MIRA INFORM REPORT

 

 

Report Date :

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SARITAS CELIK SANAYI VE TICARET A.S

 

 

Registered Office :

Yukari Dudullu Organize Sanayi Bolgesi  2. Cad. No: 31-33 Umraniye  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.03.1982

 

 

Com. Reg. No.:

186045

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and Trade of Stainless Steel.

 

 

No. of Employees :

54

 

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 :

37.000.000 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 30, 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

 

COMPANY IDENTIFICATION

 

NAME

:

SARITAS CELIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yukari Dudullu Organize Sanayi Bolgesi  2. Cad. No: 31-33 Umraniye  Istanbul / Turkey

PHONE NUMBER

:

90-216-466 49 00

 

FAX NUMBER

:

90-216-466 49 16

 

WEB-ADDRESS

:

www.saritas.com.tr

E-MAIL

:

saritas@saritas.com.tr

 

 

 LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7500052405

REGISTRATION NUMBER

:

186045

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.03.1982

ESTABLISHMENT GAZETTE DATE/NO

:

04.03.1982/454

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   174.053.880

PAID-IN CAPITAL

:

TL   174.053.880

 

HISTORY

:

Previous Registered Capital

:

TL 131.040.000

Changed On

:

16.11.2009 (Commercial Gazette Date /Number 20.11.2009/ 7443)

Previous Registered Capital

:

TL 150.696.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 03.06.2010/ 7577)

Previous Registered Capital

:

TL 158.230.800

Changed On

:

12.05.2011 (Commercial Gazette Date /Number 17.05.2011/ 7817)

Previous Address

:

Demirciler Sitesi  7. Yol  No: 15-17   Zeytinburnu Istanbul

Changed On

:

17.05.2004 (Commercial Gazette Date /Number 21.05.2004/ 6054)

PREVIOUS SHAREHOLDERS

:

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Selcuk Saritas

47,50 %

Ercument Saritas

47,50 %

Zeycan Saritas

2,86 %

Nezaket Ilhan

1,43 %

Pinar Saritas

0,71 %

 

 

GROUP

:

SARITAS GROUP OF COMPANIES

 

SISTER COMPANIES

:

SARITAS DESTEK HIZMETLERI VE BILGI TEKNOLOJILERI LTD. STI.,

 

SARITAS DIS TICARET VE PAZARLAMA A.S.

 

SUBSIDIARIES

:

SARITAS DIS TICARET VE PAZARLAMA A.S.  ( 20 % )

 

BOARD OF DIRECTORS

:

Ercument Saritas

Chairman

Selcuk Saritas

Vice-Chairman

Zeycan Saritas

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of stainless steel.

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

54

 

 

NET SALES

:

1.512.264 TL

(1996) 

2.917.738 TL

(1997) 

4.515.375 TL

(1998) 

7.670.659 TL

(1999) 

17.665.117 TL

(2000) 

26.158.297 TL

(2001) 

58.414.790 TL

(2002) 

96.670.426 TL

(2003) 

173.140.543 TL

(2004) 

226.134.343 TL

(2005) 

329.577.231 TL

(2006) 

372.776.952 TL

(2007) 

305.719.439 TL

(2008) 

219.988.760 TL

(2009) 

332.258.075 TL

(2010) 

369.088.290 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

82.000.000 USD + 111.000.000 EUR

(2007)

194.505.000 USD

(2008)

90.000.000 USD

(2009)

47.000.000 EUR + 148.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Finland

Belgium

Germany

Korea

 

MERCHANDISE IMPORTED

:

Stainless steel

 

EXPORT VALUE

:

47.967 USD

(1997)

44.253 TL

(1998)

7.065 TL

(1999)

384.153 TL

(2000)

875.898 TL

(2001)

2.424.561 TL

(2002)

8.204.582 TL

(2003)

35.787.811 TL

(2004)

42.699.524 TL

(2005)

50.308.605 TL

(2006)

49.980.324 TL

(2007)

47.332.606 TL

(2008)

19.896.561 TL

(2009)

38.624.883 TL

(2010)

52.995.176 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Romania

Bulgaria

Lebanon

Italy

Jordan

Russia

Greece

U.K.

