MIRA INFORM REPORT

 

 

Report Date :           

16.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GEMCILER GUVEN METAL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Guven Bakir-Is ve Ith. Koll. Sti. Saban ve Osman Gemci

 

 

Registered Office :

Yeni San. Sitesi 32. Cad. No:9 46100 Kahramanmaras

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.08.1958

 

 

Com. Reg. No.:

101

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of copper plates and other copper products. 

 

 

No. of Employees :

Not Available

 

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 :

16.200.000 USD

 

 

Status :

Satisfactory

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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 was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

GEMCILER GUVEN METAL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yeni San. Sitesi 32. Cad. No:9 46100 Kahramanmaras / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Kucuk San. Sit.” to “Yeni San. Sit” by the Municipality.

PHONE NUMBER

:

90-344-236 11 03 (Head Office/Production Plant)

90-344-251 30 00 (Production Plant)

 

FAX NUMBER

:

90-344 251 30 06 (Production Plant)

90-344-235 05 49 (Head Office/Production Plant)

 

WEB-ADDRESS

:

www.gemciler.com.tr

E-MAIL

:

info@gemciler.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Aksu

TAX NO

:

3910051090

REGISTRATION NUMBER

:

101

REGISTERED OFFICE

:

Kahramanmaras Chamber of Commerce and Industry

DATE ESTABLISHED

:

23.08.1958

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   32.000.000

PAID-IN CAPITAL

:

TL   32.000.000

HISTORY

:

Previous Legal Type

:

Co-partnership

Changed On

:

20.01.1997 (Commercial Gazette Date /Number 20.02.1997/ 4233)

Previous Name

:

Guven Bakir-Is ve Ith. Koll. Sti. Saban ve Osman Gemci

Changed On

:

20.01.1997 (Commercial Gazette Date /Number 20.02.1997/ 4233)

Previous Registered Capital

:

TL 25.000.000

Changed On

:

12.11.2008 (Commercial Gazette Date /Number 26.11.2008/ 7197)

Previous Registered Capital

:

TL 30.000.000

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 28.07.2010/ 7616)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Muhiddin Murat Gemci

32,50 %

Osman Gemci

32,50 %

Saban Gemci

32,50 %

Perihan Gemci

1,50 %

Ali Celalettin Gemci

1 %

 

 

SISTER COMPANIES

:

BUGRA SU URETIM DAGITIM PAZARLAMA SANAYI VE TICARET LTD. STI.

 

CAKAR ELEKTRIK URETIM LTD. STI.

 

BOARD OF DIRECTORS

:

Muhiddin Murat Gemci

Chairman

Osman Gemci

Vice-Chairman

Saban Gemci

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of copper plates and other copper products. 

 

NACE CODE

:

DJ.27.44

 

 

NET SALES

:

3.768.398 TL

(2001) 

5.044.555 TL

(2002) 

7.364.277 TL

(2003) 

13.017.835 TL

(2004) 

19.198.604 TL

(2005) 

35.554.786 TL

(2006) 

41.336.405 TL

(2007) 

61.260.161 TL

(2008) 

53.448.681 TL

(2009) 

94.426.984 TL

(2010) 

136.894.411 TL

(2011) 

 

 

IMPORT VALUE

:

17.196.376 USD

(2008)

13.426.764 USD

(2009)

 

 

IMPORT COUNTRIES

:

Uzbekistan

Kazakhstan

Azerbaijan

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

232.464 TL

(2004)

1.263.711 TL

(2005)

4.117.673 TL

(2006)

10.038.264 TL

(2007)

23.454.884 TL

(2008)

19.956.739 TL

(2009)

45.486.024 TL

(2010)

74.824.626 TL

(2011)

 

 

EXPORT COUNTRIES

:

Greece

Italy

Egypt

Albania

U.K.

Yemen

Saudi Arabia

Lebanon

Argentina

Syria

Vietnam

Thailand

U.A.E.

