MIRA INFORM REPORT

 

 

Report Date :

03.09..2014

 

IDENTIFICATION DETAILS

 

Name :

SILVAN SANAYI A.S.

 

 

Registered Office :

Cevizli Mah. Kar Sok. No:4 Maltepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.09.1962

 

 

Com. Reg. No.:

82598

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of metal and steel products.

 

 

No of Employees :

200

 

 

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 :

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

NAME

:

SILVAN SANAYI A.S.

HEAD OFFICE ADDRESS

:

Cevizli Mah. Kar Sok. No:4 Maltepe Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Cevizli Tugay Yolu No:75 Maltepe" to "Cevizli Mah. Kar Sok. No:4 Maltepe" by the municipality.

PHONE NUMBER

:

90-216-399 15 55

 

FAX NUMBER

:

90-216-352 56 21

 

WEB-ADDRESS

:

www.silvansanayi.com

E-MAIL

:

info@silvansanayi.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

7700026662

REGISTRATION NUMBER

:

82598

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.09.1962

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   31.000.000

PAID-IN CAPITAL

:

TL   31.000.000

HISTORY

:

Previous Registered Capital

:

TL 16.100.000

Changed On

:

14.06.2007 (Commercial Gazette Date /Number 20.06.2007/ 6834)

Previous Registered Capital

:

TL 18.000.000

Changed On

:

18.08.2009 (Commercial Gazette Date /Number 24.08.2009/ 7382)

Previous Registered Capital

:

TL 24.500.000

Changed On

:

27.06.2012 (Commercial Gazette Date /Number 03.07.2012/ 8103)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ali Orhan Tiner

22,50 %

E.Nese Mollaoglu

15,70 %

Ela Gulboy

15 %

Emin Vedat Mollaoglu

12 %

Demir Mollaoglu

12 %

Mehmet Rifat Ozalp

10 %

Fevziye Zeynep Ozalp

10 %

Tekin Mollaoglu

2,80 %

 

 

SISTER COMPANIES

:

DMY DEMIR TAAHHUT PROJE VE DANISMANLIK TICARET LTD. STI.

ISTANBUL MAKINA FABRIKASI A.S.

SILVAN DIS VE IC TICARET A.S.

 

SUBSIDIARIES

:

ISTANBUL MAKINA FABRIKASI A.S.

KUMSAN DOKUM MALZEMELERI SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Demir Mollaoglu

Chairman

Fevziye Zeynep Ozalp

Member

Ela Gulboy

Member

Emin Vedat Mollaoglu

Member

Mehmet Rifat Ozalp

Member

 

 

DIRECTORS

:

Demir Mollaoglu                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of metal and steel products. 

 

NACE CODE

:

DJ.27.52

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

200

 

NET SALES

:

18.104 TL Thousand

(2003) 

21.907 TL Thousand

(2004) 

30.180 TL Thousand

(2005) 

33.630.879 TL

(2006) 

45.721.540 TL

(2007) 

49.119.451 TL

(2008) 

35.207.039 TL

(2009) 

42.413.118 TL

(2010) 

52.517.839 TL

(2011) 

59.379 TL Thousand

(2012) 

61.758 TL Thousand

(2013) 

32.904 TL Thousand

(01.01-30.06.2014) 

 

 

IMPORT VALUE

:

3.300.000 USD

(2005)

2.640.000 USD

(2006)

4.000.000 USD

(2007)

3.000.000 USD

(2008)

2.142.000 USD

(2009)

2.600.000 USD

(2010)

1.800.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Austria

Germany

Italy

Poland

 

MERCHANDISE IMPORTED

:

Machineries

Raw materials

 

 

EXPORT VALUE

:

9.154 TL Thousand

(2003)

9.616 TL Thousand

(2004)

13.667 TL Thousand

(2005)

14.502 TL Thousand

(2006)

20.620 TL Thousand

(2007)

17.248 TL Thousand

(2008)

14.174 TL Thousand

(2009)

15.655 TL Thousand

(2010)

24.562 TL Thousand

(2011)

27.552 TL Thousand

(2012)

24.384 TL Thousand

(2013)

16.780 TL Thousand

(01.01-30.06.2014)

 

 

EXPORT COUNTRIES

:

Germany

Bulgaria

Iraq

Singapore

Syria

Colombia

U.S.A.

