MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

IBA METAL PASLANMAZ CELIK TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Seyitnizam Mah.Demirciler Sitesi 2.Cad.No.19 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.05.1997

 

 

Com. Reg. No.:

370761

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of stainless steel, metal sheet, pipe, profile, lama, gusset

 

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 :

600.000 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 – 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

:

IBA METAL PASLANMAZ CELIK TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Seyitnizam Mah.Demirciler Sitesi 2.Cad.No.19 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-558 35 52

 

FAX NUMBER

:

90-212-558 35 83

 

WEB-ADDRESS

:

www.ibametal.com.tr

E-MAIL

:

info@ibametal.com.tr

 

 

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Davutpasa

TAX NO

:

4690069318

REGISTRATION NUMBER

:

370761

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.05.1997

ESTABLISHMENT GAZETTE DATE/NO

:

29.05.1997/4299

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.150.000

Changed On

:

28.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

Previous Address

:

Demirciler Sites 1. Yol No:30 Zeytinburnu Istanbul

Changed On

:

17.06.2010 (Commercial Gazette Date /Number 23.06.2010/ 7591)

Previous Shareholder

:

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

Changed On

:

07.06.2011 (Commercial Gazette Date /Number 13.06.2011/ 7835)

 

 

 

PREVIOUS SHAREHOLDERS

:

Fahrettin Iba

83,97 %

Raif Demir

16,03 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fahrettin Iba

83,97 %

Safiye Iba

16,03 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Fahrettin Iba                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of stainless steel, metal sheet, pipe, profile, lama, gusset.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

2.421.729 TL

(2005) 

3.186.871 TL

(2006) 

4.718.689 TL

(2007) 

5.089.870 TL

(2008) 

3.115.757 TL

(2009) 

2.222.306 TL

(2010) 

1.803.278 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

China

Taiwan

Italy

 

MERCHANDISE IMPORTED

:

Stainless steel products

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

 

 

HEAD OFFICE ADDRESS

:

Seyitnizam Mah.Demirciler Sitesi 2.Cad.No.19 Zeytinburnu  Istanbul / Turkey

 

BRANCHES

:

Branch Office  :  Esensehir Mah. DES San. Sit. 106. Blok B-12 Blok No: 6 Dudullu-Umraniye Istanbul/Turkey (owned by shareholder(s))

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2010. There appears an upwards trend in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Demirciler Sitesi Branch

Garanti Bankasi Demirciler Sitesi Branch

T.Is Bankasi Demirciler Sitesi Branch

Yapi ve Kredi Bankasi Demirciler Sitesi Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

4.718.689

5.089.870

3.115.757

2.222.306

1.803.278

Profit (Loss) Before Tax

169.519

26.506

-148.305

173.839

87.358

Stockholders' Equity

1.609.448

1.932.783

2.331.719

2.498.816

 

Total Assets

2.285.746

3.017.940

2.703.631

2.709.264

 

Current Assets

2.245.562

2.912.754

2.633.972

2.646.936

 

Non-Current Assets

40.184

105.186

69.659

62.328

 

Current Liabilities

676.298

1.085.157

371.912

210.448

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

384.393

135.699

99.374

392.885

185.889

Operating Profit (loss)

227.067

-41.565

-83.304

187.030

85.540

Net Profit (loss)

135.081

20.577

-148.305

167.095

69.523

 

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

In Order Operating Profitability  in 2007

In Order Net Profitability  in 2007

Operating Loss  in 2008

Low Net Profitability  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Good Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 600.000 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

 ( 01.01-30.06.2011)

