MIRA INFORM REPORT

 

 

Report No. :

350805

Report Date :

21.11.2015

 

IDENTIFICATION DETAILS

 

Name :

IZMIR CELIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Doganlar Mah. Okul Cad. No:22/B Bornova  Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

84220

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Cutting and trade of steel.

 

 

No. of Employee :

22

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

IZMIR CELIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Doganlar Mah. Okul Cad. No: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

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 .51.52

 

NUMBER OF EMPLOYEES

:

22

 

NET SALES

:

4.910.707 TL

(2009) 

9.144.465 TL

(2010) 

13.768.278 TL

(2011) 

16.610 TL Thousand

(2012) 

17.095 TL Thousand

(2013) 

21.101 TL Thousand

(2014) 

 

 

 

IMPORT COUNTRIES

:

India

China

 

MERCHANDISE IMPORTED

:

Steel

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

0 TL

(2014)

 

 

HEAD OFFICE ADDRESS

:

Doganlar Mah. Okul Cad. No:22/B Bornova   Izmir / Turkey

 

BRANCHES

:

Head Office/Processing Plant  :  Doganlar Mah. Okul Cad. No:22/B Bornova Izmir/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Camdibi Branch

T. Is Bankasi 1. Sanayi Sitesi 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

:

 

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(2014) TL Thousand

 

Net Sales

13.768.278

16.610

17.095

21.101

 

Profit (Loss) Before Tax

126.994

145

157

314

 

Stockholders' Equity

1.645.595

1.731

1.841

2.089

 

Total Assets

8.595.235

15.400

18.820

22.542

 

Current Assets

7.986.416

8.813

11.723

15.628

 

Non-Current Assets

608.819

6.587

7.097

6.914

 

Current Liabilities

6.617.322

6.966

7.660

11.515

 

Long-Term Liabilities

332.318

6.703

9.319

8.938

 

Gross Profit (loss)

616.917

1.475

1.863

2.779

 

Operating Profit (loss)

211.119

855

814

1.512

 

Net Profit (loss)

94.392

105

111

247

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2014

Liquidity

Insufficient As of 31.12.2014

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability  in 2013

Low Net Profitability  in 2013

Good Operating Profitability  in 2014

Low Net Profitability  in 2014

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Unsatisfactory

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.10.2015)

7,59 %

2,6873

3,0050

4,1301

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

7.986.416

0,93

8.813

0,57

11.723

0,62

15.628

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

117.239

0,01

24

0,00

235

0,01

85

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.829.317

0,56

4.874

0,32

7.339

0,39

8.316

0,37

Other Receivable

425.000

0,05

0

0,00

10

0,00

0

0,00

Inventories

2.427.321

0,28

3.704

0,24

4.022

0,21

6.325

0,28

Advances Given

59.592

0,01

0

0,00

0

0,00

740

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

127.947

0,01

211

0,01

117

0,01

162

0,01

NON-CURRENT ASSETS

608.819

0,07

6.587

0,43

7.097

0,38

6.914

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

26

0,00

26

0,00

26

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

562.271

0,07

5.046

0,33

5.560

0,30

5.713

0,25

Intangible Assets

1.351

0,00

13

0,00

13

0,00

13

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

45.197

0,01

1.502

0,10

1.498

0,08

1.162

0,05

TOTAL ASSETS

8.595.235

1,00

15.400

1,00

18.820

1,00

22.542

1,00

CURRENT LIABILITIES

6.617.322

0,77

6.966

0,45

7.660

0,41

11.515

0,51

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.148.246

0,13

1.582

0,10

2.019

0,11

5.397

0,24

Accounts Payable

5.292.378

0,62

5.329

0,35

5.594

0,30

5.709

0,25

Loans from Shareholders

137.631

0,02

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.235

0,00

28

0,00

6

0,00

268

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

104

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

30.522

0,00

15

0,00

23

0,00

16

0,00

Provisions

7.310

0,00

12

0,00

18

0,00

21

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

332.318

0,04

6.703

0,44

9.319

0,50

8.938

0,40

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

332.318

0,04

5.356

0,35

9.319

0,50

8.938

0,40

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

1.347

0,09

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

1.645.595

0,19

1.731

0,11

1.841

0,10

2.089

0,09

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,12

1.000

0,06

1.000

0,05

1.000

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

154.412

0,02

154

0,01

154

0,01

154

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

436.102

0,05

511

0,03

615

0,03

727

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-39.311

0,00

-39

0,00

-39

0,00

-39

0,00

Net Profit (loss)

94.392

0,01

105

0,01

111

0,01

247

0,01

TOTAL LIABILITIES AND EQUITY

8.595.235

1,00

15.400

1,00

18.820

1,00

22.542

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 0 is "Doubtful Trade Receivables" at the last balance sheet. 

 

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

 

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(2014) TL Thousand

 

Net Sales

13.768.278

1,00

16.610

1,00

17.095

1,00

21.101

1,00

Cost of Goods Sold

13.151.361

0,96

15.135

0,91

15.232

0,89

18.322

0,87

Gross Profit

616.917

0,04

1.475

0,09

1.863

0,11

2.779

0,13

Operating Expenses

405.798

0,03

620

0,04

1.049

0,06

1.267

0,06

Operating Profit

211.119

0,02

855

0,05

814

0,05

1.512

0,07

Other Income

64.814

0,00

16

0,00

20

0,00

145

0,01

Other Expenses

36.014

0,00

355

0,02

78

0,00

32

0,00

Financial Expenses

112.925

0,01

371

0,02

599

0,04

1.311

0,06

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

126.994

0,01

145

0,01

157

0,01

314

0,01

Tax Payable

32.602

0,00

40

0,00

46

0,00

67

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

94.392

0,01

105

0,01

111

0,01

247

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

LIQUIDITY RATIOS

 

Current Ratio

1,21

1,27

1,53

1,36

Acid-Test Ratio

0,81

0,70

0,99

0,73

Cash Ratio

0,02

0,00

0,03

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,28

0,24

0,21

0,28

Short-term Receivable/Total Assets

0,61

0,32

0,39

0,37

Tangible Assets/Total Assets

0,07

0,33

0,30

0,25

TURNOVER RATIOS

 

Inventory Turnover

5,42

4,09

3,79

2,90

Stockholders' Equity Turnover

8,37

9,60

9,29

10,10

Asset Turnover

1,60

1,08

0,91

0,94

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,19

0,11

0,10

0,09

Current Liabilities/Total Assets

0,77

0,45

0,41

0,51

Financial Leverage

0,81

0,89

0,90

0,91

Gearing Percentage

4,22

7,90

9,22

9,79

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

0,06

0,06

0,12

Operating Profit Margin

0,02

0,05

0,05

0,07

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

2,12

1,39

1,26

1,24

COLLECTION-PAYMENT

 

Average Collection Period (days)

126,27

106,20

155,10

142,32

Average Payable Period (days)

144,87

126,76

132,21

112,17

WORKING CAPITAL

1369094,00

1847,00

4063,00

4113,00

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.09

UK Pound

1

Rs.101.04

Euro

1

Rs.70.86

TRY

1

Rs. 23.15

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

 

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.