MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

BORSEN BORU SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Dudullu Organize Sanayi Bolgesi 3. Cad. No: 20 Yukari Dudullu Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.04.1983

 

 

Com. Reg. No.:

194751

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and Trade of pipe and fittings made of stainless metal.

 

 

No. of Employees :

51

 

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 :

9.400.000 USD

 

 

Status :

Good

 

 

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 – 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

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

BORSEN BORU SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Dudullu Organize Sanayi Bolgesi 3. Cad. No: 20 Yukari Dudullu Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-466 37 05

 

FAX NUMBER

:

90-216-420 65 53

 

WEB-ADDRESS

:

www.borsenboru.com

E-MAIL

:

borsen@borsenboru.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

1800034904

REGISTRATION NUMBER

:

194751

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.04.1983

ESTABLISHMENT GAZETTE DATE/NO

:

04.05.1983/749

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   60.000.000

PAID-IN CAPITAL

:

TL   60.000.000

HISTORY

:

Previous Registered Capital

:

TL 20.000.000

Changed On

:

20.11.2008 (Commercial Gazette Date /Number 25.11.2008/ 7196)

Previous Registered Capital

:

TL 40.000.000

Changed On

:

16.06.2011 (Commercial Gazette Date /Number 22.06.2011/ 7842)

Previous Address

:

Des Sanayi Sitesi 107. Sok. B 14 Blok No: 2-4-6-8-10 Yukari Dudullu Umraniye– Istanbul

Changed On

:

06.03.2007 (Commercial Gazette Date /Number 09.03.2007/ 6762)

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ferruh Ketenci

40 %

Osman Ketenci

30 %

Ferhat Ketenci

30 %

 

 

SISTER COMPANIES

:

BURTAS PASLANMAZ HIJYENIK VE ENDUSTRI URUNLERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Serdar Gungor                                                                                                                                                                                                                                                                                   

 

Osman Ketenci                                                                                                                                                                                                                                                                                   

 

Gursel Kaplan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and  trade of pipe and fittings made of stainless metal. 

 

NACE CODE

:

DJ.27.22

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

51

 

NET SALES

:

32.910.425 TL

(2006) 

39.301.523 TL

(2007) 

43.188.430 TL

(2008) 

33.952.290 TL

(2009) 

44.338.230 TL

(2010) 

42.448.570 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

170.066 EUR + 1.014.881 USD

(2009)

6.148.000 EUR + 7.372.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Israel

India

Taiwan

Italy

Finland

Sweden

Austria

Spain

China

 

MERCHANDISE IMPORTED

:

Pipe and fittings

 

EXPORT VALUE

:

1.811.502 TL

(2006)

2.439.075 TL

(2007)

2.334.108 TL

(2008)

2.208.936 TL

(2009)

4.408.006 TL

(2010)

1.922.049 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Syria

Egypt

Croatia

Free Zone

Macedonia Republic

Azerbaijan

Iran

Iraq

Russia

Pakistan

Saudi Arabia

Jordan

Georgia

Kazakhstan

Denmark

Belgium

Italy

Tajikistan

 

MERCHANDISE  EXPORTED

:

Bars

Pipelines

Rods

Stainless steel

Tubes

 

HEAD OFFICE ADDRESS

:

Dudullu Organize Sanayi Bolgesi 3. Cad. No: 20 Yukari Dudullu Umraniye  Istanbul / Turkey ( owned )

 

 

BRANCHES

:

Warehouse  :  Mermerciler Organize Sanayi Bolgesi Tuzla Istanbul/Turkey (rented)

 

Head Office/Production Plant  :  Organize Sanayi Bolgesi 3. Cad. No: 20 Yukari Dudullu Umraniye Istanbul/Turkey (owned)

                                                                                

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Imes Branch

Denizbank Kartal Branch

Garanti Bankasi Des Branch

ING Bank Imes Branch

T. Is Bankasi Dudullu Branch

T.Finans Katilim Bankasi Kucukbakkalkoy Branch

Yapi ve Kredi Bankasi Imes Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

(01.01-30.09.2011) TL

Net Sales

39.301.523

43.188.430

33.952.290

44.338.230

42.448.570

Profit (Loss) Before Tax

10.850.564

12.456.636

6.197.765

8.504.093

13.490.134

Stockholders' Equity

45.971.518

55.932.308

60.886.358

67.565.242

 

Total Assets

47.875.458

57.872.839

62.304.124

70.253.950

 

Current Assets

36.570.354

46.945.259

51.770.267

60.436.310

 

Non-Current Assets

11.305.104

10.927.580

10.533.857

9.817.640

 

Current Liabilities

1.903.940

1.940.531

1.417.766

2.688.708

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

14.447.598

13.987.323

9.505.918

12.796.910

15.827.554

Operating Profit (loss)

11.358.922

10.599.226

6.067.588

8.825.834

12.044.168

Net Profit (loss)

8.674.502

9.960.790

4.954.050

6.798.884

13.490.134

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:20.000.000 TL

Payment Due Date

:16.06.2011

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

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

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

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 9.400.000 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

