MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

IZMIR CELIK SANAYI VE TICARET A.S.

 

 

Formerly Known As :

IZMIR CELIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Doganlar Mah. Okul Cad. 22/B Bornova  Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

84220-MRKZ

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Cutting and trade of steel.

 

 

No. of Employees :

Not Available

 

 

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 :

--

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 NAME & ADDRESS

 

NAME

:

IZMIR CELIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Doganlar Mah. Okul Cad. 22/B Bornova  Izmir / Turkey

PHONE NUMBER

:

90-232-478 54 70

 

FAX NUMBER

:

90-232-478 54 70

 

WEB-ADDRESS

:

www.izmircelik.com

E-MAIL

:

info@izmircelik.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

 

TAX OFFICE

:

Cakabey

 

TAX NO

:

4840855053

 

REMARKS ON TAX NO

:

The tax number was changed from "4840103212" to "4840855053" as the legal form changed from limited company to joint stock company.

 

REGISTRATION NUMBER

:

84220-MRKZ

 

REGISTERED OFFICE

:

Izmir Chamber of Commerce

 

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE/NO

:

22.09.1997/4381

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

12.09.2013 (Commercial Gazette Date /Number 17.09.2013/ 8406)

Previous Name

:

Izmir Celik Sanayi ve Ticaret Ltd. Sti.

Changed On

:

12.09.2013 (Commercial Gazette Date /Number 17.09.2013/ 8406)

Previous Registered Capital

:

TL 200.000

Changed On

:

28.05.2010 (Commercial Gazette Date /Number 18.06.2010/ 7588)

Previous Address

:

2818 Sok. No:22/D 1. Sanayi Sitesi - Izmir

Changed On

:

28.09.2007 (Commercial Gazette Date /Number 04.10.2007/ 6909)

Previous Address

:

2823 Sok. No:121 1. Sanayi Sitesi Izmir

Changed On

:

04.12.2012 (Commercial Gazette Date /Number 10.12.2012/ 8211)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ramazan Temurtas                          100 %

 

BOARD OF DIRECTORS

:

Ramazan Temurtas                           Chairman

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Cutting and trade of steel.

 

NACE CODE

:

G .51.54

 

NUMBER OF EMPLOYEES

:

22

 

 NET SALES

:

4.910.707 TL

(2009) 

9.144.465 TL

(2010) 

13.768.278 TL

(2011) 

12.367.937 TL

(01.01-30.09.2012) 

 

 

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.

IMPORT COUNTRIES

:

India

China

 

MERCHANDISE IMPORTED

:

Steel

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

 

 

HEAD OFFICE ADDRESS

:

Doganlar Mah. Okul Cad. 22/B Bornova   Izmir / Turkey 

 

BRANCHES

:

Head Office/Processing Plant:  Doganlar Mah. Okul Cad. 22/B Bornova Izmir/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Camdibi Branch

T. Is Bankasi 1. Sanayi Sitesi 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

(01.01-30.09.2012) TL

 

Net Sales

4.910.707

9.144.465

13.768.278

12.367.937

 

Profit (Loss) Before Tax

60.678

102.879

126.994

116.415

 

Stockholders' Equity

669.344

1.551.203

1.645.595

 

 

Total Assets

3.773.935

7.277.154

8.595.235

 

 

Current Assets

3.576.709

7.019.402

7.986.416

 

 

Non-Current Assets

197.226

257.752

608.819

 

 

Current Liabilities

2.567.592

5.316.374

6.617.322

 

 

Long-Term Liabilities

536.999

409.577

332.318

 

 

Gross Profit (loss)

313.314

439.546

616.917

1.043.227

 

Operating Profit (loss)

113.525

147.207

211.119

493.076

 

Net Profit (loss)

47.999

81.858

94.392

116.415

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Fair As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.576.709

0,95

7.019.402

0,96

7.986.416

0,93

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

547.781

0,15

1.643.931

0,23

117.239

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.456.270

0,39

2.581.763

0,35

4.829.317

0,56

Other Receivable

0

0,00

425.000

0,06

425.000

0,05

Inventories

1.537.805

0,41

2.195.395

0,30

2.427.321

0,28

Advances Given

0

0,00

60.720

0,01

59.592

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

34.853

0,01

112.593

0,02

127.947

0,01

NON-CURRENT ASSETS

197.226

0,05

257.752

0,04

608.819

0,07

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)