 

MERCHANDISE  EXPORTED

:

Copper plates

 

HEAD OFFICE ADDRESS

:

Yeni San. Sitesi 32. Cad. No:9 46100  Kahramanmaras / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Production Plant  :  Yeni San. Sitesi 32. Cad. No:9 Kahramanmaras/Turkey (owned by shareholder(s))

 

Branch Office  :  Rami Kisla Topcular Is Merkezi No: 88/164 34140 Topcular Istanbul/Turkey (owned by shareholder(s))

 

Production Plant  :  Gaziantep Yolu Uzeri 7. Km. Karacasu Mevkii Kahramanmaras/Turkey (owned)

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kahramanmaras Branch

Garanti Bankasi Kahramanmaras Branch

HSBC Bank Kahramanmaras Branch

Vakiflar Bankasi Kahramanmaras Branch

Yapi ve Kredi Bankasi Kahramanmaras 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

(2011) TL

Net Sales

41.336.405

61.260.161

53.448.681

94.426.984

136.894.411

Profit (Loss) Before Tax

-1.752.103

385.002

1.578.654

4.179.329

6.318.243

Stockholders' Equity

21.483.573

26.027.051

30.431.512

36.743.858

58.170.163

Total Assets

29.580.090

32.489.419

38.383.163

46.200.019

61.627.697

Current Assets

19.023.242

20.686.525

26.966.406

32.485.836

45.404.778

Non-Current Assets

10.556.848

11.802.894

11.416.757

13.714.183

16.222.919

Current Liabilities

4.458.456

2.920.317

5.398.569

7.985.927

2.716.134

Long-Term Liabilities

3.638.061

3.542.051

2.553.082

1.470.234

741.400

Gross Profit (loss)

-1.118.063

3.582.997

1.652.383

6.180.684

7.884.606

Operating Profit (loss)

-1.867.517

2.670.804

676.901

4.606.749

5.906.950

Net Profit (loss)

-1.752.103

385.002

1.463.099

3.323.002

5.016.153

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Gross Loss  in 2007

Operating Loss  in 2007

Net Loss  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Low Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 16.200.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

