MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

OZYURUR BAKALIT KULP VE METAL SANAYI TICARET LTD. STI.

 

 

Registered Office :

Organize Sanayi Bolgesi 1. Cad. No:19 Merkez Kahramanmaras

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

14.07.2005

 

 

Com. Reg. No.:

7914

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of bakelite handles such as; handles of stewpot and coffee pot

 

 

No. of Employees :

127

 

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

:

OZYURUR BAKALIT KULP VE METAL SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 1. Cad. No:19 Merkez Kahramanmaras / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "110 Ada 13 Parsel" to "1. Cad. No:19" by the authority.

PHONE NUMBER

:

90-344-257 90 66

 

FAX NUMBER

:

90-344-257 90 55-56

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Aslanbey

TAX NO

:

7180336527

REGISTRATION NUMBER

:

7914

REGISTERED OFFICE

:

Kahramanmaras Chamber of Commerce and Industry

DATE ESTABLISHED

:

14.07.2005

ESTABLISHMENT GAZETTE DATE/NO

:

05.08.2005/6362

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.550.000

PAID-IN CAPITAL

:

TL   2.550.000

HISTORY

:

Previous Registered Capital

:

TL 10.000

Changed On

:

14.07.2006 (Commercial Gazette Date /Number 02.08.2006/ 6612)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

16.06.2009 (Commercial Gazette Date /Number 01.07.2009/ 7344)

Previous Registered Capital

:

TL 2.200.000

Changed On

:

08.04.2011 (Commercial Gazette Date /Number 19.04.2011/ 7797)

Previous Address

:

Yeni Sanayi Sitesi Degirmenciler Cad. No:8 Kahramanmaras

Changed On

:

01.07.2010 (Commercial Gazette Date /Number 28.07.2010/ 7616)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Muhittin Yururdurmaz

25 %

Duran Kucukonder

25 %

Sevket Yururdurmaz

25 %

Fatih Yururdurmaz

13,25 %

Abdullah Yururdurmaz

11,75 %

 

 

DIRECTORS

:

Sevket Yururdurmaz                                                                                                                                                                                                                                                                                   

 

Fatih Yururdurmaz                                                                                                                                                                                                                                                                                   

 

Duran Kucukonder                                                                                                                                                                                                                                                                                   

 

Muhittin Yururdurmaz                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bakelite handles such as; handles of stewpot and coffee pot. 

 

NACE CODE

:

DH.25.24

 

NUMBER OF EMPLOYEES

:

127

 

NET SALES

:

3.211.637 TL

(2008) 

3.837.864 TL

(2009) 

5.078.243 TL

(2010) 

5.106.419 TL

(2011) 

6.536.607 TL

(2012) 

 

 

IMPORT COUNTRIES

:

China

India

Israel

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

13.073 TL

(2008)

95.639 TL

(2009)

251.714 TL

(2010)

235.850 TL

(2011)

63.743 TL

(2012)

 

 

EXPORT COUNTRIES

:

Argentina

Iran

Syria

 

MERCHANDISE  EXPORTED

:

Handles

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 1. Cad. No:19 Merkez  Kahramanmaras / Turkey

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi 1. Cad. No:19 Merkez Kahramanmaras/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Kahramanmaras Branch

Asya Katilim Bankasi Kahramanmaras Branch

Garanti Bankasi Kahramanmaras Branch

Kuveyt Turk Katilim Bankasi Kahramanmaras Branch

T. Finans Katilim Bankasi Kahramanmaras 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

3.211.637

3.837.864

5.078.243

5.106.419

6.536.607

Profit (Loss) Before Tax

-175.047

253.021

336.862

-962.111

257.072

Stockholders' Equity

1.806.360

2.266.450

2.534.388

1.551.287

 

Total Assets

5.042.632

4.400.071

5.044.609

5.088.015

 

Current Assets

4.455.739

3.263.936

3.863.809

3.626.918

 

Non-Current Assets

586.893

1.136.135

1.180.800

1.461.097

 

Current Liabilities

913.502

480.102

518.875

626.428

 

Long-Term Liabilities

2.322.770

1.653.519

1.991.346

2.910.300

 

Gross Profit (loss)

86.352

413.988

673.994

515.690

743.412

Operating Profit (loss)

35.596

299.018

506.288

286.844

516.142

Net Profit (loss)

-175.047

237.426

267.939

-998.713

257.072

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Fair

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

4.455.739

0,88

3.263.936

0,74

3.863.809

0,77

3.626.918

0,71

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.676.903

0,33

969.068

0,22

1.656.266

0,33

289.276

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

429.395

0,09

199.772

0,05

940.990

0,19

1.379.457

0,27

Other Receivable

80.010

0,02

91.845

0,02

0

0,00

0

0,00

Inventories

1.849.387

0,37

1.483.474

0,34

1.012.367

0,20

1.906.004

0,37

Advances Given

417.950

0,08

519.777

0,12

250.904

0,05

52.181

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.094

0,00

0

0,00

3.282

0,00

0

0,00

NON-CURRENT ASSETS

586.893

0,12

1.136.135

0,26

1.180.800

0,23

1.461.097

0,29

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)

