MIRA INFORM REPORT

 

 

Report Date :

19.04.2013

 

IDENTIFICATION DETAILS

 

Name :

OZAR METAL PASLANMAZ CELIK MAMULLERI SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

OZAR MAKINA VE PASLANMAZ CELIK MAMULLERI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Demirciler Sit. 2.Cad. No:74 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.03.1993

 

 

Com. Reg. No.:

297394

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of stainless steel products.

 

 

No. of Employees :

12

 

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

 

Status :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

NOTES

:

Name at your inquiry is the former name.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

OZAR METAL PASLANMAZ CELIK MAMULLERI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Demirciler Sit. 2.Cad. No:74 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-510 81 24

90-212-546 74 94

 

FAX NUMBER

:

90-212-546 74 95

 

WEB-ADDRESS

:

www.ozarmetal.com

E-MAIL

:

info@ozarmetal.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Davutpasa

TAX NO

:

6630037244

REGISTRATION NUMBER

:

297394

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

18.03.1993

ESTABLISHMENT GAZETTE DATE/NO

:

23.03.1993/3247

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.600.000

PAID-IN CAPITAL

:

TL   3.600.000

HISTORY

:

Previous Name

:

Ozar Makina Ve Paslanmaz Celik Mamulleri Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Previous Registered Capital

:

TL 100.000

Changed On

:

17.08.2007 (Commercial Gazette Date /Number 22.08.2007/ 6879)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

13.07.2011 (Commercial Gazette Date /Number 19.07.2011/ 7861)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Muzaffer Ozarpaci

70 %

Inci Ozarpaci

30 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Muzaffer Ozarpaci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of stainless steel products.

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

12

 

 

NET SALES

:

10.423.462 TL

(2007) 

8.375.877 TL

(2008) 

7.828.487 TL

(2009) 

11.962.081 TL

(2010) 

15.585.528 TL

(2011) 

16.550.619 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

Taiwan

China

Italy

 

MERCHANDISE IMPORTED

:

Stainless steel pipe

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-31.03.2013)

 

 

HEAD OFFICE ADDRESS

:

Demirciler Sit. 2.Cad. No:74 Zeytinburnu  Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Demirciler Sit. 2.Cad. No:68-70 Zeytinburnu Istanbul/Turkey (rented)

 

Branch Office  :  Demirciler Sit. 1.Cad. No:39 Zeytinburnu Istanbul/Turkey (owned)

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Demirciler Sitesi Branch

Is Bankasi Demirciler Sitesi Branch

Yapi ve Kredi Bankasi Demirciler Sitesi Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

8.375.877

7.828.487

11.962.081

15.585.528

16.550.619

Profit (Loss) Before Tax

396.272

383.698

537.845

533.411

554.703

Stockholders' Equity

2.801.036

3.106.919

3.536.581

3.958.936

 

Total Assets

5.916.221

5.550.105

7.032.659

7.622.437

 

Current Assets

5.569.552

5.142.280

6.605.709

7.224.395

 

Non-Current Assets

346.669

407.825

426.950

398.042

 

Current Liabilities

3.115.185

2.443.186

3.496.078

3.663.501

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

520.407

736.132

1.077.195

850.400

1.410.545

Operating Profit (loss)

255.000

389.055

642.255

369.357

829.056

Net Profit (loss)

316.076

305.884

429.662

422.354

554.703

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2008

Good Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Fair Operating Profitability  in 2011

In Order Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.569.552

0,94

5.142.280

0,93

6.605.709

0,94

7.224.395

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

501.442

0,08

659.288

0,12

357.842

0,05

366.726

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.823.311

0,31

2.131.549

0,38

3.573.087

0,51

4.710.533

0,62

Other Receivable

1.383

0,00

1.536

0,00

747

0,00

795

0,00

Inventories

2.673.450

0,45

1.811.750

0,33

1.472.720

0,21

1.076.952

0,14

Advances Given

349.861

0,06

534.898

0,10

1.201.313

0,17

967.723

0,13

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

220.105

0,04

3.259

0,00

0

0,00

101.666

0,01

NON-CURRENT ASSETS

346.669

0,06

407.825

0,07

426.950

0,06

398.042

0,05

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)

