MIRA INFORM REPORT

 

 

Report Date :

03.10.2013

 

IDENTIFICATION DETAILS

 

Name :

FERROMET MUMESSILLIK VE TICARET A.S.

 

 

Formerly Known as:

Turhan Turizm Hizmetleri Insaat Sanayi Ve Ticaret A.S.

 

 

Registered Office :

Santa Is Merkezi Muselles Sok. No:6/9 Esentepe  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

21.08.1992

 

 

Com. Reg. No.:

289429

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of casting products such as steel shots and grits, spherical pig iron sorelmetal, refractory linings.

 

 

No. of Employees :

13

 

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 – 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

 

 

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

FERROMET MUMESSILLIK VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Santa Is Merkezi Muselles Sok. No:6/9 Esentepe  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number has been changed from "No:19/9" to "No: 6/9" by the Municipality.

PHONE NUMBER

:

90-212-211 33 00

90-212-275 33 00

 

FAX NUMBER

:

90-212-275 11 42

 

WEB-ADDRESS

:

www.ferromet.com.tr

E-MAIL

:

info@ferromet.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Mecidiyekoy

TAX NO

:

8710030537

REGISTRATION NUMBER

:

289429

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.08.1992

ESTABLISHMENT GAZETTE DATE/NO

:

26.08.1992/3100

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   240.000

PAID-IN CAPITAL

:

TL   240.000

HISTORY

:

Previous Name

:

Turhan Turizm Hizmetleri Insaat Sanayi Ve Ticaret A.S.

Changed On

:

17.04.2009 (Commercial Gazette Date /Number 22.04.2009/ 7297)

Previous Registered Capital

:

TL 100.000

Changed On

:

29.06.2010 (Commercial Gazette Date /Number 05.07.2010/ 7599)

Previous Address

:

Buyukdere Cad. No:155/9 Zincirlikuyu Sisli Istanbul

Changed On

:

17.04.2009 (Commercial Gazette Date /Number 22.04.2009/ 7297)

Previous Address

:

Buyukdere Cad.No:155 D:10 Zincirlikuyu Istanbul

Changed On

:

04.01.2013 (Commercial Gazette Date /Number 10.01.2013/ 8233)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Alp Berk

51 %

Ceylan Berk

47,50 %

Hasan Berk

0,50 %

Emre Arolat

0,50 %

Emine Tufan

0,50 %

 

 

BOARD OF DIRECTORS

:

Alp Berk

Chairman

Ceylan Berk

Vice-Chairman

Hasan Berk

Member

Emre Arolat

Member

Emine Tufan

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of casting products such as steel shots and grits, spherical pig iron sorelmetal, refractory linings.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

4.528.036 TL

(2009) 

13.752.266 TL

(2010) 

18.702.171 TL

(2011) 

10.817.755 TL

(01.01-30.06.2012) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

South Africa

China

Spain

France

 

MERCHANDISE IMPORTED

:

Refractory linings

Silicon carbide

Steel grits

Steel shots

 

EXPORT VALUE

:

175.729 TL

(2009)

129.690 TL

(01.01-30.06.2010)

 

 

EXPORT COUNTRIES

:

Iran

 

MERCHANDISE  EXPORTED

:

Ferro-silicon

 

HEAD OFFICE ADDRESS

:

Santa Is Merkezi Muselles Sok. No:6/9 Esentepe   Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Tuzla Organize Sanayi Bolgesi Istanbul/Turkey (owned) 

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Zincirlikuyu Branch

T. Is Bankasi Zincirlikuyu Ticari 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

(01.01-30.06.2012) TL

 

Net Sales

4.528.036

13.752.266

18.702.171

10.817.755

 

Profit (Loss) Before Tax

407.472

253.418

1.272.818

1.153.344

 

Stockholders' Equity

349.612

546.399

1.576.298

 

 

Total Assets

3.430.413

7.255.554

10.700.031

 

 

Current Assets

3.266.148

5.397.413

6.086.671

 

 

Non-Current Assets

164.265

1.858.141

4.613.360

 

 

Current Liabilities

3.080.801

6.709.155

8.526.534

 

 

Long-Term Liabilities

0

0

597.199

 

 

Gross Profit (loss)

1.031.583

1.494.252

2.892.441

741.843

 

Operating Profit (loss)

468.558

244.785

1.277.057

68.868

 

Net Profit (loss)

334.650

196.786

1.029.900

1.153.344

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Low Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.266.148

