MIRA INFORM REPORT

 

 

Report Date :

26.03.2013

 

IDENTIFICATION DETAILS

 

Correct Name :

PASTEL METAL FORM VE MAKINA TURIZM SANAYI TICARET LTD. STI.

 

 

Registered Office :

Bostanci Yolu Cad. Mevdudi Sok. No:14 Serifaliciftligi Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.07.1998

 

 

Com. Reg. No.:

399234

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of stainless steel wire to be used at white goods sector

 

 

No. of Employees :

18

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Usually 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 – 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

:

PASTEL METAL FORM VE MAKINA TURIZM SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Bostanci Yolu Cad. Mevdudi Sok. No:14 Serifaliciftligi Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-313 36 54

90-216-466 74 38

 

FAX NUMBER

:

90-216-466 74 39

 

WEB-ADDRESS

:

www.pastelmetal.com.tr

E-MAIL

:

info@pastelmetal.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sarigazi 

TAX NO

:

7230078598

REGISTRATION NUMBER

:

399234

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.07.1998

ESTABLISHMENT GAZETTE DATE/NO

:

20.07.1998/4586

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Name

:

Pastel Metal Form ve Makina Sanayi Ticaret Ltd.Sti.

Changed On

:

31.05.2007 (Commercial Gazette Date /Number 05.06.2007/ 6824)

Previous Registered Capital

:

TL 5.000

Changed On

:

05.12.2006 (Commercial Gazette Date /Number 12.12.2006/ 6702)

Previous Registered Capital

:

TL 400.000

Changed On

:

27.05.2010 (Commercial Gazette Date /Number 02.06.2010/ 7576)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Tekeli

80 %

Alper Cenk Tekeli

10 %

Ayse Dilek Tekeli

10 %

 

 

SISTER COMPANIES

:

SISTEM CELIK TEL VE MAMULLERI SANAYI TICARET LTD. STI.

 

DIRECTORS

:

Hasan Tekeli                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of stainless steel wire to be used at white goods sector. 

 

NACE CODE

:

DJ.28.73

 

NUMBER OF EMPLOYEES

:

18

 

NET SALES

:

2.295.285 TL

(2006) 

1.722.547 TL

(2007) 

1.559.202 TL

(2008) 

1.619.697 TL

(2009) 

2.182.021 TL

(2010) 

2.603.523 TL

(2011) 

2.307.300 TL

(2012) 

 

 

IMPORT VALUE

:

104.761 USD

(2009)

157.760 USD

(01.01-30.11.2010)

 

 

IMPORT COUNTRIES

:

India

South Korea

 

MERCHANDISE IMPORTED

:

Steel wire

 

EXPORT VALUE

:

5.400 TL

(2006)

74.027 TL

(2007)

107.107 TL

(2008)

99.191 TL

(2009)

122.321 TL

(2010)

208.916 TL

(2011)

311.418 TL

(2012)

 

 

 

EXPORT COUNTRIES

:

Romania

Italy

 

MERCHANDISE  EXPORTED

:

Stainless steel wire

 

HEAD OFFICE ADDRESS

:

Bostanci Yolu Cad. Mevdudi Sok. No:14 Serifaliciftligi Umraniye  Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Ferhatpasa Mah. G-1 Sok. No:45 Atasehir Istanbul/Turkey

                                                                                

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Imes Branch

HSBC Bank Istanbul Branch

Kuveyt Turk Katilim Bankasi Imes 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

1.559.202

1.619.697

2.182.021

2.603.523

2.307.300

Profit (Loss) Before Tax

34.694

49.141

-2.674

-455.528

-6.842

Stockholders' Equity

813.082

1.476.752

1.462.155

1.006.627

 

Total Assets

1.874.097

2.502.427

2.619.354

2.592.641

 

Current Assets

1.007.586

1.351.389

1.241.670

1.268.397

 

Non-Current Assets

866.511

1.151.038

1.377.684

1.324.244

 

Current Liabilities

1.061.015

1.025.675

1.157.199

1.586.014

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

433.075

354.274

399.647

437.485

451.502

Operating Profit (loss)

157.794

146.664

124.766

56.780

151.241

Net Profit (loss)

21.778

31.650

-14.596

-455.528

-6.842

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Low 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

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Net Loss  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

Net Loss  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2010)