19.023.242

0,64

20.686.525

0,64

26.966.406

0,70

32.485.836

0,70

45.404.778

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.974.359

0,07

4.312.082

0,13

2.360.688

0,06

1.833.376

0,04

2.946.366

0,05

Marketable Securities

127.264

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

5.435.628

0,18

5.656.573

0,17

11.021.048

0,29

14.607.913

0,32

21.091.795

0,34

Other Receivable

848.082

0,03

1.230.473

0,04

1.110.978

0,03

859.780

0,02

768.250

0,01

Inventories

6.909.088

0,23

7.677.420

0,24

11.873.422

0,31

10.939.848

0,24

17.091.182

0,28

Advances Given

3.677.027

0,12

1.701.483

0,05

560.323

0,01

4.203.298

0,09

3.307.374

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

51.794

0,00

108.494

0,00

39.947

0,00

41.621

0,00

199.811

0,00

NON-CURRENT ASSETS

10.556.848

0,36

11.802.894

0,36

11.416.757

0,30

13.714.183

0,30

16.222.919

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

75

0,00

75

0,00

75

0,00

75

0,00

75

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.480.725

0,35

11.720.979

0,36

11.330.985

0,30

13.639.231

0,30

15.883.522

0,26

Intangible Assets

8.272

0,00

7.941

0,00

6.311

0,00

4.682

0,00

248.140

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

67.776

0,00

73.899

0,00

79.386

0,00

70.195

0,00

91.182

0,00

TOTAL ASSETS

29.580.090

1,00

32.489.419

1,00

38.383.163

1,00

46.200.019

1,00

61.627.697

1,00

CURRENT LIABILITIES

4.458.456

0,15

2.920.317

0,09

5.398.569

0,14

7.985.927

0,17

2.716.134

0,04

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

131.911

0,00

57.107

0,00

23.488

0,00

715.838

0,02

24.958

0,00

Accounts Payable

4.039.817

0,14

2.659.349

0,08

4.733.867

0,12

5.116.439

0,11

1.959.951

0,03

Loans from Shareholders

0

0,00

0

0,00

0

0,00

1.023.778

0,02

0

0,00

Other Short-term Payable

0

0,00

68.711

0,00

73.076

0,00

86.840

0,00

105.352

0,00

Advances from Customers

115.053

0,00

102.240

0,00

399.087

0,01

413.337

0,01

35.395

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

171.675

0,01

32.910

0,00

168.364

0,00

307.458

0,01

63.858

0,00

Provisions

0

0,00

0

0,00

687

0,00

322.237

0,01

526.620

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

3.638.061

0,12

3.542.051

0,11

2.553.082

0,07

1.470.234

0,03

741.400

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.638.061

0,12

3.542.051

0,11

2.553.082

0,07

1.470.234

0,03

741.400

0,01

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

21.483.573

0,73

26.027.051

0,80

30.431.512

0,79

36.743.858

0,80

58.170.163

0,94

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

21.910.819

0,74

26.069.295

0,80

27.560.346

0,72

32.000.000

0,69

32.000.000

0,52

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.227.610

0,04

1.227.610

0,04

1.227.610

0,03

1.227.610

0,03

1.227.610

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

97.247

0,00

97.247

0,00

1.547.558

0,04

193.246

0,00

3.435.909

0,06

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

16.490.491

0,27

Accumulated Losses(-)

0

0,00

-1.752.103

-0,05

-1.367.101

-0,04

0

0,00

0

0,00

Net Profit (loss)

-1.752.103

-0,06

385.002

0,01

1.463.099

0,04

3.323.002

0,07

5.016.153

0,08

TOTAL LIABILITIES AND EQUITY

29.580.090

1,00

32.489.419

1,00

38.383.163

1,00

46.200.019

1,00

61.627.697

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2011 have not become certain yet.                                                      

 

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

41.336.405

1,00

61.260.161

1,00

53.448.681

1,00

94.426.984

1,00

136.894.411

1,00

Cost of Goods Sold

42.454.468

1,03

57.677.164

0,94

51.796.298

0,97

88.246.300

0,93

129.009.805

0,94

Gross Profit

-1.118.063

-0,03

3.582.997

0,06

1.652.383

0,03

6.180.684

0,07

7.884.606

0,06

Operating Expenses

749.454

0,02

912.193

0,01

975.482

0,02

1.573.935

0,02

1.977.656

0,01

Operating Profit

-1.867.517

-0,05

2.670.804

0,04

676.901

0,01

4.606.749

0,05

5.906.950

0,04

Other Income

1.029.462

0,02

1.180.328

0,02

2.509.110

0,05

1.315.242

0,01

2.096.786

0,02

Other Expenses

582.044

0,01

3.076.147

0,05

1.412.334

0,03

1.635.795

0,02

1.607.579

0,01

Financial Expenses

332.004

0,01

389.983

0,01

195.023

0,00

106.867

0,00

77.914

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

-1.752.103

-0,04

385.002

0,01

1.578.654

0,03

4.179.329

0,04

6.318.243

0,05

Tax Payable

0

0,00

0

0,00

115.555

0,00

856.327

0,01

1.302.090

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-1.752.103

-0,04

385.002

0,01

1.463.099

0,03

3.323.002

0,04

5.016.153

0,04

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

4,27

7,08

5,00

4,07

16,72

Acid-Test Ratio

1,88

3,83

2,68

2,17

9,13

Cash Ratio

0,47

1,48

0,44

0,23

1,08

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,23

0,24

0,31

0,24

0,28

Short-term Receivable/Total Assets

0,21

0,21

0,32

0,33

0,35

Tangible Assets/Total Assets

0,35

0,36

0,30

0,30

0,26

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

6,14

7,51

4,36

8,07

7,55

Stockholders' Equity Turnover

1,92

2,35

1,76

2,57

2,35

Asset Turnover

1,40

1,89

1,39

2,04

2,22

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,73

0,80

0,79

0,80

0,94

Current Liabilities/Total Assets

0,15

0,09

0,14

0,17

0,04

Financial Leverage

0,27

0,20

0,21

0,20

0,06

Gearing Percentage

0,38

0,25

0,26

0,26

0,06

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,08

0,01

0,05

0,09

0,09

Operating Profit Margin

-0,05

0,04

0,01

0,05

0,04

Net Profit Margin

-0,04

0,01

0,03

0,04

0,04

Interest Cover

-4,28

1,99

9,09

40,11

82,09

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

47,34

33,24

74,23

55,69

55,47

Average Payable Period (days)

34,26

16,60

32,90

20,87

5,47

WORKING CAPITAL

14564786,00

17766208,00

21567837,00

24499909,00

42688644,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.42

UK Pound

1

Rs.81.93

Euro

1

Rs.67.67

 

 

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.