MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

NIHAT UYAR DEMIR CELIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Akcaburgaz Mah. Akcaburgaz Cad. No:79/888 Esenyurt  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

31.07.1997

 

 

Com. Reg. No.:

374108

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of iron & steel.

 

 

No. of Employees :

83

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, 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

 

COMPANY IDENTIFICATION

 

 

NAME

:

NIHAT UYAR DEMIR CELIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. Akcaburgaz Cad. No:79/888 Esenyurt  Istanbul / Turkey

PHONE NUMBER

:

90-212-422 15 56

90-212-886 92 00

 

FAX NUMBER

:

90-212-422 13 16

 

WEB-ADDRESS

:

www.nihatuyar.com.tr

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

 

 

:

Change at tax no .

TAX OFFICE

:

Dis Ticaret

TAX NO

:

6310569947

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from "6310099237" to "6310569947".

REGISTRATION NUMBER

:

374108

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

31.07.1997

ESTABLISHMENT GAZETTE DATE/NO

:

06.08.1997/4348

LEGAL FORM

:

Joint Stock Company

 

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.090.000

PAID-IN CAPITAL

:

TL   25.090.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Name

:

Nihat Uyar Demir Celik Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Registered Capital

:

TL 4.000.000

Changed On

:

22.11.2005 (Commercial Gazette Date /Number 25.11.2005/ 6439)

Previous Registered Capital

:

TL 25.000.000

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 09.08.2010/ 7624)

Previous Address

:

Ambarli Dolum Tesisleri Yolu No:22 Avcilar Istanbul

Changed On

:

02.09.2010 (Commercial Gazette Date /Number 08.09.2010/ 7645)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nesim Uyar

49,99 %

Nihat Uyar

49,99 %

Suleyman Lami Uyar

 

Lema Uyar

 

Esma Uyar

 

Ilker Uyar

 

 

 

SISTER COMPANIES

:

CEDESAN CELIK VE DEMIR SANAYI VE TICARET A.S.

UYARLAR DEMIR CELIK SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Nihat Uyar

Chairman

Ilker Uyar

Member

Lema Uyar

Member

Nesim Uyar

Member

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of iron & steel.

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Iron & Steel

 

NUMBER OF EMPLOYEES

:

83

 

NET SALES

:

100.876.966 TL

(2007) 

113.675.337 TL

(2008) 

94.849.149 TL

(2009) 

123.134.703 TL

(2010) 

175.839.695 TL

(2011) 

160.144.121 TL

(2012) 

 

 

IMPORT VALUE

:

27.174.738 USD

(2010)

45.344.661 USD

(2011)

14.268.321 USD

(01.01-30.04.2012)

 

 

IMPORT COUNTRIES

:

Italy

Russia

China

Ukraine

Romania

Greece

Bulgaria

 

MERCHANDISE IMPORTED

:

Iron

Steel

 

EXPORT VALUE

:

18.653.272 TL

(2007)

19.607.976 TL

(2008)

17.583.384 TL

(2009)

21.105.693 TL

(2010)

27.464.111 TL

(2011)

17.179.720 TL

(2012)

 

 

EXPORT COUNTRIES

:

Syria

Iraq

Lebanon

Egypt

Bulgaria

Romania

Greece

Yemen

Saudi Arabia

Croatia

Jordan

 

MERCHANDISE  EXPORTED

:

Iron

Stainless steel

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. Akcaburgaz Cad. No:79/888 Esenyurt   Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Ambarli Dolum Tesisleri Yolu No:6 Avcilar Istanbul/Turkey (owned by shareholder(s))

 

Warehouse  :  San Bir Bulv. 10. Cad. Cakmakli Istanbul/Turkey (owned by shareholder(s))

 

Head Office/Production Plant  :  Akcaburgaz Mah. Akcaburgaz Cad. No: 79/888 Esenyurt Istanbul/Turkey

 

Branch Office  :  Avcilar Dolum Tesisleri Yolu No: 22 Avcilar Istanbul/Turkey (owned by shareholder(s))

           

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012.