7,47 %

1,5101

2,0050

2,3365

 ( 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

1.007.586

0,54

1.351.389

0,54

1.241.670

0,47

1.268.397

0,49

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

311.158

0,17

395.890

0,16

196.239

0,07

9.308

0,00

Marketable Securities

17.742

0,01

46.466

0,02

0

0,00

0

0,00

Account Receivable

162.934

0,09

296.467

0,12

401.746

0,15

550.321

0,21

Other Receivable

14.829

0,01

19.348

0,01

28.168

0,01

37.661

0,01

Inventories

460.221

0,25

575.945

0,23

605.917

0,23

542.843

0,21

Advances Given

22.569

0,01

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

18.133

0,01

17.273

0,01

9.600

0,00

128.264

0,05

NON-CURRENT ASSETS

866.511

0,46

1.151.038

0,46

1.377.684

0,53

1.324.244

0,51

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

262

0,00

1.262

0,00

1.262

0,00

1.262

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

863.459

0,46

1.148.876

0,46

1.376.122

0,53

1.322.682

0,51

Intangible Assets

2.790

0,00

900

0,00

300

0,00

300

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

1.874.097

1,00

2.502.427

1,00

2.619.354

1,00

2.592.641

1,00

CURRENT LIABILITIES

1.061.015

0,57

1.025.675

0,41

1.157.199

0,44

1.586.014

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

481.430

0,26

491.349

0,20

859.489

0,33

1.299.363

0,50

Accounts Payable

548.654

0,29

496.723

0,20

227.180

0,09

114.080

0,04

Loans from Shareholders

0

0,00

0

0,00

0

0,00

30.986

0,01

Other Short-term Payable

27.333

0,01

17.544

0,01

39.467

0,02

72.218

0,03

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

5.503

0,00

16.703

0,01

31.063

0,01

67.900

0,03

Provisions

-3.725

0,00

3.356

0,00

0

0,00

0

0,00

Other Current Liabilities

1.820

0,00

0

0,00

0

0,00

1.467

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

813.082

0,43

1.476.752

0,59

1.462.155

0,56

1.006.627

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

367.981

0,20

400.000

0,16

1.000.000

0,38

1.000.000

0,39

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

423.323

0,23

1.045.102

0,42

476.751

0,18

476.751

0,18

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

-14.596

-0,01

Net Profit (loss)

21.778

0,01

31.650

0,01

-14.596

-0,01

-455.528

-0,18

TOTAL LIABILITIES AND EQUITY

1.874.097

1,00

2.502.427

1,00

2.619.354

1,00

2.592.641

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

1.559.202

1,00

1.619.697

1,00

2.182.021

1,00

2.603.523

1,00

2.307.300

1,00

Cost of Goods Sold

1.126.127

0,72

1.265.423

0,78

1.782.374

0,82

2.166.038

0,83

1.855.798

0,80

Gross Profit

433.075

0,28

354.274

0,22

399.647

0,18

437.485

0,17

451.502

0,20

Operating Expenses

275.281

0,18

207.610

0,13

274.881

0,13

380.705

0,15

300.261

0,13

Operating Profit

157.794

0,10

146.664

0,09

124.766

0,06

56.780

0,02

151.241

0,07

Other Income

41.562

0,03

91.729

0,06

114.995

0,05

47.308

0,02

125.472

0,05

Other Expenses

122.082

0,08

106.767

0,07

170.221

0,08

389.785

0,15

122.184

0,05

Financial Expenses

42.580

0,03

82.485

0,05

72.214

0,03

169.831

0,07

161.371

0,07

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

34.694

0,02

49.141

0,03

-2.674

0,00

-455.528

-0,17

-6.842

0,00

Tax Payable

12.916

0,01

17.491

0,01

11.922

0,01

0

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)

21.778

0,01

31.650

0,02

-14.596

-0,01

-455.528

-0,17

-6.842

0,00

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,95

1,32

1,07

0,80

Acid-Test Ratio

0,48

0,74

0,54

0,38

Cash Ratio

0,31

0,43

0,17

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,23

0,23

0,21

Short-term Receivable/Total Assets

0,09

0,13

0,16

0,23

Tangible Assets/Total Assets

0,46

0,46

0,53

0,51

TURNOVER RATIOS

 

 

Inventory Turnover

2,45

2,20

2,94

3,99

Stockholders' Equity Turnover

1,92

1,10

1,49

2,59

Asset Turnover

0,83

0,65

0,83

1,00

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,43

0,59

0,56

0,39

Current Liabilities/Total Assets

0,57

0,41

0,44

0,61

Financial Leverage

0,57

0,41

0,44

0,61

Gearing Percentage

1,30

0,69

0,79

1,58

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,02

-0,01

-0,45

Operating Profit Margin

0,10

0,09

0,06

0,02

Net Profit Margin

0,01

0,02

-0,01

-0,17

Interest Cover

1,81

1,60

0,96

-1,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

37,68

66,17

66,49

76,27

Average Payable Period (days)

175,39

141,31

45,89

18,96

WORKING CAPITAL

-53429,00

325714,00

84471,00

-317617,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.09

UK Pound

1

Rs.82.46

Euro

1

Rs.70.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.