MIRA INFORM REPORT

 

 

Report Date :

21.04.2012

 

IDENTIFICATION DETAILS

 

Name :

CEL-MER CELIK ENDUSTRISI A.S.

 

 

Formerly Known As :

CEL-MER CELIK PROFIL CEKME SANAYI VE TICARET A.S

 

 

Registered Office :

Sekerpinar Mah. Sarmasik Sok. No:9 Cayirova Kocaeli 

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

22.07.1986

 

 

Com. Reg. No.:

5679

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing, hot rolling, cold drawing, peeling, grindling and trading of different kinds of steels. Main product types are: hardening and tempering steels, carbon steels, spring steels, free cutting steels, cold heading steels, constructional steels, induction hardening steels, case hardening steels, boron steels, bearing steels.

 

 

No. of Employees :

55

 

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 :

2.940.000 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 – 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

:

CEL-MER CELIK ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Sekerpinar Mah. Sarmasik Sok. No:9 Cayirova Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Ataturk Mah. Fevzi Cakmak Cad No:160 Sekerpinar" to "Sekerpinar Mah. Sarmasik Sok. No:9 Cayirova" by the municipality.

PHONE NUMBER

:

90-262-658 14 34

 

FAX NUMBER

:

90-262-658 85 55

 

WEB-ADDRESS

:

www.celmercelik.com

E-MAIL

:

info@celmercelik.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

TAX OFFICE

:

Ilyasbey

TAX NO

:

2330068587

REGISTRATION NUMBER

:

5679

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

22.07.1986

ESTABLISHMENT GAZETTE DATE/NO

:

25.07.1986/1562

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000.000

PAID-IN CAPITAL

:

TL   38.771.083

HISTORY

:

Previous Name

:

Cel-Mer Celik Profil Cekme Sanayi ve Ticaret A.S

Changed On

:

15.07.2002 (Commercial Gazette Date /Number 24.07.2002/ 5598)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

30.12.2008 (Commercial Gazette Date /Number 07.01.2009/ 7222)

Previous Registered Capital

:

TL 35.000.000

Changed On

:

12.10.2010 (Commercial Gazette Date /Number 19.10.2010/ 7672)

Other Changes

:

The company was firstly established in Istanbul and it was registered at Istanbul Commercial Registry with registration no:225814/173377. Then it moved to Gebze Kocaeli and registered at Gebze Commercial Registry with registration no:5679

Changed On

:

18.04.2000 (Commercial Gazette Date /Number 27.04.2000/ 5033)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Abdurrahman Yilmaz

90,23 %

Anna Margarete Maria Yilmaz

5,80 %

Gursan Can

 

Fikret Yilmaz

 

Meryem Teresa Yilmaz Kilic

 

 

 

SISTER COMPANIES

:

ERCELIK HADDECILIK LTD. STI.

 

BOARD OF DIRECTORS

:

Abdurrahman Yilmaz

Chairman

Gursan Can

Vice-Chairman

Meryem Teresa Yilmaz Kilic

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacturing, hot rolling, cold drawing, peeling, grindling and  trading of  different kinds of steels. Main product types are: hardening and tempering steels, carbon steels, spring steels, free cutting steels, cold heading steels, constructional steels, induction hardening steels, case hardening steels, boron steels, bearing steels…

NACE CODE

:

DJ.27.22

 

TRADEMARKS OWNED

:

Cel-Mer Celik

 

NUMBER OF EMPLOYEES

:

55

 

NET SALES

:

28.263.944 TL

(2006) 

38.327.504 TL

(2007) 

68.937.176 TL

(2008) 

36.839.491 TL

(2009) 

57.832.768 TL

(2010) 

80.025.118 TL

(2011) 

 

 

IMPORT VALUE

:

7.600.000 TL

(2010)

2.600.000 TL

(01.01-30.06.2011)

 

 

IMPORT COUNTRIES

:

Germany

Spain

India

 

MERCHANDISE IMPORTED

:

Sheet

Steel log

 

EXPORT VALUE

:

2.039.180 TL

(2006)

1.688.486 TL

(2007)

6.885.421 TL

(2008)

5.239.354 TL

(2009)

8.255.022 TL

(2010)

12.789.928 TL

(2011)

 

 

EXPORT COUNTRIES

:

Iran

Syria

Egypt

Morocco

Macedonia Republic

Romania

Serbia

Czech Republic

Greece

Germany

Saudi Arabia

Yemen

Tunisia

Bulgaria

Italy

U.K.