189.805

0,05

224.463

0,03

562.271

0,07

Intangible Assets

82

0,00

1.532

0,00

1.351

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

7.339

0,00

31.757

0,00

45.197

0,01

TOTAL ASSETS

3.773.935

1,00

7.277.154

1,00

8.595.235

1,00

CURRENT LIABILITIES

2.567.592

0,68

5.316.374

0,73

6.617.322

0,77

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

112.531

0,03

614.685

0,08

1.148.246

0,13

Accounts Payable

1.686.532

0,45

4.238.744

0,58

5.292.378

0,62

Loans from Shareholders

0

0,00

455.765

0,06

137.631

0,02

Other Short-term Payable

0

0,00

0

0,00

1.235

0,00

Advances from Customers

756.020

0,20

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

9.294

0,00

7.029

0,00

30.522

0,00

Provisions

3.215

0,00

151

0,00

7.310

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

536.999

0,14

409.577

0,06

332.318

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

51.511

0,01

409.577

0,06

332.318

0,04

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

49.905

0,01

0

0,00

0

0,00

Loans from Shareholders

435.583

0,12

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

669.344

0,18

1.551.203

0,21

1.645.595

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

200.000

0,05

1.000.000

0,14

1.000.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

154.412

0,04

154.412

0,02

154.412

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

306.244

0,08

354.244

0,05

436.102

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-39.311

-0,01

-39.311

-0,01

-39.311

0,00

Net Profit (loss)

47.999

0,01

81.858

0,01

94.392

0,01

TOTAL LIABILITIES AND EQUITY

3.773.935

1,00

7.277.154

1,00

8.595.235

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

 

(01.01-30.09.2012) TL

 

Net Sales

4.910.707

1,00

9.144.465

1,00

13.768.278

1,00

12.367.937

1,00

Cost of Goods Sold

4.597.393

0,94

8.704.919

0,95

13.151.361

0,96

11.324.710

0,92

Gross Profit

313.314

0,06

439.546

0,05

616.917

0,04

1.043.227

0,08

Operating Expenses

199.789

0,04

292.339

0,03

405.798

0,03

550.151

0,04

Operating Profit

113.525

0,02

147.207

0,02

211.119

0,02

493.076

0,04

Other Income

11.849

0,00

10.250

0,00

64.814

0,00

7.761

0,00

Other Expenses

2.728

0,00

2.226

0,00

36.014

0,00

47.993

0,00

Financial Expenses

61.968

0,01

52.352

0,01

112.925

0,01

336.429

0,03

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

60.678

0,01

102.879

0,01

126.994

0,01

116.415

0,01

Tax Payable

12.679

0,00

21.021

0,00

32.602

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

47.999

0,01

81.858

0,01

94.392

0,01

116.415

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,39

1,32

1,21

Acid-Test Ratio

0,78

0,87

0,81

Cash Ratio

0,21

0,31

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,41

0,30

0,28

Short-term Receivable/Total Assets

0,39

0,41

0,61

Tangible Assets/Total Assets

0,05

0,03

0,07

TURNOVER RATIOS

 

 

Inventory Turnover

2,99

3,97

5,42

Stockholders' Equity Turnover

7,34

5,90

8,37

Asset Turnover

1,30

1,26

1,60

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,18

0,21

0,19

Current Liabilities/Total Assets

0,68

0,73

0,77

Financial Leverage

0,82

0,79

0,81

Gearing Percentage

4,64

3,69

4,22

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,05

0,06

Operating Profit Margin

0,02

0,02

0,02

Net Profit Margin

0,01

0,01

0,01

Interest Cover

1,98

2,97

2,12

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

106,76

101,64

126,27

Average Payable Period (days)

135,97

175,30

144,87

WORKING CAPITAL

1009117,00

1703028,00

1369094,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.93

UK Pound

1

Rs. 102.06

Euro

1

Rs. 84.30

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.