France

Germany

Northern Cyprus Turkish Republic

Poland

Iraq

Syria

Malta

Serbia

Free Zone

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Stainless steel

 

HEAD OFFICE ADDRESS

:

Yukari Dudullu Organize Sanayi Bolgesi  2. Cad. No: 31-33 Umraniye   Istanbul / Turkey ( owned ) (19.207 sqm)

 

BRANCHES

:

Head Office/Production Plant  :  Yukari Dudullu Organize Sanayi Bolgesi  2. Cad. No: 31-33 Umraniye Istanbul/Turkey (owned) (19.207 sqm)

 

Branch Office  :  Gebze Organize Sanayi Bolgesi 1500 Sok. No:1501 Cayirova Kocaeli/Turkey

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Des Sanayi Sitesi Branch

HSBC Bank Asya Kurumsal 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

(01.01-30.09.2011) TL

Net Sales

372.776.952

305.719.439

219.988.760

332.258.075

369.088.290

Profit (Loss) Before Tax

36.737.742

24.781.062

28.230.654

37.872.887

37.030.534

Stockholders' Equity

129.920.505

141.733.373

188.979.101

211.785.016

 

Total Assets

196.829.503

186.046.577

230.101.250

357.124.448

 

Current Assets

149.682.176

142.518.312

173.646.616

257.151.692

 

Non-Current Assets

47.147.327

43.528.265

56.454.634

99.972.756

 

Current Liabilities

59.920.798

44.313.204

15.263.649

26.014.532

 

Long-Term Liabilities

6.988.200

0

25.858.500

119.324.900

 

Gross Profit (loss)

49.098.430

45.737.387

39.149.675

51.266.634

76.792.207

Operating Profit (loss)

42.811.456

38.881.548

33.418.382

45.310.081

71.017.758

Net Profit (loss)

29.310.472

19.761.540

22.441.095

30.229.916

29.318.636

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:15.823.080 TL

Payment Due Date

:12.05.2011

 

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 LIMIT

 

:

37.000.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 37.000.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

149.682.176

0,76

142.518.312

0,77

173.646.616

0,75

257.151.692

0,72

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

45.768.386

0,23

52.730.339

0,28

43.983.843

0,19

40.638.131

0,11

Marketable Securities

0

0,00

65.091

0,00

0

0,00

0

0,00

Account Receivable

31.591.119

0,16

35.546.407

0,19

37.468.363

0,16

55.896.133

0,16

Other Receivable

189.574

0,00

0

0,00

0

0,00

8

0,00

Inventories

53.770.455

0,27

53.384.894

0,29

77.330.767

0,34

140.199.773

0,39

Advances Given

9.727.965

0,05

322.326

0,00

7.379.616

0,03

790.292

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

8.634.677

0,04

469.255

0,00

7.484.027

0,03

19.627.355

0,05

NON-CURRENT ASSETS

47.147.327

0,24

43.528.265

0,23

56.454.634

0,25

99.972.756

0,28

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

448.047

0,00

448.047

0,00

448.046

0,00

524.046

0,00

Tangible Fixed Assets (net)