 

 

MERCHANDISE  EXPORTED

:

Flat-rolled iron

Iron and steel bars

Iron and steel rods

 

HEAD OFFICE ADDRESS

:

Sekerpinar Mah. Sarmasik Sok. No:9 Cayirova  Kocaeli / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Sekerpinar Mah. Sarmasik Sok. No:9 Cayirova Kocaeli Kocaeli/Turkey (owned) (30.000 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

  FINANCE

 

MAIN DEALING BANKS

:

Akbank Gebze Branch

Alternatif Bank Gebze Branch

Sekerbank Gebze Branch

T. Is Bankasi Gebze Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

38.327.504

68.937.176

36.839.491

57.832.768

80.025.118

Profit (Loss) Before Tax

1.159.958

3.068.470

324.952

2.492.094

2.035.350

Stockholders' Equity

6.907.111

37.175.780

38.639.814

40.867.549

42.708.371

Total Assets

17.735.065

69.668.095

72.511.935

82.601.527

89.371.706

Current Assets

8.464.258

28.380.881

29.356.439

40.344.808

52.136.718

Non-Current Assets

9.270.807

41.287.214

43.155.496

42.256.719

37.234.988

Current Liabilities

8.360.552

22.052.173

27.709.726

31.388.677

42.207.637

Long-Term Liabilities

2.467.402

10.440.142

6.162.395

10.345.301

4.455.698

Gross Profit (loss)

5.204.711

11.606.498

3.663.510

3.918.372

7.175.138

Operating Profit (loss)

3.682.663

9.029.326

2.469.440

2.701.157

5.665.194

Net Profit (loss)

873.184

2.438.815

228.904

1.977.735

1.424.143

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Good Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

2.940.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.940.000 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

 ( 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

 

CURRENT ASSETS

8.464.258

0,48

28.380.881

0,41

29.356.439

0,40

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.373.746

0,19

9.578.190

0,14

9.879.890

0,14

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

3.325.494

0,19

7.585.902

0,11

7.503.868

0,10

Other Receivable

43.982

0,00

58.984

0,00

63.330

0,00

Inventories

1.647.534

0,09

9.700.715

0,14

10.938.086

0,15

Advances Given

1.102

0,00

907.862

0,01

929.276

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

72.400

0,00

549.228

0,01

41.989

0,00

NON-CURRENT ASSETS

9.270.807

0,52

41.287.214

0,59

43.155.496

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.852

0,00

61.350

0,00

2.463.549

0,03

Financial Assets

150.000

0,01

1.550.000

0,02

1.550.000

0,02

Tangible Fixed Assets (net)

5.866.392

0,33

33.109.389

0,48

34.173.608

0,47

Intangible Assets

3.228.185

0,18

6.518.224

0,09

4.919.024

0,07

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

24.378

0,00

48.251

0,00

49.315

0,00

TOTAL ASSETS

17.735.065

1,00

69.668.095

1,00

72.511.935

1,00

CURRENT LIABILITIES

8.360.552

0,47

22.052.173

0,32

27.709.726

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

3.729.470

0,21

6.876.473

0,10

9.813.575

0,14

Accounts Payable

3.423.773

0,19

11.152.865

0,16

13.696.436

0,19

Loans from Shareholders

0

0,00

0

0,00

1.267.514

0,02

Other Short-term Payable

83.114

0,00

95.604

0,00

102.806

0,00

Advances from Customers

1.003.758

0,06

3.705.075

0,05

2.757.389

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

96.608

0,01

212.851

0,00

67.052

0,00

Provisions

0

0,00

9.305

0,00

1.970

0,00

Other Current Liabilities

23.829

0,00

0

0,00

2.984

0,00

LONG-TERM LIABILITIES

2.467.402

0,14

10.440.142

0,15

6.162.395

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.467.402

0,14

10.440.142

0,15

6.162.395

0,08

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.907.111

0,39

37.175.780

0,53

38.639.814

0,53

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.935.017

0,33

33.764.871

0,48

35.000.000

0,48

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

98.910

0,01

972.094

0,01

3.410.910

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

873.184

0,05

2.438.815

0,04

228.904

0,00

TOTAL LIABILITIES AND EQUITY

17.735.065

1,00

69.668.095

1,00

72.511.935

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

40.344.808

0,49

52.136.718

0,58

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

14.526.858

0,18

258.792

0,00

Marketable Securities

61.041

0,00

448.873

0,01

Account Receivable

15.027.632

0,18

36.780.681

0,41

Other Receivable

83.970

0,00

223.588

0,00

Inventories

10.047.863

0,12

10.672.416

0,12

Advances Given

0

0,00

3.515.093

0,04

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

597.444

0,01

237.275

0,00

NON-CURRENT ASSETS

42.256.719

0,51

37.234.988

0,42

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

1.043.288

0,01

603.512

0,01

Financial Assets

1.550.000

0,02

0

0,00

Tangible Fixed Assets (net)

