MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

METAL MARKET DIS TICARET A.S.

 

 

Registered Office :

Bayar Cad. Gulbahar Sok. Perdemsac Plaza Kat:14 No: 143 Kozyatagi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

03.01.2001

 

 

Com. Reg. No.:

451293

 

 

Legal Form :

Joint Stock Company

 

 

LINE OF BUSINESS :

TRADE OF IRON AND STEEL PRODUCTS.

 

 

No. of Employees :

43

 

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 :

Slow but 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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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

 

COMPANY IDENTIFICATION

 

NAME

:

METAL MARKET DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Bayar Cad. Gulbahar Sok. Perdemsac Plaza Kat:14 No: 143 Kozyatagi Istanbul / Turkey

PHONE NUMBER

:

90-216-373 90 50 (Pbx)

 

FAX NUMBER

:

90-216-463 68 65

 

E-MAIL

:

metalmarket@metalmarketturkey.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6190528894

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company the tax number was changed from "6190200044" to "6190528894".   

REGISTRATION NUMBER

:

451293

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.01.2001

ESTABLISHMENT GAZETTE DATE/NO

:

10.01.2001/5211

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.250.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Name

:

Metal Market Dis Ticaret Ltd. Sti.

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Registered Capital

:

TL 500.000

Changed On

:

23.01.2008 (Commercial Gazette Date /Number 28.01.2008/ 6986)

Previous Registered Capital

:

TL 1.250.000

Changed On

:

15.01.2013 (Commercial Gazette Date /Number 21.01.2013/ 8240)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zeynep Azeri

40 %

Ali Hakan Nayman

20 %

Ahmet Mujdat Akyuz

20 %

Ibrahim Delen

10 %

Nusret Kaan Orucu

10 %

 

 

SISTER COMPANIES

:

MURAT METAL TICARET VE SANAYI A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Zeynep Azeri

Chairman

Ahmet Mujdat Akyuz

Vice-Chairman

Ali Hakan Nayman

Member

 

 

DIRECTORS

:

Mehmet Murat Akyuz                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of iron and steel products.

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

43

 

NET SALES

:

348.908.270 TL

(2008) 

213.747.297 TL

(2009) 

187.003.087 TL

(2010) 

320.031.522 TL

(2011) 

455.029.809 TL

(2012) 

194.991.536 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

13.591.000 USD

(2010)

9.524.000 USD

(2011)

9.043.861 USD

(2012)

 

 

IMPORT COUNTRIES

:

Ukraine

 

MERCHANDISE IMPORTED

:

Plate

Sheet

 

EXPORT VALUE

:

328.032.548 TL

(2008)

200.861.629 TL

(2009)

175.989.791 TL

(2010)

304.742.395 TL

(2011)

444.351.504 TL

(2012)

188.799.131 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

U.S.A.

South Africa

European Countries

Cameroon

Ghana

Sri Lanka

Maldives

Yemen

Kuwait

Saudi Arabia

Brazil

Syria

Barbados

Madagascar

Mozambique

Tanzania

Ethiopia

France

 

MERCHANDISE  EXPORTED

:

Iron and steel products

 

HEAD OFFICE ADDRESS

:

Bayar Cad. Gulbahar Sok. Perdemsac Plaza Kat:14 No: 143 Kozyatagi  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Branch Office  :  Bayar Cad. Gulbahar Sok. No: 141 - 142 - 144 - 145 - 146 Kozyatagi Istanbul/Turkey          

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

HSBC Bank Asya Kurumsal Branch

T. Is Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Bayar Caddesi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.

2013) TL

Net Sales

213.747.297

187.003.087

320.031.522

455.029.809

194.991.536

Profit (Loss) Before Tax

1.788.408

1.192.505

24.426

1.637.064

356.547

Stockholders' Equity

7.809.678

8.752.087

6.585.646

6.036.755

 

Total Assets

27.511.060

33.021.166

32.701.668

29.613.379

 

Current Assets

27.050.174

32.581.725

30.342.720

27.296.413

 

Non-Current Assets

460.886

439.441

2.358.948

2.316.966

 

Current Liabilities

19.668.248

24.269.079

26.116.022

23.576.624

 

Long-Term Liabilities

33.134

0

0

0

 

Gross Profit (loss)

11.477.302

8.635.074

14.784.475

15.001.815

6.419.707

Operating Profit (loss)

8.222.765

5.000.838

10.412.808

8.552.876

2.877.558

Net Profit (loss)

1.416.655

942.409

-166.440

1.304.167

356.547

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:1.250.000 TL

Equity Part

:1.750.000 TL

Payment Due Date

:30.09.2013

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Satisfactory

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

Profitability

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

In order in 2012

General Financial Position

Passable

 

 

 

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

 (01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 (01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.

2009 )  TL

 

 ( 31.12.

2010 )  TL

 

 ( 31.12.

2011 )  TL

 

 ( 31.12.

