MIRA INFORM REPORT

 

 

Report Date :

25.07.2012

 

IDENTIFICATION DETAILS

 

Name :

CEBITAS DEMIR CELIK ENDUSTRISI A.S.

 

 

Registered Office :

Rihtim Cad. Celik Is Hani Kat: 5  No: 60 Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.12.1981

 

 

Com. Reg. No.:

183636

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing and trade of iron and steel products

 

 

No. of Employees :

327

 

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 – 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

:

CEBITAS DEMIR CELIK ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Rihtim Cad. Celik Is Hani Kat: 5  No: 60 Kadikoy Istanbul / Turkey

PHONE NUMBER

:

90-216-345 47 16 (pbx)

90-216-348 70 30 (pbx)

 

FAX NUMBER

:

90-216-338 32 63

 

WEB-ADDRESS

:

www.cebitas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

2330024805

REGISTRATION NUMBER

:

183636

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.12.1981

ESTABLISHMENT GAZETTE DATE/NO

:

08.12.1981/393

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   156.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 125.000.000

Changed On

:

26.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

Previous Registered Capital

:

TL 150.000.000

Changed On

:

19.06.2009 (Commercial Gazette Date /Number 25.06.2009/ 7340)

Previous Registered Capital

:

TL 151.513.037,65

Changed On

:

21.06.2010 (Commercial Gazette Date /Number 25.06.2010/ 7593)

Previous Registered Capital

:

TL 152.000.000

Changed On

:

06.06.2011 (Commercial Gazette Date /Number 10.06.2011/ 7834)

Merger

:

The subject took over and merged with Cebitas Tuketim Maddeleri Ticaret A.S.

Changed On

:

06.06.2011 (Commercial Gazette Date /Number 10.06.2011/ 7834)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Adnan Cebi

31,53 %

Halis Cebi

26,53 %

Fuat Cebi

18,75 %

Ismail Fatih Cebi

14,71 %

Fatma Yesim Cebi Kucukali

3,93 %

Berrin Dursunoglu

1,91 %

Zerrin Cebi

1,90 %

Omer Cebi

0,55 %

Emine Cebi

0,19 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Halis Cebi

Chairman

Fuat Cebi

Member

Ismail Fatih Cebi

Member

Adnan Cebi

Member

Omer Cebi

Member

 

 

DIRECTORS

:

Fuat Cebi

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

Paused active operation and started operating again..

 

 

BUSINESS ACTIVITIES

:

The subject whose line of business is manufacturing and trade of iron and steel products has declared that, it has stopped its active operation in November 2008 and re-started in 2010, August. It is also declared that, the firm had sold inventories in this period. 

 

NACE CODE

:

DJ.27.10

 

NUMBER OF EMPLOYEES

:

327

 

NET SALES

:

173.966.391 TL

(2002) 

150.146.106 TL

(2003) 

316.087.663 TL

(2004) 

218.289.271 TL

(2005) 

452.121.003 TL

(2006) 

465.579.735 TL

(2007) 

538.063.368 TL

(2008) 

33.025.000 TL

(2009) 

141.364.810 TL

(2010) 

465.450.484 TL

(2011) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2009 is declared by the company. There is no certification for this figure.

 

IMPORT VALUE

:

43.000.000 USD

(2010)

170.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Russia

Germany

Austria

Romania

 

MERCHANDISE IMPORTED

:

Intermediary goods

Raw materials

 

EXPORT VALUE

:

77.823.922 TL

(2010)

288.117.536 TL

(2011)

 

 

 

EXPORT COUNTRIES

:

Thailand

Saudi Arabia

Canada

Italy

Morocco

U.A.E.