SIZE OF BUSINESS

:

Giant

 

FINANCE

 

 

MAIN DEALING BANKS

:

Anadolubank Avcilar Branch

Denizbank Hadimkoy Branch

Garanti Bankasi Avcilar Branch

T. Is Bankasi Avcilar Ticari Branch

Tekstil Bankasi Avcilar 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

(2011) TL

 

 

Net Sales

94.849.149

123.134.703

175.839.695

 

 

Profit (Loss) Before Tax

34.763

7.553.895

12.134.875

 

 

Stockholders' Equity

43.055.562

49.084.567

58.757.158

 

 

Total Assets

77.717.127

92.023.072

116.985.298

 

 

Current Assets

75.072.803

88.843.527

109.106.639

 

 

Non-Current Assets

2.644.324

3.179.545

7.878.659

 

 

Current Liabilities

34.257.332

42.274.337

55.582.558

 

 

Long-Term Liabilities

404.233

664.168

2.645.582

 

 

Gross Profit (loss)

8.596.831

13.926.898

20.684.775

 

 

Operating Profit (loss)

3.928.180

9.350.867

15.894.600

 

 

Net Profit (loss)

20.376

6.029.550

9.672.592

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 30.06.2012

Liquidity

Insufficient As of 30.06.2012

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Fair Operating Profitability  in 2012

Net Loss  in 2012

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2012

General Financial Position

Passable

 

 

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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

BALANCE SHEETS

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.06.2012 )  TL

 

 

 

CURRENT ASSETS

75.072.803

0,97

88.843.527

0,97

109.106.639

0,93

112.537.347

0,93

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

2.071.062

0,03

1.250.007

0,01

341.752

0,00

142.867

0,00

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

30.529.950

0,39

50.731.128

0,55

56.762.628

0,49

64.789.686

0,54

 

 

Other Receivable

1.446.182

0,02

364.134

0,00

1.079.208

0,01

976.162

0,01

 

 

Inventories

38.492.700

0,50

33.758.367

0,37

45.205.423

0,39

42.011.735

0,35

 

 

Advances Given

1.230.268

0,02

2.738.439

0,03

4.426.086

0,04

2.268.311

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

1.302.641

0,02

1.452

0,00

1.291.542

0,01

2.348.586

0,02

 

 

NON-CURRENT ASSETS

2.644.324

0,03

3.179.545

0,03

7.878.659

0,07

8.133.024

0,07

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

4.329

0,00

4.329

0,00

8.444

0,00

8.444

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

714.863

0,01

2.102.547

0,02

4.911.370

0,04

6.227.776

0,05

 

 

Intangible Assets

1.503.488

0,02

372.658

0,00

299.199

0,00

307.004

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

421.644

0,01

700.011

0,01

2.659.646

0,02

1.589.800

0,01

 

 

TOTAL ASSETS

77.717.127

1,00

92.023.072

1,00

116.985.298

1,00

120.670.371

1,00

 

 

CURRENT LIABILITIES

34.257.332

0,44

42.274.337

0,46

55.582.558

0,48

39.941.024

0,33

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

227.302

0,00

0

0,00

 

 

Financial Loans

24.094.311

0,31

30.214.888

0,33

47.961.662

0,41

33.098.511

0,27

 

 

Accounts Payable

5.764.694

0,07

5.923.675

0,06

3.962.897

0,03

4.525.304

0,04

 

 

Loans from Shareholders

300.000

0,00

300.000

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

59.392

0,00

57.308

0,00

55.175

0,00

64.700

0,00

 

 

Advances from Customers

2.300.791

0,03

4.657.493

0,05

2.878.998

0,02

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

48.984

0,00

59.426

0,00

73.829

0,00

91.530

0,00

 

 

Provisions

14.157

0,00

658.805

0,01

422.695

0,00

254.138

0,00

 

 

