MIRA INFORM REPORT

 

 

Report Date :

31.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SAGLAMLAR ORMAN TARIM URUNLERI TICARET VE SANAYI A.S.

 

 

Registered Office :

Edremit-Akcay Yolu 6. Km  Edremit Balikesir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.01.1974

 

 

Com. Reg. No.:

1268-1544

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of wooden products such as plywood, door profiles, massive panels, deck boards, pallets.

 

 

No. of Employees :

130

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – 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

:

SAGLAMLAR ORMAN TARIM URUNLERI TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Edremit-Akcay Yolu 6. Km  Edremit Balikesir / Turkey

PHONE NUMBER

:

90-266-392 15 00

 

FAX NUMBER

:

90-266-392 12 40

 

WEB-ADDRESS

:

www.saglamlar.com.tr 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Edremit

TAX NO

:

7380050392

REGISTRATION NUMBER

:

1268-1544

REGISTERED OFFICE

:

Edremit Chamber of Commerce

DATE ESTABLISHED

:

14.01.1974

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   3.852.025

 

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

09.04.2009 (Commercial Gazette Date /Number 16.04.2009/ 7293)

Previous Address

:

Arapoldu Mevkii Zeytinli Beldesi Edremit Balikesir

Changed On

:

22.04.2010 (Commercial Gazette Date /Number 29.04.2010/ 7553)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mithat Rustu Saglam

23,35 %

Kemal Saglam

19,87 %

Faruk Saglam

16,23 %

Ahmet Rasim Saglam

16,23 %

Namik Saglam

16,23 %

Ipek Ulucan

 

Yildiz Ozturk

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

 

BOARD OF DIRECTORS

:

Mithat Rustu Saglam

Chairman

Kemal Saglam

Member

Yildiz Ozturk

Member

Faruk Saglam

Member

Namik Saglam

Member

 

 

DIRECTORS

:

Nihat Saglam

General Manager

Rustu Saglam

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of wooden products such as plywood, door profiles, massive panels, deck boards, pallets.

NACE CODE

:

DD.20.00

 

NUMBER OF EMPLOYEES

:

130

 

NET SALES

:

11.196.190 TL

(2009) 

22.501.192 TL

(2010) 

27.364.553 TL

(01.01-30.09.2011) 

 

 

 

CAPACITY

:

  ( units/yr)

  ( kgs/yr)

  ( m3/yr)

 

1.005.000

14.175.000

4.080

(2011)

1.005.000

14.175.000

4.080

(2012)

 

 

 

 

IMPORT COUNTRIES

:

Ukraine

Bulgaria

Russia

Romania

 

MERCHANDISE IMPORTED

:

Plywood

Timber

 

EXPORT VALUE

:

755.325 TL

(2009)

921.710 TL

(2010)

689.423 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Turkmenistan

Azerbaijan

Iraq

Georgia

Bulgaria

Ukraine

Free Zone

 

MERCHANDISE  EXPORTED

:

Wooden products

 

HEAD OFFICE ADDRESS

:

Edremit-Akcay Yolu 6. Km  Edremit Balikesir / Turkey (owned)

 

BRANCHES

:

Factory  :  Arapoldu Mevkii Kurucay Edremit Balikesir/Turkey (owned) (10.000 sqm)

 

Store  :  Keresteciler Sanayi Sitesi Ikitelli Istanbul/Turkey (rented)

 

Head Office/Store  :  Edremit-Akcay Yolu 6.Km Edremit Balikesir/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 Edremit Branch

Finansbank Edremit Branch

Turk Ekonomi Bankasi Balikesir Branch

Turkiye Garanti Bankasi Edremit Branch

Turkiye Is Bankasi Edremit Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

11.196.190

22.501.192

27.364.553

 

 

Profit (Loss) Before Tax

132.271

1.059.069

704.410

 

 

Stockholders' Equity

4.055.882

4.992.561

 

 

 

Total Assets

10.525.502

14.317.634

 

