MIRA INFORM REPORT

 

 

Report Date :           

16.04.2012

 

IDENTIFICATION DETAILS

 

Name :

OZKAN DEMIR CELIK SANAYI A.S.

 

 

Registered Office :

Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

1344

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Hot iron rolling, wholesale trade of iron and manufacture of raw materials

 

 

No. of Employees :

700

 

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 :

22.800.000 EUR

 

 

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 – 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

 

 

COMPANY IDENTIFICATION

 

NAME

:

OZKAN DEMIR CELIK SANAYI A.S.

HEAD OFFICE ADDRESS

:

Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Yeni Foca Yolu 2. km Aliaga/Izmir" to "Bozkoy Koyu 13. Cad. No:4 Aliaga/Izmir" by the municipality.

PHONE NUMBER

:

90-232-625 15 15

 

FAX NUMBER

:

90-232-625 20 86

 

WEB-ADDRESS

:

www.ozkandemir.com

E-MAIL

:

info@ozkansteel.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Aliaga

TAX NO

:

6980023010

REGISTRATION NUMBER

:

1344

REGISTERED OFFICE

:

Aliaga Chamber of Commerce

DATE ESTABLISHED

:

1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   120.000.000

PAID-IN CAPITAL

:

TL   120.000.000

HISTORY

:

Previous Registered Capital

:

TL 86.000.000

Changed On

:

14.04.2009 (Commercial Gazette Date /Number 22.04.2009/ 7297)

Previous Registered Capital

:

TL 100.000.000

Changed On

:

14.04.2010 (Commercial Gazette Date /Number 26.04.2010/ 7550)

Previous Registered Capital

:

TL 117.000.000

Changed On

:

12.07.2011 (Commercial Gazette Date /Number 20.07.2011/ 7862)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Seyit Mehmet Ozkan

28,81 %

Ugur Ozkan

28,77 %

Mustafa Ozkan

28,77 %

Leyla Yavuz

13,64 %

Bekir Sami Altin

 

Efe Yavuz

 

Kenan Ozkan

 

Emin Tufekciler

 

Cemal Sezai Oncu

 

 

 

SISTER COMPANIES

:

INDEM INSAAT DEMIRLERI SATIS VE PAZARLAMA LTD. STI.

KENAN OZKAN CELIK PROFILLER ARGE HIZMETLERI LTD. STI.

OYCELIK HADDECILIK SANAYI VE TICARET LTD. STI.

OZKAN DEMIR CELIK DIS TICARET A.S.

 

SUBSIDIARIES

:

OZKAN DEMIR CELIK DIS TICARET A.S.  ( 94 % )

 

BOARD OF DIRECTORS

:

Seyit Mehmet Ozkan

Chairman

Mustafa Ozkan

Vice-Chairman

Bekir Sami Altin

Member

Emin Tufekciler

Member

Ugur Ozkan

Member

 

 

DIRECTORS

:

Bekir Sami Altin                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Hot iron rolling, wholesale trade of iron and manufacture of raw materials.  We are informed that the company started manufacturing of raw materials in November, 2010.

 

NACE CODE

:

DJ.27.30

 

SECTOR

:

Metal

 

TRADEMARKS OWNED

:

Ozkan

 

NUMBER OF EMPLOYEES

:

700

 

NET SALES

:

237.615.586 TL

(2005) 

330.374.681 TL

(2006) 

518.082.809 TL

(2007) 

707.987.173 TL

(2008) 

389.165.369 TL

(2009) 

442.760.893 TL

(2010) 

527.664.412 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

Hot Iron Rolling  ( kgs/yr)

Ingot Steel 

( kgs/yr)

 

331.968.000

697.680.000

(2010)

331.968.000

697.680.000

(2011)

 

 

 

IMPORT VALUE

:

44.372.000 USD

(2009)

24.085.000 USD

(2010)

146.904.291 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

Ukraine

Romania

Italy

Switzerland

 

MERCHANDISE IMPORTED

:

Iron

Metal sheet

Scrap

Steel plant equipments

 

 

EXPORT VALUE

:

123.350.765 TL

(2005)

202.793.768 TL

(2006)

324.878.368 TL

(2007)

506.284.655 TL

(2008)

284.620.188 TL

(2009)

293.025.970 TL

(2010)

371.103.885 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Portugal

U.K.

