MIRA INFORM REPORT

 

Report Date :

26.07.2012

 

IDENTIFICATION DETAILS

 

Name :

META YAPI SANAYI LTD. STI.

Formerly Known As :

DELTA DIS TICARET VE MUMESSILLIK LTD. STI.

 

 

Registered Office :

Istanbul Deri Organize Sanayi Bolgesi Yan Bolge Parsel YB-13 Tuzla Istanbul 

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.02.1993

 

 

Com. Reg. No.:

461592

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of construction chemicals and steel wire to be used at construction.

 

 

No. of Employees :

36

 

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 :

Slow but Correct

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

:

META YAPI SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Yan Bolge Parsel YB-13 Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-591 00 80

 

FAX NUMBER

:

90-216-591 00 81

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tuzla

TAX NO

:

2740018899

REGISTRATION NUMBER

:

461592

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.02.1993

ESTABLISHMENT GAZETTE DATE/NO

:

25.02.1993/3229

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Name

:

Delta Dis Ticaret ve Mumessillik Ltd. Sti.

Changed On

:

14.08.1998 (Commercial Gazette Date /Number 18.08.1998/ 4607)

Previous Name

:

Delta Yapi Kimya Sanayi Ltd. Sti.

Changed On

:

16.08.2001 (Commercial Gazette Date /Number 21.08.2001/ 5365)

Previous Registered Capital

:

TL 25.000

Changed On

:

09.04.2007 (Commercial Gazette Date /Number 12.04.2007/ 6786)

Previous Address

:

Fahri Gizden Sokak Huzur Apartmani No:4/4 Gayrettepe Sisli Istanbul

Changed On

:

18.11.2005 (Commercial Gazette Date /Number 23.11.2005/ 6437)

Other Changes

:

The company was established in Ankara and it was registered at Ankara Commercial Registry with reg.no: 93100. Then it moved to Istanbul and registered at Istanbul Commercial Registry

Changed On

:

16.08.2001 (Commercial Gazette Date /Number 21.08.2001/ 5365)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Haluk Abbasoglu

95 %

Oktay Abbasoglu

5 %

 

 

SISTER COMPANIES

:

DRACO YAPI KIMYASALLARI LTD. STI.

 

METIKS KIMYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Oktay Abbasoglu                                                                                                                                                                                                                                                                                   

 

Mehmet Haluk Abbasoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of construction chemicals and steel wire to be used at construction.

 

NACE CODE

:

DG.24.66

 

NUMBER OF EMPLOYEES

:

36

 

 

NET SALES

:

2.836.364 TL

(2004) 

4.373.074 TL

(2005) 

7.737.022 TL

(2006) 

10.919.878 TL

(2007) 

15.080.371 TL

(2008) 

14.224.784 TL

(2009) 

20.265.631 TL

(2010) 

19.887.220 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

Construction chemicals 

( tons/yr)

 

 

 

 

56.150

 

 

(2009)

86.880

 

 

(2010)

86.880

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

250.000 EUR

(2004)

300.000 EUR

(2005)

1.000.000 EUR

(2006)

960.000 EUR

(2007)

1.564.000 EUR

(2008)

1.550.000 TL

(2009)

3.500.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

France

Korea

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

22.083 TL

(2004)

78.748 TL

(2005)

67.056 TL

(2006)

218.128 TL

(2007)

601.856 TL

(2008)

984.629 TL

(2009)

1.251.656 TL

(2010)

1.862.810 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Afghanistan

Italy

Georgia

Bulgaria

Iraq

 

MERCHANDISE  EXPORTED

:

Articles of steel

Construction chemicals

 

 

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Yan Bolge Parsel YB-13 Tuzla  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Istanbul Deri Organize Sanayi Bolgesi Yan Bolge Parsel YB-13 Tuzla Istanbul/Turkey (rented) (850 sqm)

 

Production Plant  :   Osmaniye/Turkey

 

INVESTMENTS

:

None

 

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 Tuzla Branch

Garanti Bankasi Tuzla Organize Sanayi Branch

Halk Bankasi Tuzla Branch

T. Is Bankasi Deri Sanayi Bolgesi Branch

Turk Ekonomi Bankasi Tuzla Branch

 

CREDIT FACILITIES

:

The subject company is making 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

10.919.878

15.080.371

14.224.784

20.265.631

19.887.220

Profit (Loss) Before Tax

71.536

80.221

251.009

196.443

111.532

Stockholders' Equity

1.278.841

1.340.201

1.537.557

1.689.728

 

Total Assets

3.977.239

6.815.401

9.976.222

14.475.515

 

Current Assets

3.486.672

6.353.238

9.069.225

13.248.874

 

Non-Current Assets

490.567

462.163

906.997

1.226.641

 

Current Liabilities

2.698.398

5.475.200

8.438.665

11.849.067

 

Long-Term Liabilities

0

0

0

936.720

 

Gross Profit (loss)

3.742.133

3.587.775

3.828.597

1.881.478

1.751.899

Operating Profit (loss)

2.632.235

2.281.124

2.356.881

1.033.894

882.194

Net Profit (loss)

55.325

61.359

197.356

152.171

111.532

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good 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

High Operating Profitability  in 2007

Low Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order 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

