MIRA INFORM REPORT

 

 

Report Date :           

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ACARER METAL SANAYI VE TICARET A.S.

 

 

Registered Office :

Buyukdere Cad. No:191 Apagiz Plaza Kat: 11 Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.07.1991

 

 

Com. Reg. No.:

276919

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of iron and steel products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

7.200.000 USD

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

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ACARER METAL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. No:191 Apagiz Plaza Kat: 11 Levent Istanbul / Turkey

PHONE NUMBER

:

90-212-219 17 30 (5 lines)

90-212-280 50 50

 

FAX NUMBER

:

90-212-230 24 64

 

WEB-ADDRESS

:

www.acarermetal.com

E-MAIL

:

acarermetal@acarermetal.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret 

TAX NO

:

0040040405

REGISTRATION NUMBER

:

276919

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.07.1991

ESTABLISHMENT GAZETTE DATE/NO

:

15.07.1991/2816

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   40.000.000

PAID-IN CAPITAL

:

TL   40.000.000

HISTORY

:

Previous Registered Capital

:

TL 20.000.000

Changed On

:

08.10.2008 (Commercial Gazette Date /Number 14.10.2008/ 7167)

Previous Address

:

Millet Cad. No: 110/5 Capa Istanbul

Changed On

:

08.11.2007 (Commercial Gazette Date /Number 14.11.2007/ 6936)

Previous Address

:

Valikonagi Cad. Atabey Apt. No: 81/3 Nisantasi Istanbul

Changed On

:

03.05.2011 (Commercial Gazette Date /Number 09.05.2011/ 7811)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Aykut Acerer

49,99 %

Aysula Acerer Gulgec

30 %

Habibe Melahat Acerer

20 %

Serpil Erensoy

 

Serdar Uykutan

 

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Aykut Acerer

Chairman

Habibe Melahat Acerer

Member

Aysula Acerer Gulgec

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of iron and steel products.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

23

 

NET SALES

:

103.844.658 TL

(2007) 

146.287.114 TL

(2008) 

38.286.668 TL

(2009) 

73.390.771 TL

(2010) 

51.211.305 TL

(01.01-30.06.2011) 

 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

62.812.000 USD

(2007)

95.072.622 USD

(2008)

22.474.000 USD

(2009)

46.397.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

Russia

U.K.

South Africa

Germany

Netherlands

Sweden

Norway

Finland

 

MERCHANDISE IMPORTED

:

Iron

Steel

 

EXPORT VALUE

:

494.792 TL

(2006)

2.914.097 TL

(2007)

4.796.560 TL

(2008)

1.551.334 TL

(2009)

4.033.130 TL

(2010)

930.694 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Free Zone

Jordan

Iran

Ukraine

Slovakia

Belgium

Poland

Indonesia

Netherlands

Georgia

Bulgaria

 

MERCHANDISE  EXPORTED

:

Artifical graphites

Ferro-chromium

Ferro-manganese

Ferro-silicone

Non-alloy cast iron

 

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. No:191 Apagiz Plaza Kat: 11 Levent  Istanbul / Turkey

( owned )

 

BRANCHES

:

Warehouse  :  Tuzla Istanbul/Turkey (owned)

 

Branch Office  :  Tersane Cad. No: 115/5 Capa Istanbul/Turkey (rented)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Levent Branch

Garanti Bankasi Rumeli Branch

Turk Ekonomi Bankasi Bogazici Kurumsal 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

103.844.658

146.287.114

38.286.668

73.390.771

51.211.305

Profit (Loss) Before Tax

3.029.404

5.322.605

-7.902.383

8.941.240

-4.383.127

Stockholders' Equity

22.659.667

46.907.773

39.005.390

47.625.362

 

Total Assets

36.536.957

66.532.233

46.638.771

60.224.132

 

Current Assets

35.500.209

64.155.331

44.528.316

58.108.093

 

Non-Current Assets

1.036.748

2.376.902

2.110.455

2.116.039

 

Current Liabilities

13.877.290

19.624.460

1.008.618

8.164.396

 

Long-Term Liabilities

0

0

6.624.763

4.434.374

 

Gross Profit (loss)

5.755.983

6.648.878

-5.646.642

11.679.497

3.988.648

Operating Profit (loss)

3.488.632

2.860.533

-7.850.732

8.968.520

2.062.790

Net Profit (loss)

2.416.518

4.248.106

-7.902.383

8.619.972

-4.383.127

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

Fair Operating Profitability  in 2008

In Order Net Profitability  in 2008

Gross Loss  in 2009

Operating Loss  in 2009

Net Loss  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 7.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

31.12.2010

 TL

 