Sri Lanka

Sudan

Egypt

Jordan

Saudi Arabia

Morocco

Romania

Norway

Belgium

Spain

Greece

Italy

Germany

Singapore

U.A.E.

Canada

 

MERCHANDISE  EXPORTED

:

Iron

Steel profiles

 

HEAD OFFICE ADDRESS

:

Bozkoy Koyu 13. Cad. No:4 Aliaga  Izmir / Turkey

 

BRANCHES

:

Warehouse  :  Tatlikuyu Mah. 319 Sok. No: 27 Gebze Kocaeli/Turkey (owned)

 

Factory  :  Horozgedigi Koyu Sanayi Cad. No:39 Aliaga Izmir/Turkey (owned) (57.024 sqm)

 

Head Office/Factory  :  Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir/Turkey (owned) (57.740 sqm)

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Izmir Kurumsal Branch

Garanti Bankasi Kurumsal Branch

HSBC Bank Ege Kurumsal Branch

Yapi ve Kredi Bankasi Fuar Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the last years which was resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

518.082.809

707.987.173

389.165.369

442.760.893

527.664.412

Profit (Loss) Before Tax

35.447.178

5.285.323

8.608.471

5.297.142

3.459.661

Stockholders' Equity

171.741.903

171.709.579

186.230.258

199.746.838

 

Total Assets

317.071.508

500.907.925

545.376.434

836.515.062

 

Current Assets

153.264.258

223.771.773

171.801.545

309.657.710

 

Non-Current Assets

163.807.250

277.136.152

373.574.889

526.857.352

 

Current Liabilities

93.791.507

232.931.689

168.242.209

292.994.602

 

Long-Term Liabilities

51.538.098

96.266.657

190.903.967

343.773.622

 

Gross Profit (loss)

52.479.717

60.044.585

50.420.117

60.903.969

80.242.902

Operating Profit (loss)

33.787.675

30.348.163

33.235.404

41.318.852

52.529.941

Net Profit (loss)

28.306.627

4.008.086

6.686.743

5.297.142

3.459.661

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:182.140,40 TL

Equity Part

:2.817.859,60 TL

Payment Due Date

:12.07.2011

 

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Fair 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

Good Operating Profitability  in 2007

Good Net Profitability  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 22.800.000 EUR 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 ( 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

 

CURRENT ASSETS

153.264.258

0,48

223.771.773

0,45

171.801.545

0,32

309.657.710

0,37

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.210.427

0,02

43.791.933

0,09

21.303.764

0,04

113.969.622

0,14

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

34.337.387

0,11

52.620.685

0,11

38.447.864

0,07

29.125.643

0,03

Other Receivable

83.112

0,00

80.896

0,00

114.605

0,00

142.325

0,00

Inventories

75.737.354

0,24

91.341.296

0,18

56.772.684

0,10

121.956.785

0,15

Advances Given

31.983.795

0,10

26.017.159

0,05

43.391.161

0,08

20.818.191

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.912.183

0,02

9.919.804

0,02

11.771.467

0,02

23.645.144

0,03

NON-CURRENT ASSETS

163.807.250

0,52

277.136.152

0,55

373.574.889

0,68

526.857.352

0,63

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

2.935.314

0,01

2.935.314

0,01

2.935.314

0,01

2.935.314

0,00

Tangible Fixed Assets (net)

