MIRA INFORM REPORT

 

 

Report No. :

343547

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SAMI SOYBAS DEMIR SANAYI VE TICARET A.S.

 

 

Formerly Known As :

SAMI SOYBAS DEMIR SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Sultan Orhan Mah. 1174/1 Sok. No:6 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.02.1995

 

 

Com. Reg. No.:

9625

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and Trade of Iron and Steel.

 

 

No. of Employees :

45

 

 

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 – 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

 

 

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

 

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

 

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SAMI SOYBAS DEMIR SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sultan Orhan Mah. 1174/1 Sok. No:6 Gebze Kocaeli / Turkey

PHONE NUMBER

:

90-262-644 96 66

 

FAX NUMBER

:

90-262-644 95 44

 

WEB-ADDRESS

:

www.soybas.com

E-MAIL

:

info@soybas.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ulucinar

TAX NO

:

7420402402

REGISTRATION NUMBER

:

9625

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

27.02.1995

ESTABLISHMENT GAZETTE DATE/NO

:

06.03.1995/3738

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.500.000

PAID-IN CAPITAL

:

TL   17.500.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.08.2008 (Commercial Gazette Date /Number 14.08.2008/ 7127)

Previous Name

:

Sami Soybas Demir Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

01.08.2008 (Commercial Gazette Date /Number 14.08.2008/ 7127)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

01.08.2008 (Commercial Gazette Date /Number 14.08.2008/ 7127)

Previous Registered Capital

:

TL 8.500.000

Changed On

:

24.12.2012 (Commercial Gazette Date /Number 02.01.2013/ 8227)

Previous Registered Capital

:

TL 12.500.000

Changed On

:

09.05.2014 (Commercial Gazette Date /Number 20.05.2014/ 8572)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

02.04.2015 (Commercial Gazette Date /Number 08.04.2015/ 8796)

Other Changes

:

The subject was firstly established in Istanbul and registered at Istanbul Commercial Registry with registration number 327440. Then it moved to Gebze and registered at Gebze Commercial Registry with registration number 9625

Changed On

:

13.06.2006 (Commercial Gazette Date /Number 21.06.2006/ 6582)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Soybas

39,90 %

Osman Soybas

39,90 %

Esra Ozal

20 %

Nese Soybas

0,10 %

Ihsan Soybas

0,10 %

 

 

BOARD OF DIRECTORS

:

Osman Soybas

Chairman

Ahmet Soybas

Vice-Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of iron and steel.

 

NACE CODE

:

DJ.28.40

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

60.568.800 TL

(2009) 

79.439.889 TL

(2010) 

96.529.047 TL

(2011) 

96.672.929 TL

(2012) 

95.904 TL Thousand

(2013) 

96.468 TL Thousand

(2014) 

78.425 TL Thousand

(01.01-30.06.2015) 

 

 

REMARKS ON NET SALES

:

The sales figure of 2009 is declared by the company.There is no certification for this figure.

 

IMPORT COUNTRIES

:

China

Italy

Belgium

U.K.

Russia

 

MERCHANDISE IMPORTED

:

Metal sheet

 

EXPORT VALUE

:

1.985.585 USD

(2009)

1.144.193 USD

(2010)

11.349.376 TL

(2011)

7.871.549 TL

(2012)

8.486.060 TL

(2013)

13.106 TL Thousand

(2014)

5.260 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Romania

Ukraine

Free Zone

South Africa

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Iron

 

HEAD OFFICE ADDRESS

:

Sultan Orhan Mah. 1174/1 Sok. No:6 Gebze  Kocaeli / Turkey ( owned )

 

BRANCHES

:

Head Office/Processing Plant  :  Sultan Orhan Mah. 1174/1 Sok. No:6 Gebze Kocaeli/Turkey (owned) (2.750 sqm)

           

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2014. There appears an upwards trend in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gebze Ticari Branch

Albaraka Turk Katilim Bankasi Gebze Organize Sanayi Branch

ING Bank Kiziltoprak 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

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

96.529.047

96.672.929

95.904

96.468

78.425

Profit (Loss) Before Tax

2.002.898

2.473.429

1.234

2.353

1.255

Stockholders' Equity

13.317.385

15.731.218

16.940

18.964

 

Total Assets

35.151.980

40.206.804

46.928

44.705

 

Current Assets

28.332.082

31.231.604

36.863

31.143

 

Non-Current Assets

6.819.898

8.975.200

10.065

13.562

 

Current Liabilities

21.285.714

22.268.867

27.510

22.292

 

Long-Term Liabilities

548.881

2.206.719

2.478

3.449

 

Gross Profit (loss)

6.909.887

8.818.574

6.917

6.980

4.048

Operating Profit (loss)

4.022.823

3.580.266

2.622

1.308

1.514

Net Profit (loss)

1.533.431

1.974.290

978

2.142

1.255

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Satisfactory As of 31.12.2014

Liquidity

Satisfactory 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

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

Fair Operating Profitability  in 2013

Low Net Profitability  in 2013

Low Operating Profitability  in 2014

Fair Net Profitability  in 2014

Fair Operating Profitability (01.01-30.06.2015)

Low Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

 

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

 

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 ( 01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

 

 

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

28.332.082

0,81

31.231.604

0,78

36.863

0,79

31.143

0,70

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

542.324

0,02

1.103.393

0,03

3.125

0,07

816

0,02

 

 