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

2.245.562

0,98

2.912.754

0,97

2.633.972

0,97

2.646.936

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

667.955

0,29

84.312

0,03

283.190

0,10

697.531

0,26

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

497.499

0,22

950.799

0,32

708.566

0,26

520.936

0,19

Other Receivable

0

0,00

0

0,00

511

0,00

511

0,00

Inventories

1.052.117

0,46

1.649.617

0,55

1.559.984

0,58

1.406.933

0,52

Advances Given

27.991

0,01

132.692

0,04

9.717

0,00

19.515

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

95.334

0,03

72.004

0,03

1.510

0,00

NON-CURRENT ASSETS

40.184

0,02

105.186

0,03

69.659

0,03

62.328

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

614

0,00

834

0,00

834

0,00

833

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

37.169

0,02

99.538

0,03

65.468

0,02

53.521

0,02

Intangible Assets

1.269

0,00

2.339

0,00

1.170

0,00

6.050

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.132

0,00

2.475

0,00

2.187

0,00

1.924

0,00

TOTAL ASSETS

2.285.746

1,00

3.017.940

1,00

2.703.631

1,00

2.709.264

1,00

CURRENT LIABILITIES

676.298

0,30

1.085.157

0,36

371.912

0,14

210.448

0,08

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

1.743

0,00

3.257

0,00

Accounts Payable

334.308

0,15

428.053

0,14

19.534

0,01

170.694

0,06

Loans from Shareholders

302.757

0,13

643.785

0,21

312.339

0,12

0

0,00

Other Short-term Payable

0

0,00

0

0,00

3.495

0,00

0

0,00

Advances from Customers

27.898

0,01

17.553

0,01

35.506

0,01

23.914

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6.639

0,00

6.163

0,00

5.607

0,00

7.016

0,00

Provisions

4.159

0,00

-10.632

0,00

-6.961

0,00

5.276

0,00

Other Current Liabilities

537

0,00

235

0,00

649

0,00

291

0,00

LONG-TERM LIABILITIES

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

Financial Loans

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

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

1.609.448

0,70

1.932.783

0,64

2.331.719

0,86

2.498.816

0,92

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.150.000

0,50

1.150.000

0,38

2.000.000

0,74

2.000.000

0,74

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

324.367

0,14

459.449

0,15

480.024

0,18

480.026

0,18

Revaluation Fund

0

0,00

302.757

0,10

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-148.305

-0,05

Net Profit (loss)

135.081

0,06

20.577

0,01

-148.305

-0,05

167.095

0,06

TOTAL LIABILITIES AND EQUITY

2.285.746

1,00

3.017.940

1,00

2.703.631

1,00

2.709.264

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

4.718.689

1,00

5.089.870

1,00

3.115.757

1,00

2.222.306

1,00

1.803.278

1,00

Cost of Goods Sold

4.334.296

0,92

4.954.171

0,97

3.016.383

0,97

1.829.421

0,82

1.617.389

0,90

Gross Profit

384.393

0,08

135.699

0,03

99.374

0,03

392.885

0,18

185.889

0,10

Operating Expenses

157.326

0,03

177.264

0,03

182.678

0,06

205.855

0,09

100.349

0,06

Operating Profit

227.067

0,05

-41.565

-0,01

-83.304

-0,03

187.030

0,08

85.540

0,05

Other Income

1.821

0,00

90.305

0,02

20.030

0,01

22.085

0,01

10.981

0,01

Other Expenses

58.675

0,01

21.631

0,00

84.097

0,03

34.563

0,02

8.842

0,00

Financial Expenses

694

0,00

603

0,00

934

0,00

713

0,00

321

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

169.519

0,04

26.506

0,01

-148.305

-0,05

173.839

0,08

87.358

0,05

Tax Payable

34.438

0,01

5.929

0,00

0

0,00

6.744

0,00

17.835

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

135.081

0,03

20.577

0,00

-148.305

-0,05

167.095

0,08

69.523

0,04

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

3,32

2,68

7,08

12,58

 

Acid-Test Ratio

1,72

0,95

2,67

5,79

 

Cash Ratio

0,99

0,08

0,76

3,31

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,46

0,55

0,58

0,52

 

Short-term Receivable/Total Assets

0,22

0,32

0,26

0,19

 

Tangible Assets/Total Assets

0,02

0,03

0,02

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,12

3,00

1,93

1,30

 

Stockholders' Equity Turnover

2,93

2,63

1,34

0,89

 

Asset Turnover

2,06

1,69

1,15

0,82

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,70

0,64

0,86

0,92

 

Current Liabilities/Total Assets

0,30

0,36

0,14

0,08

 

Financial Leverage

0,30

0,36

0,14

0,08

 

Gearing Percentage

0,42

0,56

0,16

0,08

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,01

-0,06

0,07

 

Operating Profit Margin

0,05

-0,01

-0,03

0,08

 

Net Profit Margin

0,03

0,00

-0,05

0,08

 

Interest Cover

245,26

44,96

-157,78

244,81

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

38,00

67,31

81,97

84,52

 

Average Payable Period (days)

27,77

31,10

2,33

33,59

 

WORKING CAPITAL

1569264,00

1827597,00

2262060,00

2436488,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.