0,95

5.397.413

0,74

6.086.671

0,57

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

308.103

0,09

194.387

0,03

796.621

0,07

Marketable Securities

488.120

0,14

1.057.505

0,15

315.837

0,03

Account Receivable

949.943

0,28

2.189.953

0,30

2.341.357

0,22

Other Receivable

956

0,00

944

0,00

1.191

0,00

Inventories

940.062

0,27

1.624.269

0,22

1.171.511

0,11

Advances Given

571.771

0,17

86.047

0,01

1.167.896

0,11

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

7.193

0,00

244.308

0,03

292.258

0,03

NON-CURRENT ASSETS

164.265

0,05

1.858.141

0,26

4.613.360

0,43

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

148.683

0,04

1.844.839

0,25

4.585.902

0,43

Intangible Assets

6.286

0,00

5.029

0,00

3.017

0,00

Deferred Tax Assets

9.296

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

8.273

0,00

24.441

0,00

TOTAL ASSETS

3.430.413

1,00

7.255.554

1,00

10.700.031

1,00

CURRENT LIABILITIES

3.080.801

0,90

6.709.155

0,92

8.526.534

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

8.404

0,00

Financial Loans

26.637

0,01

1.616.214

0,22

2.294.537

0,21

Accounts Payable

2.963.951

0,86

5.037.423

0,69

5.855.741

0,55

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.026

0,00

1.176

0,00

1.191

0,00

Advances from Customers

28.846

0,01

10.811

0,00

208.991

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

26.301

0,01

40.804

0,01

35.055

0,00

Provisions

30.320

0,01

2.727

0,00

122.615

0,01

Other Current Liabilities

2.720

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

597.199

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

597.199

0,06

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

349.612

0,10

546.399

0,08

1.576.298

0,15

Not Detailed Stockholders' Equity

349.612

0,10

0

0,00

0

0,00

Paid-in Capital

0

0,00

240.000

0,03

240.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

86.771

0,01

86.771

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

334.651

0,05

531.436

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-311.809

-0,04

-311.809

-0,03

Net Profit (loss)

0

0,00

196.786

0,03

1.029.900

0,10

TOTAL LIABILITIES AND EQUITY

3.430.413

1,00

7.255.554

1,00

10.700.031

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.                                                                                                                                                                                                                      

At the last income statement, TL 949.072 of the other income is due to "Other Extraordinary Income" .                                                                                   

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

4.528.036

1,00

13.752.266

1,00

18.702.171

1,00

10.817.755

1,00

Cost of Goods Sold

3.496.453

0,77

12.258.014

0,89

15.809.730

0,85

10.075.912

0,93

Gross Profit

1.031.583

0,23

1.494.252

0,11

2.892.441

0,15

741.843

0,07

Operating Expenses

563.025

0,12

1.249.467

0,09

1.615.384

0,09

672.975

0,06

Operating Profit

468.558

0,10

244.785

0,02

1.277.057

0,07

68.868

0,01

Other Income

64.161

0,01

1.255.261

0,09

2.315.873

0,12

1.495.447

0,14

Other Expenses

100.178

0,02

1.161.976

0,08

2.199.814

0,12

349.991

0,03

Financial Expenses

25.069

0,01

84.652

0,01

120.298

0,01

60.980

0,01

Minority Interests

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

Profit (loss) Before Tax

407.472

0,09

253.418

0,02

1.272.818

0,07

1.153.344

0,11

Tax Payable

72.822

0,02

56.632

0,00

242.918

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

334.650

0,07

196.786

0,01

1.029.900

0,06

1.153.344

0,11

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

0,80

0,71

 

Acid-Test Ratio

0,57

0,51

0,41

 

Cash Ratio

0,26

0,19

0,13

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,22

0,11

 

Short-term Receivable/Total Assets

0,28

0,30

0,22

 

Tangible Assets/Total Assets

0,04

0,25

0,43

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,72

7,55

13,50

 

Stockholders' Equity Turnover

12,95

25,17

11,86

 

Asset Turnover

1,32

1,90

1,75

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,10

0,08

0,15

 

Current Liabilities/Total Assets

0,90

0,92

0,80

 

Financial Leverage

0,90

0,92

0,85

 

Gearing Percentage

8,81

12,28

5,79

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,96

0,36

0,65

 

Operating Profit Margin

0,10

0,02

0,07

 

Net Profit Margin

0,07

0,01

0,06

 

Interest Cover

17,25

3,99

11,58

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

75,52

57,33

45,07

 

Average Payable Period (days)

305,17

147,94

133,34

 

WORKING CAPITAL

185347,00

-1311742,00

-2439863,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.36

UK Pound

1

Rs.101.20

Euro

1

Rs.84.54

 

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.