Other Current Liabilities

1.675.003

0,02

402.742

0,00

0

0,00

1.906.841

0,02

 

 

LONG-TERM LIABILITIES

404.233

0,01

664.168

0,01

2.645.582

0,02

20.399.856

0,17

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.210

0,00

0

0,00

0

0,00

18.818.611

0,16

 

 

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

403.023

0,01

664.168

0,01

2.645.582

0,02

1.581.245

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

43.055.562

0,55

49.084.567

0,53

58.757.158

0,50

60.329.491

0,50

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

25.000.000

0,32

25.090.000

0,27

25.090.000

0,21

25.090.000

0,21

 

 

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

18.035.186

0,23

17.965.563

0,20

23.995.112

0,21

33.667.431

0,28

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

-546

0,00

-546

0,00

0

0,00

 

 

Net Profit (loss)

20.376

0,00

6.029.550

0,07

9.672.592

0,08

1.572.060

0,01

 

 

TOTAL LIABILITIES AND EQUITY

77.717.127

1,00

92.023.072

1,00

116.985.298

1,00

120.670.371

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

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

(2012) TL

 

Net Sales

94.849.149

1,00

123.134.703

1,00

175.839.695

1,00

94.632.768

1,00

160.144.121

1,00

Cost of Goods Sold

86.252.318

0,91

109.207.805

0,89

155.154.920

0,88

88.327.826

0,93

151.391.501

0,95

Gross Profit

8.596.831

0,09

13.926.898

0,11

20.684.775

0,12

6.304.942

0,07

8.752.620

0,05

Operating Expenses

4.668.651

0,05

4.576.031

0,04

4.790.175

0,03

1.936.063

0,02

4.944.774

0,03

Operating Profit

3.928.180

0,04

9.350.867

0,08

15.894.600

0,09

4.368.879

0,05

3.807.846

0,02

Other Income

1.489.887

0,02

2.426.643

0,02

6.926.218

0,04

2.360.171

0,02

4.942.445

0,03

Other Expenses

1.505.963

0,02

2.063.776

0,02

7.282.651

0,04

2.233.371

0,02

5.450.848

0,03

Financial Expenses

3.877.341

0,04

2.159.839

0,02

3.403.292

0,02

2.923.619

0,03

4.079.669

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

34.763

0,00

7.553.895

0,06

12.134.875

0,07

1.572.060

0,02

-780.226

0,00

Tax Payable

14.387

0,00

1.524.345

0,01

2.462.283

0,01

0

0,00

5.112

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

20.376

0,00

6.029.550

0,05

9.672.592

0,06

1.572.060

0,02

-785.338

0,00

 

 

FINANCIAL RATIOS

 

(2009)

(2010)

(2011)

(01.01-30.06.2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,19

2,10

1,96

2,82

 

Acid-Test Ratio

0,99

1,24

1,05

1,65

 

Cash Ratio

0,06

0,03

0,01

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,50

0,37

0,39

0,35

 

Short-term Receivable/Total Assets

0,41

0,56

0,49

0,55

 

Tangible Assets/Total Assets

0,01

0,02

0,04

0,05

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,24

3,23

3,43

2,10

 

Stockholders' Equity Turnover

2,20

2,51

2,99

1,57

 

Asset Turnover

1,22

1,34

1,50

0,78

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,55

0,53

0,50

0,50

 

Current Liabilities/Total Assets

0,44

0,46

0,48

0,33

 

Financial Leverage

0,45

0,47

0,50

0,50

 

Gearing Percentage

0,81

0,87

0,99

1,00

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

0,12

0,16

0,03

 

Operating Profit Margin

0,04

0,08

0,09

0,05

 

Net Profit Margin

0,00

0,05

0,06

0,02

 

Interest Cover

1,01

4,50

4,57

1,54

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

115,89

148,33

116,23

246,50

 

Average Payable Period (days)

24,06

19,53

9,19

18,44

 

WORKING CAPITAL

40815471,00

46569190,00

53524081,00

72596323,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

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

 

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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.