418.425

0,08

964.114

0,22

842.240

0,17

902.349

0,18

Intangible Assets

15.291

0,00

16.733

0,00

164.318

0,03

293.265

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

153.177

0,03

155.288

0,04

174.242

0,03

265.483

0,05

TOTAL ASSETS

5.042.632

1,00

4.400.071

1,00

5.044.609

1,00

5.088.015

1,00

CURRENT LIABILITIES

913.502

0,18

480.102

0,11

518.875

0,10

626.428

0,12

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.633

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

590.020

0,12

344.626

0,08

68.505

0,01

460.333

0,09

Loans from Shareholders

0

0,00

0

0,00

99.000

0,02

0

0,00

Other Short-term Payable

0

0,00

41.249

0,01

62.059

0,01

80.874

0,02

Advances from Customers

286.350

0,06

61.258

0,01

261.745

0,05

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

35.499

0,01

32.969

0,01

27.566

0,01

85.221

0,02

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

2.322.770

0,46

1.653.519

0,38

1.991.346

0,39

2.910.300

0,57

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.322.770

0,46

1.653.519

0,38

1.991.346

0,39

2.910.300

0,57

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

1.806.360

0,36

2.266.450

0,52

2.534.388

0,50

1.551.287

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.900.000

0,38

2.200.000

0,50

2.200.000

0,44

2.550.000

0,50

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

81.407

0,02

4.071

0,00

66.449

0,01

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-175.047

-0,04

0

0,00

0

0,00

Net Profit (loss)

-175.047

-0,03

237.426

0,05

267.939

0,05

-998.713

-0,20

TOTAL LIABILITIES AND EQUITY

5.042.632

1,00

4.400.071

1,00

5.044.609

1,00

5.088.015

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

3.211.637

1,00

3.837.864

1,00

5.078.243

1,00

5.106.419

1,00

6.536.607

1,00

Cost of Goods Sold

3.125.285

0,97

3.423.876

0,89

4.404.249

0,87

4.590.729

0,90

5.793.195

0,89

Gross Profit

86.352

0,03

413.988

0,11

673.994

0,13

515.690

0,10

743.412

0,11

Operating Expenses

50.756

0,02

114.970

0,03

167.706

0,03

228.846

0,04

227.270

0,03

Operating Profit

35.596

0,01

299.018

0,08

506.288

0,10

286.844

0,06

516.142

0,08

Other Income

542.588

0,17

432.177

0,11

179.346

0,04

186.888

0,04

110.098

0,02

Other Expenses

545.971

0,17

287.356

0,07

164.006

0,03

1.226.734

0,24

55.368

0,01

Financial Expenses

207.260

0,06

190.818

0,05

184.766

0,04

209.109

0,04

313.800

0,05

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

-175.047

-0,05

253.021

0,07

336.862

0,07

-962.111

-0,19

257.072

0,04

Tax Payable

0

0,00

15.595

0,00

68.923

0,01

36.602

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)

-175.047

-0,05

237.426

0,06

267.939

0,05

-998.713

-0,20

257.072

0,04

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

4,88

6,80

7,45

5,79

Acid-Test Ratio

2,39

2,63

5,01

2,66

Cash Ratio

1,84

2,02

3,19

0,46

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,37

0,34

0,20

0,37

Short-term Receivable/Total Assets

0,10

0,07

0,19

0,27

Tangible Assets/Total Assets

0,08

0,22

0,17

0,18

TURNOVER RATIOS

 

Inventory Turnover

1,69

2,31

4,35

2,41

Stockholders' Equity Turnover

1,78

1,69

2,00

3,29

Asset Turnover

0,64

0,87

1,01

1,00

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,36

0,52

0,50

0,30

Current Liabilities/Total Assets

0,18

0,11

0,10

0,12

Financial Leverage

0,64

0,48

0,50

0,70

Gearing Percentage

1,79

0,94

0,99

2,28

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,10

0,10

0,11

-0,64

Operating Profit Margin

0,01

0,08

0,10

0,06

Net Profit Margin

-0,05

0,06

0,05

-0,20

Interest Cover

0,16

2,33

2,82

-3,60

COLLECTION-PAYMENT

 

Average Collection Period (days)

48,13

18,74

66,71

97,25

Average Payable Period (days)

67,96

36,24

5,60

36,10

WORKING CAPITAL

3542237,00

2783834,00

3344934,00

3000490,00

 

 

 

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 :

MNL

 

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.