Marketable Securities

2.030.000

0,06

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

19.420.712

0,55

23.342.693

0,58

25.110

0,54

21.990

0,49

 

 

Other Receivable

23.869

0,00

101.049

0,00

42

0,00

0

0,00

 

 

Inventories

5.248.410

0,15

5.930.777

0,15

6.915

0,15

7.073

0,16

 

 

Advances Given

532.363

0,02

145.199

0,00

511

0,01

344

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

534.404

0,02

608.493

0,02

1.160

0,02

920

0,02

 

 

NON-CURRENT ASSETS

6.819.898

0,19

8.975.200

0,22

10.065

0,21

13.562

0,30

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

164

0,00

0

0,00

1

0,00

 

 

Financial Assets

1.093.905

0,03

3.513.448

0,09

4.123

0,09

3.999

0,09

 

 

Tangible Fixed Assets (net)

4.726.385

0,13

4.578.236

0,11

5.096

0,11

8.360

0,19

 

 

Intangible Assets

998.941

0,03

826.773

0,02

684

0,01

857

0,02

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

667

0,00

56.579

0,00

162

0,00

345

0,01

 

 

TOTAL ASSETS

35.151.980

1,00

40.206.804

1,00

46.928

1,00

44.705

1,00

 

 

CURRENT LIABILITIES

21.285.714

0,61

22.268.867

0,55

27.510

0,59

22.292

0,50

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

13.420.365

0,38

13.663.545

0,34

17.380

0,37

15.036

0,34

 

 

Accounts Payable

7.499.706

0,21

7.709.614

0,19

8.340

0,18

5.265

0,12

 

 

Loans from Shareholders

0

0,00

0

0,00

6

0,00

133

0,00

 

 

Other Short-term Payable

32.743

0,00

42.045

0,00

50

0,00

70

0,00

 

 

Advances from Customers

162.752

0,00

667.380

0,02

1.616

0,03

1.708

0,04

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

146.279

0,00

186.283

0,00

118

0,00

80

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

23.869

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

548.881

0,02

2.206.719

0,05

2.478

0,05

3.449

0,08

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

548.881

0,02

2.206.719

0,05

2.478

0,05

3.449

0,08

 

 

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

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

13.317.385

0,38

15.731.218

0,39

16.940

0,36

18.964

0,42

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

8.060.457

0,23

12.500.000

0,31

12.500

0,27

15.000

0,34

 

 

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

3.723.497

0,11

1.256.928

0,03

3.462

0,07

1.822

0,04

 

 

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

0

0,00

 

 

Net Profit (loss)

1.533.431

0,04

1.974.290

0,05

978

0,02

2.142

0,05

 

 

TOTAL LIABILITIES AND EQUITY

35.151.980

1,00

40.206.804

1,00

46.928

1,00

44.705

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 1.933 is "Doubtful Trade Receivables" and -TL thousand 1.906 is "Provision for 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

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

96.529.047

1,00

96.672.929

1,00

95.904

1,00

96.468

1,00

78.425

1,00

Cost of Goods Sold

89.619.160

0,93

87.854.355

0,91

88.987

0,93

89.488

0,93

74.377

0,95

Gross Profit

6.909.887

0,07

8.818.574

0,09

6.917

0,07

6.980

0,07

4.048

0,05

Operating Expenses

2.887.064

0,03

5.238.308

0,05

4.295

0,04

5.672

0,06

2.534

0,03

Operating Profit

4.022.823

0,04

3.580.266

0,04

2.622

0,03

1.308

0,01

1.514

0,02

Other Income

1.042.770

0,01

1.104.695

0,01

1.829

0,02

3.733

0,04

1.499

0,02

Other Expenses

2.811.406

0,03

970.749

0,01

3.217

0,03

2.688

0,03

1.758

0,02

Financial Expenses

251.289

0,00

1.240.783

0,01

0

0,00

0

0,00

0

0,00

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

2.002.898

0,02

2.473.429

0,03

1.234

0,01

2.353

0,02

1.255

0,02

Tax Payable

469.467

0,00

499.139

0,01

256

0,00

211

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)

1.533.431

0,02

1.974.290

0,02

978

0,01

2.142

0,02

1.255

0,02

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,33

1,40

1,34

1,40

 

Acid-Test Ratio

1,03

1,10

1,03

1,02

 

Cash Ratio

0,12

0,05

0,11

0,04

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,15

0,15

0,15

0,16

 

Short-term Receivable/Total Assets

0,55

0,58

0,54

0,49

 

Tangible Assets/Total Assets

0,13

0,11

0,11

0,19

 

TURNOVER RATIOS

 

 

Inventory Turnover

17,08

14,81

12,87

12,65

 

Stockholders' Equity Turnover

7,25

6,15

5,66

5,09

 

Asset Turnover

2,75

2,40

2,04

2,16

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,38

0,39

0,36

0,42

 

Current Liabilities/Total Assets

0,61

0,55

0,59

0,50

 

Financial Leverage

0,62

0,61

0,64

0,58

 

Gearing Percentage

1,64

1,56

1,77

1,36

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,12

0,13

0,06

0,11

 

Operating Profit Margin

0,04

0,04

0,03

0,01

 

Net Profit Margin

0,02

0,02

0,01

0,02

 

Interest Cover

8,97

2,99

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,43

86,93

94,26

82,07

 

Average Payable Period (days)

30,13

31,59

33,74

21,18

 

WORKING CAPITAL

7046368,00

8962737,00

9353,00

8851,00

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.