2012 )  TL

 

CURRENT ASSETS

27.050.174

0,98

32.581.725

0,99

30.342.720

0,93

27.296.413

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.001.023

0,15

1.051.239

0,03

4.237.571

0,13

3.522.425

0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

8.586.270

0,31

13.907.101

0,42

15.010.220

0,46

11.261.627

0,38

Other Receivable

574.995

0,02

1.917.127

0,06

609.376

0,02

571.886

0,02

Inventories

9.364.225

0,34

4.181.429

0,13

5.861.232

0,18

7.481.720

0,25

Advances Given

3.786.422

0,14

10.760.537

0,33

3.472.067

0,11

3.163.402

0,11

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

737.239

0,03

764.292

0,02

1.152.254

0,04

1.295.353

0,04

NON-CURRENT ASSETS

460.886

0,02

439.441

0,01

2.358.948

0,07

2.316.966

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

70

0,00

70

0,00

219

0,00

219

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

335.000

0,01

246.805

0,01

2.174.506

0,07

2.167.768

0,07

Intangible Assets

90.037

0,00

183.966

0,01

181.021

0,01

145.898

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

35.779

0,00

8.600

0,00

3.202

0,00

3.081

0,00

TOTAL ASSETS

27.511.060

1,00

33.021.166

1,00

32.701.668

1,00

29.613.379

1,00

CURRENT LIABILITIES

19.668.248

0,71

24.269.079

0,73

26.116.022

0,80

23.576.624

0,80

Not Detailed Current Liabilities

60.969

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.732.690

0,21

11.626.433

0,35

16.032.795

0,49

6.595.620

0,22

Accounts Payable

5.719.524

0,21

5.082.748

0,15

5.630.135

0,17

11.303.354

0,38

Loans from Shareholders

0

0,00

0

0,00

1.076

0,00

0

0,00

Other Short-term Payable

319

0,00

160

0,00

213.469

0,01

472.148

0,02

Advances from Customers

7.888.226

0,29

7.353.741

0,22

3.655.941

0,11

4.827.234

0,16

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

67.006

0,00

81.924

0,00

385.746

0,01

280.040

0,01

Provisions

199.514

0,01

63.103

0,00

135.891

0,00

98.228

0,00

Other Current Liabilities

0

0,00

60.970

0,00

60.969

0,00

0

0,00

LONG-TERM LIABILITIES

33.134

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

32.011

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

1.123

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

7.809.678

0,28

8.752.087

0,27

6.585.646

0,20

6.036.755

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.250.000

0,05

1.250.000

0,04

1.250.000

0,04

1.250.000

0,04

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

5.143.023

0,19

6.559.678

0,20

5.502.086

0,17

3.718.375

0,13

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

-235.787

-0,01

Net Profit (loss)

1.416.655

0,05

942.409

0,03

-166.440

-0,01

1.304.167

0,04

TOTAL LIABILITIES AND EQUITY

27.511.060

1,00

33.021.166

1,00

32.701.668

1,00

29.613.379

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

 

(2012) TL

 

(01.01-30.06.

2013) TL

 

Net Sales

213.747.297

1,00

187.003.087

1,00

320.031.522

1,00

455.029.809

1,00

194.991.536

1,00

Cost of Goods Sold

202.269.995

0,95

178.368.013

0,95

305.247.047

0,95

440.027.994

0,97

188.571.829

0,97

Gross Profit

11.477.302

0,05

8.635.074

0,05

14.784.475

0,05

15.001.815

0,03

6.419.707

0,03

Operating Expenses

3.254.537

0,02

3.634.236

0,02

4.371.667

0,01

6.448.939

0,01

3.542.149

0,02

Operating Profit

8.222.765

0,04

5.000.838

0,03

10.412.808

0,03

8.552.876

0,02

2.877.558

0,01

Other Income

877.097

0,00

1.393.986

0,01

1.136.325

0,00

609.519

0,00

652.331

0,00

Other Expenses

793.843

0,00

699.159

0,00

3.257.923

0,01

1.170.537

0,00

357.234

0,00

Financial Expenses

6.517.611

0,03

4.503.160

0,02

8.266.784

0,03

6.354.794

0,01

2.816.108

0,01

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

1.788.408

0,01

1.192.505

0,01

24.426

0,00

1.637.064

0,00

356.547

0,00

Tax Payable

371.753

0,00

250.096

0,00

190.866

0,00

332.897

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)

1.416.655

0,01

942.409

0,01

-166.440

0,00

1.304.167

0,00

356.547

0,00

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,38

1,34

1,16

1,16

 

Acid-Test Ratio

0,67

0,70

0,76

0,65

 

Cash Ratio

0,20

0,04

0,16

0,15

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,34

0,13

0,18

0,25

 

Short-term Receivable/Total Assets

0,33

0,48

0,48

0,40

 

Tangible Assets/Total Assets

0,01

0,01

0,07

0,07

 

TURNOVER RATIOS

 

 

Inventory Turnover

21,60

42,66

52,08

58,81

 

Stockholders' Equity Turnover

27,37

21,37

48,60

75,38

 

Asset Turnover

7,77

5,66

9,79

15,37

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,28

0,27

0,20

0,20

 

Current Liabilities/Total Assets

0,71

0,73

0,80

0,80

 

Financial Leverage

0,72

0,73

0,80

0,80

 

Gearing Percentage

2,52

2,77

3,97

3,91

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,18

0,11

-0,03

0,22

 

Operating Profit Margin

0,04

0,03

0,03

0,02

 

Net Profit Margin

0,01

0,01

0,00

0,00

 

Interest Cover

1,27

1,26

1,00

1,26

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

14,46

26,77

16,89

8,91

 

Average Payable Period (days)

10,18

10,26

6,64

9,25

 

WORKING CAPITAL

7381926,00

8312646,00

4226698,00

3719789,00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.60

Euro

1

Rs.83.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.