34.714.533

0,42

29.600.283

0,33

Intangible Assets

4.899.388

0,06

4.211.645

0,05

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

49.510

0,00

2.819.548

0,03

TOTAL ASSETS

82.601.527

1,00

89.371.706

1,00

CURRENT LIABILITIES

31.388.677

0,38

42.207.637

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

5.815.260

0,07

13.052.552

0,15

Accounts Payable

22.327.727

0,27

26.314.340

0,29

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

99.114

0,00

132.938

0,00

Advances from Customers

2.282.838

0,03

1.976.374

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

808.395

0,01

731.433

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

55.343

0,00

0

0,00

LONG-TERM LIABILITIES

10.345.301

0,13

4.455.698

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

10.345.301

0,13

4.455.698

0,05

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

40.867.549

0,49

42.708.371

0,48

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

38.354.403

0,46

38.771.083

0,43

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

535.411

0,01

2.513.145

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

1.977.735

0,02

1.424.143

0,02

TOTAL LIABILITIES AND EQUITY

82.601.527

1,00

89.371.706

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. 

 

At the last income statement TL 2.433.897 of the other expenses is due to "Loss from Foreign Currency Exchange". 

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

38.327.504

1,00

68.937.176

1,00

36.839.491

1,00

Cost of Goods Sold

33.122.793

0,86

57.330.678

0,83

33.175.981

0,90

Gross Profit

5.204.711

0,14

11.606.498

0,17

3.663.510

0,10

Operating Expenses

1.522.048

0,04

2.577.172

0,04

1.194.070

0,03

Operating Profit

3.682.663

0,10

9.029.326

0,13

2.469.440

0,07

Other Income

554.980

0,01

865.605

0,01

1.961.840

0,05

Other Expenses

116.660

0,00

863.161

0,01

736.261

0,02

Financial Expenses

2.961.025

0,08

5.963.300

0,09

3.370.067

0,09

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.159.958

0,03

3.068.470

0,04

324.952

0,01

Tax Payable

286.774

0,01

629.655

0,01

96.048

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

873.184

0,02

2.438.815

0,04

228.904

0,01

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

57.832.768

1,00

80.025.118

1,00

Cost of Goods Sold

53.914.396

0,93

72.849.980

0,91

Gross Profit

3.918.372

0,07

7.175.138

0,09

Operating Expenses

1.217.215

0,02

1.509.944

0,02

Operating Profit

2.701.157

0,05

5.665.194

0,07

Other Income

2.550.108

0,04

2.113.134

0,03

Other Expenses

1.114.199

0,02

3.455.476

0,04

Financial Expenses

1.644.972

0,03

2.287.502

0,03

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.492.094

0,04

2.035.350

0,03

Tax Payable

514.359

0,01

611.207

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.977.735

0,03

1.424.143

0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,01

1,29

1,06

1,29

1,24

Acid-Test Ratio

0,81

0,78

0,63

0,95

0,89

Cash Ratio

0,40

0,43

0,36

0,46

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,09

0,14

0,15

0,12

0,12

Short-term Receivable/Total Assets

0,19

0,11

0,10

0,18

0,41

Tangible Assets/Total Assets

0,33

0,48

0,47

0,42

0,33

TURNOVER RATIOS

 

Inventory Turnover

20,10

5,91

3,03

5,37

6,83

Stockholders' Equity Turnover

5,55

1,85

0,95

1,42

1,87

Asset Turnover

2,16

0,99

0,51

0,70

0,90

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,39

0,53

0,53

0,49

0,48

Current Liabilities/Total Assets

0,47

0,32

0,38

0,38

0,47

Financial Leverage

0,61

0,47

0,47

0,51

0,52

Gearing Percentage

1,57

0,87

0,88

1,02

1,09

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,13

0,07

0,01

0,05

0,03

Operating Profit Margin

0,10

0,13

0,07

0,05

0,07

Net Profit Margin

0,02

0,04

0,01

0,03

0,02

Interest Cover

1,39

1,51

1,10

2,51

1,89

COLLECTION-PAYMENT

 

Average Collection Period (days)

31,25

39,94

97,40

100,04

168,18

Average Payable Period (days)

37,21

70,03

148,62

149,09

130,04

WORKING CAPITAL

103706,00

6328708,00

1646713,00

8956131,00

9929081,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.00

UK Pound

1

Rs.83.54

Euro

1

Rs.68.40

 

 

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

 

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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.