U.K.

Greece

Libya

Hong-Kong

China

Brazil

Mexico

Romania

Poland

Italy

Hungary

 

MERCHANDISE  EXPORTED

:

Molding patterns

Parts of rolling mill

Rolls

 

HEAD OFFICE ADDRESS

:

Cevizli Mah. Kar Sok. No:4 Maltepe  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  E-5 Yan Yol Uzeri No:86 Gebze Kocaeli/Turkey (owned)

 

Head Office/Factory  :  Cevizli Mah. Kar Sok. No:4 Maltepe Istanbul/Turkey (owned)            

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013. There appears a slowdown at business volume in real terms in  1.1 - 30.6.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kartal Ticari Branch

Garanti Bankasi Kartal Branch

T. Is Bankasi Kartal Sanayi 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

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.06.2014) TL Thousand

Net Sales

42.413.118

52.517.839

59.379

61.758

32.904

Profit (Loss) Before Tax

3.031.025

7.295.849

2.793

3.099

4.071

Stockholders' Equity

30.057.382

34.614.799

35.688

38.055

 

Total Assets

37.290.944

43.720.942

56.310

66.179

 

Current Assets

21.935.481

27.210.806

28.950

33.313

 

Non-Current Assets

15.355.463

16.510.136

27.360

32.866

 

Current Liabilities

5.098.694

6.696.632

9.895

14.989

 

Long-Term Liabilities

2.134.868

2.409.511

10.727

13.135

 

Gross Profit (loss)

11.598.348

18.139.201

15.553

14.855

10.227

Operating Profit (loss)

3.287.487

7.362.386

4.219

5.261

4.786

Net Profit (loss)

2.353.439

5.733.888

2.103

2.367

4.071

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability (01.01-30.06.2014)

High Net Profitability (01.01-30.06.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-31.07.2014)

5,89 %

2,1578

2,9492

3,6152

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

21.935.481

0,59

27.210.806

0,62

28.950

0,51

33.313

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

7.055.590

0,19

1.265.880

0,03

530

0,01

2.103

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.814.057

0,13

11.826.656

0,27

12.471

0,22

13.540

0,20

Other Receivable

4.899

0,00

6.992

0,00

9

0,00

1

0,00

Inventories

9.280.943

0,25

12.715.158

0,29

14.988

0,27

16.405

0,25

Advances Given

43.752

0,00

582.126

0,01

298

0,01

761

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

736.240

0,02

813.994

0,02

654

0,01

503

0,01

NON-CURRENT ASSETS

15.355.463

0,41

16.510.136

0,38

27.360

0,49

32.866

0,50

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

689

0,00

516

0,00

1.106

0,02

1.110

0,02

Financial Assets

958.033

0,03

958.032

0,02

0

0,00

0

0,00

Tangible Fixed Assets (net)