36.570.354

0,76

46.945.259

0,81

51.770.267

0,83

60.436.310

0,86

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.935.351

0,04

9.702.736

0,17

9.203.296

0,15

8.007.698

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

5.227.719

0,11

5.512.798

0,10

3.884.754

0,06

5.525.334

0,08

Other Receivable

49

0,00

0

0,00

763.822

0,01

0

0,00

Inventories

28.546.044

0,60

31.029.272

0,54

37.248.755

0,60

45.730.305

0,65

Advances Given

310.736

0,01

237.956

0,00

33.206

0,00

116.157

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

550.455

0,01

462.497

0,01

636.434

0,01

1.056.816

0,02

NON-CURRENT ASSETS

11.305.104

0,24

10.927.580

0,19

10.533.857

0,17

9.817.640

0,14

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

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

11.179.383

0,23

10.827.961

0,19

10.450.173

0,17

9.754.218

0,14

Intangible Assets

105.295

0,00

77.903

0,00

58.225

0,00

34.643

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

20.426

0,00

21.716

0,00

25.459

0,00

28.779

0,00

TOTAL ASSETS

47.875.458

1,00

57.872.839

1,00

62.304.124

1,00

70.253.950

1,00

CURRENT LIABILITIES

1.903.940

0,04

1.940.531

0,03

1.417.766

0,02

2.688.708

0,04

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

50.776

0,00

19.325

0,00

447.246

0,01

7.597

0,00

Accounts Payable

825.255

0,02

109.740

0,00

344.808

0,01

1.818.067

0,03

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

535.781

0,01

855.636

0,01

202.198

0,00

189.393

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

68.676

0,00

83.812

0,00

81.367

0,00

94.937

0,00

Provisions

423.452

0,01

872.018

0,02

342.147

0,01

578.714

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

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

45.971.518

0,96

55.932.308

0,97

60.886.358

0,98

67.565.242

0,96

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000.000

0,42

40.000.000

0,69

40.000.000

0,64

40.000.000

0,57

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.079.071

0,02

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

16.217.945

0,34

5.971.518

0,10

15.932.308

0,26

20.766.358

0,30

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

8.674.502

0,18

9.960.790

0,17

4.954.050

0,08

6.798.884

0,10

TOTAL LIABILITIES AND EQUITY

47.875.458

1,00

57.872.839

1,00

62.304.124

1,00

70.253.950

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

39.301.523

1,00

43.188.430

1,00

33.952.290

1,00

44.338.230

1,00

42.448.570

1,00

Cost of Goods Sold

24.853.925

0,63

29.201.107

0,68

24.446.372

0,72

31.541.320

0,71

26.621.016

0,63

Gross Profit

14.447.598

0,37

13.987.323

0,32

9.505.918

0,28

12.796.910

0,29

15.827.554

0,37

Operating Expenses

3.088.676

0,08

3.388.097

0,08

3.438.330

0,10

3.971.076

0,09

3.783.386

0,09

Operating Profit

11.358.922

0,29

10.599.226

0,25

6.067.588

0,18

8.825.834

0,20

12.044.168

0,28

Other Income

226.334

0,01

2.745.216

0,06

1.138.935

0,03

911.670

0,02

1.861.164

0,04

Other Expenses

484.451

0,01

877.932

0,02

951.990

0,03

1.223.246

0,03

370.919

0,01

Financial Expenses

250.241

0,01

9.874

0,00

56.768

0,00

10.165

0,00

44.279

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

10.850.564

0,28

12.456.636

0,29

6.197.765

0,18

8.504.093

0,19

13.490.134

0,32

Tax Payable

2.176.062

0,06

2.495.846

0,06

1.243.715

0,04

1.705.209

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

8.674.502

0,22

9.960.790

0,23

4.954.050

0,15

6.798.884

0,15

13.490.134

0,32

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

19,21

24,19

36,52

22,48

Acid-Test Ratio

3,76

7,84

9,77

5,03

Cash Ratio

1,02

5,00

6,49

2,98

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,60

0,54

0,60

0,65

Short-term Receivable/Total Assets

0,11

0,10

0,07

0,08

Tangible Assets/Total Assets

0,23

0,19

0,17

0,14

TURNOVER RATIOS

 

Inventory Turnover

0,87

0,94

0,66

0,69

Stockholders' Equity Turnover

0,85

0,77

0,56

0,66

Asset Turnover

0,82

0,75

0,54

0,63

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,96

0,97

0,98

0,96

Current Liabilities/Total Assets

0,04

0,03

0,02

0,04

Financial Leverage

0,04

0,03

0,02

0,04

Gearing Percentage

0,04

0,03

0,02

0,04

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,19

0,18

0,08

0,10

Operating Profit Margin

0,29

0,25

0,18

0,20

Net Profit Margin

0,22

0,23

0,15

0,15

Interest Cover

44,36

1262,56

110,18

837,61

COLLECTION-PAYMENT

 

Average Collection Period (days)

47,89

45,95

41,19

44,86

Average Payable Period (days)

11,95

1,35

5,08

20,75

WORKING CAPITAL

34666414,00

45004728,00

50352501,00

57747602,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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.