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

3.486.672

0,88

6.353.238

0,93

9.069.225

0,91

13.248.874

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

346.087

0,09

629.573

0,09

2.604.358

0,26

5.545.668

0,38

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.646.008

0,67

5.165.219

0,76

4.265.137

0,43

6.141.480

0,42

Other Receivable

7.413

0,00

227.605

0,03

1.990.281

0,20

573.596

0,04

Inventories

383.057

0,10

71.058

0,01

72.397

0,01

828.438

0,06

Advances Given

48.847

0,01

246.260

0,04

60.755

0,01

143.409

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

55.260

0,01

13.523

0,00

76.297

0,01

16.283

0,00

NON-CURRENT ASSETS

490.567

0,12

462.163

0,07

906.997

0,09

1.226.641

0,08

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)

337.436

0,08

396.379

0,06

857.018

0,09

1.165.293

0,08

Intangible Assets

148.047

0,04

63.066

0,01

39.958

0,00

55.623

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.084

0,00

2.718

0,00

10.021

0,00

5.725

0,00

TOTAL ASSETS

3.977.239

1,00

6.815.401

1,00

9.976.222

1,00

14.475.515

1,00

CURRENT LIABILITIES

2.698.398

0,68

5.475.200

0,80

8.438.665

0,85

11.849.067

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

291.336

0,07

782.017

0,11

3.159.052

0,32

4.075.029

0,28

Accounts Payable

1.474.087

0,37

3.797.599

0,56

3.130.088

0,31

7.122.993

0,49

Loans from Shareholders

484.517

0,12

10.956

0,00

0

0,00

56.162

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

430.973

0,11

866.861

0,13

2.115.322

0,21

569.667

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

18.617

0,00

18.189

0,00

33.696

0,00

27.329

0,00

Provisions

-1.132

0,00

-422

0,00

417

0,00

-2.113

0,00

Other Current Liabilities

0

0,00

0

0,00

90

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

936.720

0,06

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

936.720

0,06

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

1.278.841

0,32

1.340.201

0,20

1.537.557

0,15

1.689.728

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,25

1.000.000

0,15

1.000.000

0,10

1.000.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

23.514

0,01

23.514

0,00

23.514

0,00

23.514

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

200.002

0,05

255.328

0,04

316.687

0,03

514.043

0,04

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)

55.325

0,01

61.359

0,01

197.356

0,02

152.171

0,01

TOTAL LIABILITIES AND EQUITY

3.977.239

1,00

6.815.401

1,00

9.976.222

1,00

14.475.515

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

10.919.878

1,00

15.080.371

1,00

14.224.784

1,00

20.265.631

1,00

19.887.220

1,00

Cost of Goods Sold

7.177.745

0,66

11.492.596

0,76

10.396.187

0,73

18.384.153

0,91

18.135.321

0,91

Gross Profit

3.742.133

0,34

3.587.775

0,24

3.828.597

0,27

1.881.478

0,09

1.751.899

0,09

Operating Expenses

1.109.898

0,10

1.306.651

0,09

1.471.716

0,10

847.584

0,04

869.705

0,04

Operating Profit

2.632.235

0,24

2.281.124

0,15

2.356.881

0,17

1.033.894

0,05

882.194

0,04

Other Income

4.007

0,00

27.995

0,00

105.930

0,01

179.317

0,01

41.780

0,00

Other Expenses

2.524.395

0,23

2.124.701

0,14

1.856.721

0,13

524.830

0,03

192.458

0,01

Financial Expenses

40.311

0,00

104.197

0,01

355.081

0,02

491.938

0,02

619.984

0,03

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

71.536

0,01

80.221

0,01

251.009

0,02

196.443

0,01

111.532

0,01

Tax Payable

16.211

0,00

18.862

0,00

53.653

0,00

44.272

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)

55.325

0,01

61.359

0,00

197.356

0,01

152.171

0,01

111.532

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,16

1,07

1,12

Acid-Test Ratio

1,11

1,10

1,05

1,03

Cash Ratio

0,13

0,11

0,31

0,47

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,01

0,01

0,06

Short-term Receivable/Total Assets

0,67

0,79

0,63

0,46

Tangible Assets/Total Assets

0,08

0,06

0,09

0,08

TURNOVER RATIOS

 

 

Inventory Turnover

18,74

161,74

143,60

22,19

Stockholders' Equity Turnover

8,54

11,25

9,25

11,99

Asset Turnover

2,75

2,21

1,43

1,40

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,20

0,15

0,12

Current Liabilities/Total Assets

0,68

0,80

0,85

0,82

Financial Leverage

0,68

0,80

0,85

0,88

Gearing Percentage

2,11

4,09

5,49

7,57

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,05

0,13

0,09

Operating Profit Margin

0,24

0,15

0,17

0,05

Net Profit Margin

0,01

0,00

0,01

0,01

Interest Cover

2,77

1,77

1,71

1,40

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

87,23

123,30

107,94

109,10

Average Payable Period (days)

73,93

118,96

108,39

139,48

WORKING CAPITAL

788274,00

878038,00

630560,00

1399807,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.37

UK Pound

1

Rs.87.44

Euro

1

Rs.68.04

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

 

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.