MIRA INFORM REPORT
|
Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VALMONT-MITAS POLIGON DEMIR CELIK ENDUSTRI
A.S. |
|
|
|
|
Registered Office : |
Eski Guvercinlik Yolu No:113 06560 Gazi Yenimahalle Ankara |
|
|
|
|
Country : |
Turkey |
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|
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Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
11.07.2008 |
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Com. Reg. No.: |
255877 |
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|
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Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Manufacture and trade of
pole made of iron & steel |
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 : |
3.120.000 EUR |
|
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 – 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 |
COMPANY IDENTIFICATION
|
NAME |
: |
VALMONT-MITAS POLIGON DEMIR CELIK ENDUSTRI A.S. |
|
HEAD OFFICE ADDRESS |
: |
Eski Guvercinlik Yolu No:113 06560 Gazi Yenimahalle Ankara / Turkey |
|
PHONE NUMBER |
: |
90-312-296 20 00 |
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FAX NUMBER |
: |
90-312-310 46 36 |
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WEB-ADDRESS |
: |
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E-MAIL |
: |
LEGAL STATUS AND HISTORY
|
TAX OFFICE |
: |
Kizilbey |
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TAX NO |
: |
9220658412 |
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REGISTRATION NUMBER |
: |
255877 |
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REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
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DATE ESTABLISHED |
: |
11.07.2008 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
16.07.2008/7106 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 10.500.000 |
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PAID-IN CAPITAL |
: |
TL 10.500.000 |
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HISTORY |
: |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
The shareholder “Valmont Industries Holland B.V" is a foreign
company located in Netherlands and the shareholder "Mitant AG" is a
foreign company located in Switzerland. |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
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DIRECTORS |
: |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of pole made of iron&steel. |
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NACE CODE |
: |
DJ.27.10 |
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SECTOR |
: |
Metal |
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NUMBER OF EMPLOYEES |
: |
130 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
Italy Poland Slovakia |
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MERCHANDISE IMPORTED |
: |
Metal Sheet |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
U.A.E. Qatar Iraq Nigeria Romania |
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MERCHANDISE EXPORTED |
: |
Metal Pole |
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HEAD OFFICE ADDRESS |
: |
Eski Guvercinlik Yolu No:113 06560 Gazi Yenimahalle Ankara / Turkey |
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|
BRANCHES |
: |
Head Office/Factory : Eski Guvercinlik Yolu No:113 06560 Gazi
Yenimahalle Ankara/Turkey |
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2010. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKS |
: |
Alternatifbank Ankara Branch Garanti Bankasi Gimat Branch HSBC Bank Ankara Branch |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
|
KEY FINANCIAL ELEMENTS |
: |
|
COMMENT ON FINANCIAL POSITION
|
Capitalization |
High As of 31.12.2010 |
|
Liquidity |
High As of 31.12.2010 |
|
Remarks On Liquidity |
The favorable gap between average collection and average payable
period has a positive effect on liquidity. |
|
Profitability |
Fair Operating Profitability in
2010 Low Net Profitability in 2010 In Order Operating Profitability (01.01-31.03.2011) In Order Net Profitability (01.01-31.03.2011) |
|
Gap between average collection and payable periods |
Favorable in 2010 |
|
General Financial Position |
Good |
CREDIT OPINION WITHOUT OBLIGATION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of 3.120.000 EUR
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 |
|
( 01.01-31.08.2011) |
8,05 % |
1,6083 |
2,2781 |
2,5994 |
BALANCE SHEETS
|
|
( 31.12.2010 ) TL |
|
|
CURRENT ASSETS |
21.781.219 |
0,90 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
2.161.156 |
0,09 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
6.545.341 |
0,27 |
|
Other Receivable |
977.601 |
0,04 |
|
Inventories |
9.852.404 |
0,41 |
|
Advances Given |
86.747 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
2.157.970 |
0,09 |
|
NON-CURRENT ASSETS |
2.381.982 |
0,10 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
2.378.152 |
0,10 |
|
Intangible Assets |
3.830 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
|
TOTAL ASSETS |
24.163.201 |
1,00 |
|
CURRENT LIABILITIES |
8.821.439 |
0,37 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
|
Accounts Payable |
7.493.031 |
0,31 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
9.611 |
0,00 |
|
Advances from Customers |
637.432 |
0,03 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
269.168 |
0,01 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
412.197 |
0,02 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
15.341.762 |
0,63 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
10.500.000 |
0,43 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
4.398.128 |
0,18 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
|
Net Profit (loss) |
443.634 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
24.163.201 |
1,00 |
INCOME STATEMENTS
|
|
(2010) TL |
|
(01.01-31.03.2011)
TL |
|
|
Net Sales |
40.152.109 |
1,00 |
9.567.846 |
1,00 |
|
Cost of Goods Sold |
33.252.792 |
0,83 |
7.892.367 |
0,82 |
|
Gross Profit |
6.899.317 |
0,17 |
1.675.479 |
0,18 |
|
Operating Expenses |
6.065.639 |
0,15 |
1.260.531 |
0,13 |
|
Operating Profit |
833.678 |
0,02 |
414.948 |
0,04 |
|
Other Income |
766.690 |
0,02 |
101.682 |
0,01 |
|
Other Expenses |
1.009.830 |
0,03 |
189.245 |
0,02 |
|
Financial Expenses |
10.982 |
0,00 |
37 |
0,00 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
579.556 |
0,01 |
327.348 |
0,03 |
|
Tax Payable |
135.922 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
443.634 |
0,01 |
327.348 |
0,03 |
FINANCIAL RATIOS
|
|
(2010) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
2,47 |
|
Acid-Test Ratio |
1,10 |
|
Cash Ratio |
0,24 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,41 |
|
Short-term Receivable/Total Assets |
0,31 |
|
Tangible Assets/Total Assets |
0,10 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
3,38 |
|
Stockholders' Equity Turnover |
2,62 |
|
Asset Turnover |
1,66 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,63 |
|
Current Liabilities/Total Assets |
0,37 |
|
Financial Leverage |
0,37 |
|
Gearing Percentage |
0,57 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
Operating Profit Margin |
0,02 |
|
Net Profit Margin |
0,01 |
|
Interest Cover |
53,77 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
58,68 |
|
Average Payable Period (days) |
81,12 |
|
WORKING CAPITAL |
12959780,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.47 |
|
UK Pound |
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.