CURRENT ASSETS

35.500.209

0,97

64.155.331

0,96

44.528.316

0,95

58.108.093

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

319.438

0,01

14.985.138

0,23

20.136.100

0,43

25.290.181

0,42

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

13.213.661

0,36

24.379.396

0,37

6.348.390

0,14

9.552.299

0,16

Other Receivable

160.419

0,00

168.692

0,00

108.814

0,00

5.476.537

0,09

Inventories

15.229.510

0,42

18.660.812

0,28

8.499.806

0,18

10.041.685

0,17

Advances Given

3.932.756

0,11

976.719

0,01

5.357.293

0,11

5.100.753

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.644.425

0,07

4.984.574

0,07

4.077.913

0,09

2.646.638

0,04

NON-CURRENT ASSETS

1.036.748

0,03

2.376.902

0,04

2.110.455

0,05

2.116.039

0,04

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

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.018.157

0,03

2.353.114

0,04

2.093.711

0,04

1.769.320

0,03

Intangible Assets

18.591

0,00

23.788

0,00

16.744

0,00

346.719

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

36.536.957

1,00

66.532.233

1,00

46.638.771

1,00

60.224.132

1,00

CURRENT LIABILITIES

13.877.290

0,38

19.624.460

0,29

1.008.618

0,02

8.164.396

0,14

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.376.273

0,23

10.350.676

0,16

487.781

0,01

7.415.124

0,12

Accounts Payable

1.765.419

0,05

1.358.497

0,02

106.361

0,00

78.093

0,00

Loans from Shareholders

458.245

0,01

7.038.875

0,11

258.927

0,01

0

0,00

Other Short-term Payable

0

0,00

0

0,00

11.766

0,00

13.212

0,00

Advances from Customers

2.654.813

0,07

186.276

0,00

105.085

0,00

270.244

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

205.896

0,01

294.633

0,00

32.416

0,00

312.336

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

416.644

0,01

395.503

0,01

6.282

0,00

75.387

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

6.624.763

0,14

4.434.374

0,07

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

6.624.763

0,14

4.434.374

0,07

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

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

22.659.667

0,62

46.907.773

0,71

39.005.390

0,84

47.625.362

0,79

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000.000

0,55

40.000.000

0,60

40.000.000

0,86

40.000.000

0,66

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

243.149

0,01

2.659.667

0,04

6.907.773

0,15

6.907.773

0,11

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

-7.902.383

-0,13

Net Profit (loss)

2.416.518

0,07

4.248.106

0,06

-7.902.383

-0,17

8.619.972

0,14

TOTAL LIABILITIES AND EQUITY

36.536.957

1,00

66.532.233

1,00

46.638.771

1,00

60.224.132

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.06.2011,  TL 6.252.389 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

103.844.658

1,00

146.287.114

1,00

38.286.668

1,00

73.390.771

1,00

51.211.305

1,00

Cost of Goods Sold

98.088.675

0,94

139.638.236

0,95

43.933.310

1,15

61.711.274

0,84

47.222.657

0,92

Gross Profit

5.755.983

0,06

6.648.878

0,05

-5.646.642

-0,15

11.679.497

0,16

3.988.648

0,08

Operating Expenses

2.267.351

0,02

3.788.345

0,03

2.204.090

0,06

2.710.977

0,04

1.925.858

0,04

Operating Profit

3.488.632

0,03

2.860.533

0,02

-7.850.732

-0,21

8.968.520

0,12

2.062.790

0,04

Other Income

1.471.385

0,01

3.325.539

0,02

3.697.187

0,10

4.450.247

0,06

1.707.288

0,03

Other Expenses

1.915.749

0,02

862.349

0,01

3.658.176

0,10

3.944.104

0,05

7.803.816

0,15

Financial Expenses

14.864

0,00

1.118

0,00

90.662

0,00

533.423

0,01

349.389

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

3.029.404

0,03

5.322.605

0,04

-7.902.383

-0,21

8.941.240

0,12

-4.383.127

-0,09

Tax Payable

612.886

0,01

1.074.499

0,01

0

0,00

321.268

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)

2.416.518

0,02

4.248.106

0,03

-7.902.383

-0,21

8.619.972

0,12

-4.383.127

-0,09

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,56

3,27

44,15

7,12

Acid-Test Ratio

0,99

2,01

26,37

4,94

Cash Ratio

0,02

0,76

19,96

3,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,42

0,28

0,18

0,17

Short-term Receivable/Total Assets

0,37

0,37

0,14

0,25

Tangible Assets/Total Assets

0,03

0,04

0,04

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

6,44

7,48

5,17

6,15

Stockholders' Equity Turnover

4,58

3,12

0,98

1,54

Asset Turnover

2,84

2,20

0,82

1,22

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,62

0,71

0,84

0,79

Current Liabilities/Total Assets

0,38

0,29

0,02

0,14

Financial Leverage

0,38

0,29

0,16

0,21

Gearing Percentage

0,61

0,42

0,20

0,26

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,09

-0,20

0,18

Operating Profit Margin

0,03

0,02

-0,21

0,12

Net Profit Margin

0,02

0,03

-0,21

0,12

Interest Cover

204,81

4761,83

-86,16

17,76

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

45,81

60,00

59,69

46,86

Average Payable Period (days)

6,48

3,50

0,87

0,46

WORKING CAPITAL

21622919,00

44530871,00

43519698,00

49943697,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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.