394

0,00

16.774

0,00

1.757.267

0,00

743.076

0,00

TOTAL ASSETS

306.875.307

1,00

397.961.526

1,00

471.172.157

1,00

587.847.220

1,00

CURRENT LIABILITIES

245.082.800

0,80

325.746.118

0,82

300.933.723

0,64

400.718.793

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

131.109.447

0,43

141.665.051

0,36

146.932.457

0,31

200.185.986

0,34

Accounts Payable

25.127.970

0,08

50.956.096

0,13

71.314.615

0,15

71.828.364

0,12

Loans from Shareholders

0

0,00

2.957.965

0,01

0

0,00

0

0,00

Other Short-term Payable

15.924.767

0,05

0

0,00

0

0,00

0

0,00

Advances from Customers

52.418.361

0,17

116.852.290

0,29

68.522.036

0,15

86.587.476

0,15

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

3.566.553

0,01

4.095.201

0,01

4.452.684

0,01

9.427.715

0,02

Provisions

699.866

0,00

61.670

0,00

6.671

0,00

1.449.169

0,00

Other Current Liabilities

16.235.836

0,05

9.157.845

0,02

9.705.260

0,02

31.240.083

0,05

LONG-TERM LIABILITIES

1.873.747

0,01

3.059.225

0,01

66.311.530

0,14

69.126.906

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

60.342.744

0,13

62.057.820

0,11

Securities Issued

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

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

155.075

0,00

16.773

0,00

2.181.962

0,00

2.625.292

0,00

Provisions

1.718.672

0,01

3.042.452

0,01

3.786.824

0,01

4.443.794

0,01

STOCKHOLDERS' EQUITY

59.918.760

0,20

69.156.183

0,17

103.926.904

0,22

118.001.521

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000.000

0,16

50.000.000

0,13

100.000.000

0,21

100.000.000

0,17

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.553.562

0,01

2.516.515

0,01

3.355.591

0,01

3.926.904

0,01

Revaluation Fund

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

Net Profit (loss)

8.365.198

0,03

16.639.668

0,04

571.313

0,00

14.074.617

0,02

TOTAL LIABILITIES AND EQUITY

306.875.307

1,00

397.961.526

1,00

471.172.157

1,00

587.847.220

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

426.094.919

1,00

633.307.573

1,00

603.671.180

1,00

836.440.831

1,00

477.417.267

1,00

Cost of Goods Sold

410.413.808

0,96

593.866.045

0,94

601.624.699

1,00

830.883.427

0,99

469.391.744

0,98

Gross Profit

15.681.111

0,04

39.441.528

0,06

2.046.481

0,00

5.557.404

0,01

8.025.523

0,02

Operating Expenses

3.134.181

0,01

6.341.754

0,01

8.208.897

0,01

5.297.515

0,01

4.052.647

0,01

Operating Profit

12.546.930

0,03

33.099.774

0,05

-6.162.416

-0,01

259.889

0,00

3.972.876

0,01

Other Income

24.550.850

0,06

29.798.002

0,05

20.156.934

0,03

43.022.945

0,05

17.149.343

0,04

Other Expenses

7.695.185

0,02

26.110.570

0,04

5.196.790

0,01

14.766.428

0,02

15.975.972

0,03

Financial Expenses

18.649.933

0,04

15.336.495

0,02

7.388.959

0,01

10.636.235

0,01

1.573.694

0,00

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

10.752.662

0,03

21.450.711

0,03

1.408.769

0,00

17.880.171

0,02

3.572.553

0,01

Tax Payable

2.387.464

0,01

4.811.043

0,01

837.456

0,00

3.805.554

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)

8.365.198

0,02

16.639.668

0,03

571.313

0,00

14.074.617

0,02

3.572.553

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,56

0,50

0,75

0,91

 

Acid-Test Ratio

0,09

0,04

0,02

0,04

 

Cash Ratio

0,02

0,03

0,02

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,34

0,44

0,53

 

Short-term Receivable/Total Assets

0,06

0,01

0,00

0,01

 

Tangible Assets/Total Assets

0,55

0,59

0,52

0,38

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,54

4,40

2,90

2,65

 

Stockholders' Equity Turnover

7,11

9,16

5,81

7,09

 

Asset Turnover

1,39

1,59

1,28

1,42

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,20

0,17

0,22

0,20

 

Current Liabilities/Total Assets

0,80

0,82

0,64

0,68

 

Financial Leverage

0,80

0,83

0,78

0,80

 

Gearing Percentage

4,12

4,75

3,53

3,98

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,24

0,01

0,12

 

Operating Profit Margin

0,03

0,05

-0,01

0,00

 

Net Profit Margin

0,02

0,03

0,00

0,02

 

Interest Cover

1,58

2,40

1,19

2,68

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

0,14

1,45

0,37

1,61

 

Average Payable Period (days)

22,04

30,89

42,67

31,12

 

WORKING CAPITAL

-107920774,00

-161497672,00

-75237266,00

-37104146,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.28

UK Pound

1

Rs.80.08

Euro

1

Rs.68.45

 

 

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.