13.269.893

0,36

14.974.122

0,34

23.987

0,43

25.607

0,39

Intangible Assets

1.126.848

0,03

577.466

0,01

2.255

0,04

6.121

0,09

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

12

0,00

28

0,00

TOTAL ASSETS

37.290.944

1,00

43.720.942

1,00

56.310

1,00

66.179

1,00

CURRENT LIABILITIES

5.098.694

0,14

6.696.632

0,15

9.895

0,18

14.989

0,23

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

1.870

0,03

5.773

0,09

Accounts Payable

3.529.444

0,09

4.731.796

0,11

5.894

0,10

5.756

0,09

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

385.973

0,01

663.216

0,02

464

0,01

1.191

0,02

Advances from Customers

692.925

0,02

226.364

0,01

614

0,01

755

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

377.278

0,01

494.892

0,01

517

0,01

732

0,01

Provisions

95.489

0,00

580.364

0,01

507

0,01

688

0,01

Other Current Liabilities

17.585

0,00

0

0,00

29

0,00

94

0,00

LONG-TERM LIABILITIES

2.134.868

0,06

2.409.511

0,06

10.727

0,19

13.135

0,20

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

19.491

0,00

0

0,00

8.146

0,14

10.554

0,16

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

2.115.377

0,06

2.409.511

0,06

2.581

0,05

2.581

0,04

STOCKHOLDERS' EQUITY

30.057.382

0,81

34.614.799

0,79

35.688

0,63

38.055

0,58

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

24.500.000

0,66

24.500.000

0,56

31.000

0,55

31.000

0,47

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

3.203.943

0,09

4.380.911

0,10

2.585

0,05

4.541

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

147

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.353.439

0,06

5.733.888

0,13

2.103

0,04

2.367

0,04

TOTAL LIABILITIES AND EQUITY

37.290.944

1,00

43.720.942

1,00

56.310

1,00

66.179

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. 

 

In the sub-items of "Account Receivable", TL thousand 83 is "Doubtful Trade Receivables" and -TL thousand 83 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                     

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations: 0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:1,Other Receivable Total:1.                                                                                                                                     

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                                               

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.06.2014) TL Thousand

 

Net Sales

42.413.118

1,00

52.517.839

1,00

59.379

1,00

61.758

1,00

32.904

1,00

Cost of Goods Sold

30.814.770

0,73

34.378.638

0,65

43.826

0,74

46.903

0,76

22.677

0,69

Gross Profit

11.598.348

0,27

18.139.201

0,35

15.553

0,26

14.855

0,24

10.227

0,31

Operating Expenses

8.310.861

0,20

10.776.815

0,21

11.334

0,19

9.594

0,16

5.441

0,17

Operating Profit

3.287.487

0,08

7.362.386

0,14

4.219

0,07

5.261

0,09

4.786

0,15

Other Income

813.344

0,02

768.589

0,01

486

0,01

973

0,02

828

0,03

Other Expenses

1.050.627

0,02

818.982

0,02

1.789

0,03

2.742

0,04

993

0,03

Financial Expenses

19.179

0,00

16.144

0,00

123

0,00

393

0,01

550

0,02

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

3.031.025

0,07

7.295.849

0,14

2.793

0,05

3.099

0,05

4.071

0,12

Tax Payable

677.586

0,02

1.561.961

0,03

690

0,01

732

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)

2.353.439

0,06

5.733.888

0,11

2.103

0,04

2.367

0,04

4.071

0,12

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

4,30

4,06

2,93

2,22

 

Acid-Test Ratio

2,33

1,96

1,31

1,04

 

Cash Ratio

1,38

0,19

0,05

0,14

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,29

0,27

0,25

 

Short-term Receivable/Total Assets

0,13

0,27

0,22

0,20

 

Tangible Assets/Total Assets

0,36

0,34

0,43

0,39

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,32

2,70

2,92

2,86

 

Stockholders' Equity Turnover

1,41

1,52

1,66

1,62

 

Asset Turnover

1,14

1,20

1,05

0,93

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,81

0,79

0,63

0,58

 

Current Liabilities/Total Assets

0,14

0,15

0,18

0,23

 

Financial Leverage

0,19

0,21

0,37

0,42

 

Gearing Percentage

0,24

0,26

0,58

0,74

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,17

0,06

0,06

 

Operating Profit Margin

0,08

0,14

0,07

0,09

 

Net Profit Margin

0,06

0,11

0,04

0,04

 

Interest Cover

159,04

452,92

23,71

8,89

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

40,87

81,07

82,31

85,40

 

Average Payable Period (days)

41,23

49,55

48,42

44,18

 

WORKING CAPITAL

16836787,00

20514174,00

19055,00

18324,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.61

UK Pound

1

Rs.100.48

Euro

1

Rs.79.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SHG

 

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

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NB

                                       New Business

 

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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.