Iran

Egypt

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Iron products

Steel bars

 

HEAD OFFICE ADDRESS

:

Rihtim Cad. Celik Is Hani Kat: 5  No: 60 Kadikoy  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Yeni Foca Yolu Uzeri 2. Km PK.34  35800 Aliaga Izmir/Turkey (owned) (35.000 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Giant

 


FINANCE

 

MAIN DEALING BANKS

:

Akbank Dogu Kurumsal Branch

Anadolubank Anadolu Kurumsal Branch

Denizbank Anadolu Kurumsal Branch

Finansbank Istanbul Branch

Garanti Bankasi Hasanpasa Branch

HSBC Bank Altunizade Branch

Turkiye Is Bankasi Rihtim Kadikoy Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

Net Sales

141.364.810

465.450.484

Profit (Loss) Before Tax

-18.529.981

38.664.135

Stockholders' Equity

119.701.745

153.510.049

Total Assets

209.625.895

207.347.675

Current Assets

155.278.639

 

Non-Current Assets

54.347.256

 

Current Liabilities

88.065.394

 

Long-Term Liabilities

1.858.756

 

Gross Profit (loss)

-7.900.311

 

Operating Profit (loss)

-15.440.789

 

Net Profit (loss)

-18.529.981

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

High As of 31.12.2011

Profitability

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

High Net Profitability  in 2011

 

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

155.278.639

0,74

Not Detailed Current Assets

0

0,00

Cash and Banks

16.733.513

0,08

Marketable Securities

0

0,00

Account Receivable

128.107

0,00

Other Receivable

2.700

0,00

Inventories

136.477.047

0,65

Advances Given

1.905.207

0,01

Accumulated Construction Expense

0

0,00

Other Current Assets

32.065

0,00

NON-CURRENT ASSETS

54.347.256

0,26

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

54.289.144

0,26

Intangible Assets

32.526

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

25.586

0,00

TOTAL ASSETS

209.625.895

1,00

CURRENT LIABILITIES

88.065.394

0,42

Not Detailed Current Liabilities

0

0,00

Financial Loans

55.605.792

0,27

Accounts Payable

8.915.309

0,04

Loans from Shareholders

0

0,00

Other Short-term Payable

0

0,00

Advances from Customers

22.920.006

0,11

Accumulated Construction Income

0

0,00

Taxes Payable

342.021

0,00

Provisions

0

0,00

Other Current Liabilities

282.266

0,00

LONG-TERM LIABILITIES

1.858.756

0,01

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

1.858.756

0,01

STOCKHOLDERS' EQUITY

119.701.745

0,57

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

149.966.667

0,72

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

18.066.515

0,09

Revaluation Fund

0

0,00

Accumulated Losses(-)

-29.801.456

-0,14

Net Profit (loss)

-18.529.981

-0,09

TOTAL LIABILITIES AND EQUITY

209.625.895

1,00

 

 

INCOME STATEMENT

 

 

(2010) TL

 

Net Sales

141.364.810

1,00

Cost of Goods Sold

149.265.121

1,06

Gross Profit

-7.900.311

-0,06

Operating Expenses

7.540.478

0,05

Operating Profit

-15.440.789

-0,11

Other Income

15.065.565

0,11

Other Expenses

12.242.901

0,09

Financial Expenses

5.911.856

0,04

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

-18.529.981

-0,13

Tax Payable

0

0,00

Postponed Tax Gain

0

0,00

Net Profit (loss)

-18.529.981

-0,13

 

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,76

Acid-Test Ratio

0,19

Cash Ratio

0,19

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,65

Short-term Receivable/Total Assets

0,00

Tangible Assets/Total Assets

0,26

TURNOVER RATIOS

 

Inventory Turnover

1,09

Stockholders' Equity Turnover

1,18

Asset Turnover

0,67

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,57

Current Liabilities/Total Assets

0,42

Financial Leverage

0,43

Gearing Percentage

0,75

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,15

Operating Profit Margin

-0,11

Net Profit Margin

-0,13

Interest Cover

-2,13

COLLECTION-PAYMENT

 

Average Collection Period (days)

0,33

Average Payable Period (days)

21,50

WORKING CAPITAL

67213245,00

 

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 :

PRL

 

 

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.