157.157.631

0,50

266.945.945

0,53

344.171.194

0,63

487.089.460

0,58

Intangible Assets

3.701.532

0,01

7.215.500

0,01

23.693.523

0,04

35.284.388

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

12.773

0,00

39.393

0,00

2.774.858

0,01

1.548.190

0,00

TOTAL ASSETS

317.071.508

1,00

500.907.925

1,00

545.376.434

1,00

836.515.062

1,00

CURRENT LIABILITIES

93.791.507

0,30

232.931.689

0,47

168.242.209

0,31

292.994.602

0,35

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

48.282.082

0,15

160.073.633

0,32

135.136.324

0,25

164.949.589

0,20

Accounts Payable

34.126.227

0,11

56.264.696

0,11

23.866.405

0,04

95.680.939

0,11

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

6.494

0,00

7.232

0,00

5.999

0,00

Advances from Customers

8.589.299

0,03

14.301.125

0,03

8.460.795

0,02

18.283.923

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

586.741

0,00

402.471

0,00

264.476

0,00

1.349.253

0,00

Provisions

1.820.460

0,01

0

0,00

377.398

0,00

12.020.274

0,01

Other Current Liabilities

386.698

0,00

1.883.270

0,00

129.579

0,00

704.625

0,00

LONG-TERM LIABILITIES

51.538.098

0,16

96.266.657

0,19

190.903.967

0,35

343.773.622

0,41

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

50.217.860

0,16

96.266.657

0,19

140.544.508

0,26

292.377.432

0,35

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

1.320.238

0,00

0

0,00

41.885.158

0,08

38.035.100

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

900.357

0,00

Other Long-term Liabilities

0

0,00

0

0,00

8.474.301

0,02

12.460.733

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

171.741.903

0,54

171.709.579

0,34

186.230.258

0,34

199.746.838

0,24

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

63.250.000

0,20

86.000.000

0,17

100.000.000

0,18

117.000.000

0,14

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

2.224.940

0,01

3.741.157

0,01

3.934.652

0,01

4.621.395

0,01

Revaluation Fund

91.965.086

0,29

91.965.086

0,18

89.613.613

0,16

86.833.051

0,10

Accumulated Losses(-)

-14.004.750

-0,04

-14.004.750

-0,03

-14.004.750

-0,03

-14.004.750

-0,02

Net Profit (loss)

28.306.627

0,09

4.008.086

0,01

6.686.743

0,01

5.297.142

0,01

TOTAL LIABILITIES AND EQUITY

317.071.508

1,00

500.907.925

1,00

545.376.434

1,00

836.515.062

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

518.082.809

1,00

707.987.173

1,00

389.165.369

1,00

442.760.893

1,00

527.664.412

1,00

Cost of Goods Sold

465.603.092

0,90

647.942.588

0,92

338.745.252

0,87

381.856.924

0,86

447.421.510

0,85

Gross Profit

52.479.717

0,10

60.044.585

0,08

50.420.117

0,13

60.903.969

0,14

80.242.902

0,15

Operating Expenses

18.692.042

0,04

29.696.422

0,04

17.184.713

0,04

19.585.117

0,04

27.712.961

0,05

Operating Profit

33.787.675

0,07

30.348.163

0,04

33.235.404

0,09

41.318.852

0,09

52.529.941

0,10

Other Income

38.928.050

0,08

72.179.754

0,10

39.195.238

0,10

23.408.004

0,05

24.190.775

0,05

Other Expenses

16.610.122

0,03

33.925.675

0,05

21.947.416

0,06

13.094.941

0,03

19.663.342

0,04

Financial Expenses

20.658.425

0,04

63.316.919

0,09

41.874.755

0,11

46.334.773

0,10

53.597.713

0,10

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

35.447.178

0,07

5.285.323

0,01

8.608.471

0,02

5.297.142

0,01

3.459.661

0,01

Tax Payable

7.140.551

0,01

1.277.237

0,00

1.921.728

0,00

0

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)

28.306.627

0,05

4.008.086

0,01

6.686.743

0,02

5.297.142

0,01

3.459.661

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,63

0,96

1,02

1,06

 

Acid-Test Ratio

0,42

0,41

0,36

0,49

 

Cash Ratio

0,06

0,19

0,13

0,39

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,24

0,18

0,10

0,15

 

Short-term Receivable/Total Assets

0,11

0,11

0,07

0,03

 

Tangible Assets/Total Assets

0,50

0,53

0,63

0,58

 

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

6,15

7,09

5,97

3,13

 

Stockholders' Equity Turnover

3,02

4,12

2,09

2,22

 

Asset Turnover

1,63

1,41

0,71

0,53

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,54

0,34

0,34

0,24

 

Current Liabilities/Total Assets

0,30

0,47

0,31

0,35

 

Financial Leverage

0,46

0,66

0,66

0,76

 

Gearing Percentage

0,85

1,92

1,93

3,19

 

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,16

0,02

0,04

0,03

 

Operating Profit Margin

0,07

0,04

0,09

0,09

 

Net Profit Margin

0,05

0,01

0,02

0,01

 

Interest Cover

2,72

1,08

1,21

1,11

 

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

23,86

26,76

35,57

23,68

 

Average Payable Period (days)

27,41

31,26

69,88

126,06

 

WORKING CAPITAL

59472751,00

-9159916,00

3559336,00

16663108,00

 

 

 

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

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NB

New Business

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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.