 

 

Current Assets

4.422.143

7.843.411

 

 

 

Non-Current Assets

6.103.359

6.474.223

 

 

 

Current Liabilities

6.271.630

9.085.105

 

 

 

Long-Term Liabilities

197.990

239.968

 

 

 

Gross Profit (loss)

1.671.815

3.567.561

3.426.802

 

 

Operating Profit (loss)

596.258

1.890.432

1.366.821

 

 

Net Profit (loss)

99.271

840.060

704.410

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Low 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

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.422.143

0,42

7.843.411

0,55

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

-177.752

-0,02

818.346

0,06

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.628.139

0,15

2.355.306

0,16

Other Receivable

12.077

0,00

41.594

0,00

Inventories

2.116.955

0,20

2.966.245

0,21

Advances Given

766.142

0,07

1.266.655

0,09

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

76.582

0,01

395.265

0,03

NON-CURRENT ASSETS

6.103.359

0,58

6.474.223

0,45

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

1.765

0,00

1.765

0,00

Tangible Fixed Assets (net)

5.235.688

0,50

5.238.768

0,37

Intangible Assets

865.906

0,08

1.233.690

0,09

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

10.525.502

1,00

14.317.634

1,00

CURRENT LIABILITIES

6.271.630

0,60

9.085.105

0,63

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.957.640

0,47

6.906.687

0,48

Accounts Payable

939.741

0,09

1.451.575

0,10

Loans from Shareholders

79.746

0,01

43.704

0,00

Other Short-term Payable

84.724

0,01

226.148

0,02

Advances from Customers

124.739

0,01

241.896

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

59.295

0,01

152.565

0,01

Provisions

25.259

0,00

62.530

0,00

Other Current Liabilities

486

0,00

0

0,00

LONG-TERM LIABILITIES

197.990

0,02

239.968

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

197.990

0,02

239.968

0,02

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

4.055.882

0,39

4.992.561

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.755.406

0,36

3.852.025

0,27

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

201.205

0,02

300.476

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

99.271

0,01

840.060

0,06

TOTAL LIABILITIES AND EQUITY

10.525.502

1,00

14.317.634

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

11.196.190

1,00

22.501.192

1,00

27.364.553

1,00

Cost of Goods Sold

9.524.375

0,85

18.933.631

0,84

23.937.751

0,87

Gross Profit

1.671.815

0,15

3.567.561

0,16

3.426.802

0,13

Operating Expenses

1.075.557

0,10

1.677.129

0,07

2.059.981

0,08

Operating Profit

596.258

0,05

1.890.432

0,08

1.366.821

0,05

Other Income

167.933

0,01

269.079

0,01

365.937

0,01

Other Expenses

94.788

0,01

363.390

0,02

441.517

0,02

Financial Expenses

537.132

0,05

737.052

0,03

586.831

0,02

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

132.271

0,01

1.059.069

0,05

704.410

0,03

Tax Payable

33.000

0,00

219.009

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

99.271

0,01

840.060

0,04

704.410

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,71

0,86

Acid-Test Ratio

0,23

0,35

Cash Ratio

-0,03

0,09

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,21

Short-term Receivable/Total Assets

0,16

0,17

Tangible Assets/Total Assets

0,50

0,37

TURNOVER RATIOS

 

 

Inventory Turnover

4,50

6,38

Stockholders' Equity Turnover

2,76

4,51

Asset Turnover

1,06

1,57

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,35

Current Liabilities/Total Assets

0,60

0,63

Financial Leverage

0,61

0,65

Gearing Percentage

1,60

1,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,17

Operating Profit Margin

0,05

0,08

Net Profit Margin

0,01

0,04

Interest Cover

1,25

2,44

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

52,35

37,68

Average Payable Period (days)

35,52

27,60

WORKING CAPITAL

-1849487,00

-1241694,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.50

UK Pound

1

Rs.77.73

Euro

1

Rs.65.18

 

 

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.