294.099

0,05

324.251

0,06

299.475

0,04

291.758

0,04

Intangible Assets

52.570

0,01

82.916

0,01

127.475

0,02

104.704

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

1.580

0,00

Other Non-Current Assets

0

0,00

658

0,00

0

0,00

0

0,00

TOTAL ASSETS

5.916.221

1,00

5.550.105

1,00

7.032.659

1,00

7.622.437

1,00

CURRENT LIABILITIES

3.115.185

0,53

2.443.186

0,44

3.496.078

0,50

3.663.501

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

6.312

0,00

Accounts Payable

202.648

0,03

200.564

0,04

168.094

0,02

248.774

0,03

Loans from Shareholders

2.870.945

0,49

2.210.325

0,40

3.225.196

0,46

3.381.555

0,44

Other Short-term Payable

0

0,00

0

0,00

0

0,00

7.395

0,00

Advances from Customers

21.354

0,00

14.689

0,00

33.616

0,00

10.272

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

20.238

0,00

17.608

0,00

69.172

0,01

9.193

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

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

2.801.036

0,47

3.106.919

0,56

3.536.581

0,50

3.958.936

0,52

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,34

2.000.000

0,36

2.000.000

0,28

3.534.044

0,46

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

484.960

0,08

801.035

0,14

1.106.919

0,16

2.538

0,00

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)

316.076

0,05

305.884

0,06

429.662

0,06

422.354

0,06

TOTAL LIABILITIES AND EQUITY

5.916.221

1,00

5.550.105

1,00

7.032.659

1,00

7.622.437

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                                                                                                                                                                         

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

8.375.877

1,00

7.828.487

1,00

11.962.081

1,00

15.585.528

1,00

16.550.619

1,00

Cost of Goods Sold

7.855.470

0,94

7.092.355

0,91

10.884.886

0,91

14.735.128

0,95

15.140.074

0,91

Gross Profit

520.407

0,06

736.132

0,09

1.077.195

0,09

850.400

0,05

1.410.545

0,09

Operating Expenses

265.407

0,03

347.077

0,04

434.940

0,04

481.043

0,03

581.489

0,04

Operating Profit

255.000

0,03

389.055

0,05

642.255

0,05

369.357

0,02

829.056

0,05

Other Income

201.915

0,02

56.280

0,01

25.158

0,00

389.404

0,02

56.826

0,00

Other Expenses

60.643

0,01

61.637

0,01

129.568

0,01

143.681

0,01

331.179

0,02

Financial Expenses

0

0,00

0

0,00

0

0,00

81.669

0,01

0

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

396.272

0,05

383.698

0,05

537.845

0,04

533.411

0,03

554.703

0,03

Tax Payable

80.196

0,01

77.814

0,01

108.183

0,01

111.057

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

316.076

0,04

305.884

0,04

429.662

0,04

422.354

0,03

554.703

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,79

2,10

1,89

1,97

Acid-Test Ratio

0,75

1,14

1,12

1,39

Cash Ratio

0,16

0,27

0,10

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,45

0,33

0,21

0,14

Short-term Receivable/Total Assets

0,31

0,38

0,51

0,62

Tangible Assets/Total Assets

0,05

0,06

0,04

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

2,94

3,91

7,39

13,68

Stockholders' Equity Turnover

2,99

2,52

3,38

3,94

Asset Turnover

1,42

1,41

1,70

2,04

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,56

0,50

0,52

Current Liabilities/Total Assets

0,53

0,44

0,50

0,48

Financial Leverage

0,53

0,44

0,50

0,48

Gearing Percentage

1,11

0,79

0,99

0,93

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,10

0,12

0,11

Operating Profit Margin

0,03

0,05

0,05

0,02

Net Profit Margin

0,04

0,04

0,04

0,03

Interest Cover

 

 

 

7,53

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

78,37

98,02

107,53

108,81

Average Payable Period (days)

9,29

10,18

5,56

6,08

WORKING CAPITAL

2454367,00

2699094,00

3109631,00

3560894,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.03

UK Pound

1

Rs.82.43

Euro

1

Rs.70.49

 

 

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.