46.683.674

0,24

43.074.831

0,23

56.004.823

0,24

99.428.434

0,28

Intangible Assets

15.327

0,00

5.369

0,00

1.747

0,00

19.315

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

279

0,00

18

0,00

18

0,00

961

0,00

TOTAL ASSETS

196.829.503

1,00

186.046.577

1,00

230.101.250

1,00

357.124.448

1,00

CURRENT LIABILITIES

59.920.798

0,30

44.313.204

0,24

15.263.649

0,07

26.014.532

0,07

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

44.853.838

0,23

38.563.650

0,21

8.000.000

0,03

15.584.703

0,04

Accounts Payable

4.567.999

0,02

1.460.670

0,01

2.211.338

0,01

6.380.152

0,02

Loans from Shareholders

0

0,00

1.263.489

0,01

0

0,00

0

0,00

Other Short-term Payable

25.687

0,00

3.174

0,00

41.842

0,00

47.930

0,00

Advances from Customers

1.895.883

0,01

1.938.166

0,01

2.081.115

0,01

1.222.947

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

646.781

0,00

710.504

0,00

2.861.194

0,01

1.807.968

0,01

Provisions

7.427.270

0,04

0

0,00

19

0,00

2.917

0,00

Other Current Liabilities

503.340

0,00

373.551

0,00

68.141

0,00

967.915

0,00

LONG-TERM LIABILITIES

6.988.200

0,04

0

0,00

25.858.500

0,11

119.324.900

0,33

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.988.200

0,04

0

0,00

25.858.500

0,11

119.324.900

0,33

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

129.920.505

0,66

141.733.373

0,76

188.979.101

0,82

211.785.016

0,59

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

84.000.000

0,43

100.800.000

0,54

150.696.000

0,65

158.230.800

0,44

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

16.610.033

0,08

21.171.833

0,11

15.842.006

0,07

23.248.300

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

76.000

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

29.310.472

0,15

19.761.540

0,11

22.441.095

0,10

30.229.916

0,08

TOTAL LIABILITIES AND EQUITY

196.829.503

1,00

186.046.577

1,00

230.101.250

1,00

357.124.448

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

372.776.952

1,00

305.719.439

1,00

219.988.760

1,00

332.258.075

1,00

369.088.290

1,00

Cost of Goods Sold

323.678.522

0,87

259.982.052

0,85

180.839.085

0,82

280.991.441

0,85

292.296.083

0,79

Gross Profit

49.098.430

0,13

45.737.387

0,15

39.149.675

0,18

51.266.634

0,15

76.792.207

0,21

Operating Expenses

6.286.974

0,02

6.855.839

0,02

5.731.293

0,03

5.956.553

0,02

5.774.449

0,02

Operating Profit

42.811.456

0,11

38.881.548

0,13

33.418.382

0,15

45.310.081

0,14

71.017.758

0,19

Other Income

8.934.990

0,02

22.502.419

0,07

11.227.802

0,05

6.685.242

0,02

18.700.982

0,05

Other Expenses

10.250.662

0,03

30.245.323

0,10

12.788.269

0,06

5.968.033

0,02

26.575.297

0,07

Financial Expenses

4.758.042

0,01

6.357.582

0,02

3.627.261

0,02

8.154.403

0,02

26.112.909

0,07

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

36.737.742

0,10

24.781.062

0,08

28.230.654

0,13

37.872.887

0,11

37.030.534

0,10

Tax Payable

7.427.270

0,02

5.019.522

0,02

5.789.559

0,03

7.642.971

0,02

7.711.898

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

29.310.472

0,08

19.761.540

0,06

22.441.095

0,10

30.229.916

0,00

29.318.636

0,08

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,50

3,22

11,38

9,88

Acid-Test Ratio

1,29

1,99

5,34

3,71

Cash Ratio

0,76

1,19

2,88

1,56

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,29

0,34

0,39

Short-term Receivable/Total Assets

0,16

0,19

0,16

0,16

Tangible Assets/Total Assets

0,24

0,23

0,24

0,28

TURNOVER RATIOS

 

 

Inventory Turnover

6,02

4,87

2,34

2,00

Stockholders' Equity Turnover

2,87

2,16

1,16

1,57

Asset Turnover

1,89

1,64

0,96

0,93

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,66

0,76

0,82

0,59

Current Liabilities/Total Assets

0,30

0,24

0,07

0,07

Financial Leverage

0,34

0,24

0,18

0,41

Gearing Percentage

0,51

0,31

0,22

0,69

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

0,14

0,12

0,14

Operating Profit Margin

0,11

0,13

0,15

0,14

Net Profit Margin

0,08

0,06

0,10

0,09

Interest Cover

8,72

4,90

8,78

5,64

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

30,51

41,86

61,31

60,56

Average Payable Period (days)

5,08

2,02

4,40

8,17

WORKING CAPITAL

89761378,00

98205108,00

158382967,00

231137160,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.64

UK Pound

1

Rs.77.79

Euro

1

Rs.65.04

 

 

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.