MIRA
INFORM REPORT
|
Report Date : |
20.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEMSAN MAKINE SANAYI VE TICARET A.S. |
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Formerly Known As : |
TEMSAN MAKINE DIS TICARET VE PAZARLAMA LTD. STI. |
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Registered Office : |
Abdi Ipekci Cad. No:169/4 34055 Bayrampasa-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.09.2002 |
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Com. Reg. No.: |
483455 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of CNC Benches |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TEMSAN MAKINE SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office: Abdi Ipekci Cad. No:169/4
34055 Bayrampasa-Istanbul/Turkey |
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PHONE NUMBER |
: |
90-212-615 60 00-01 |
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FAX NUMBER |
: |
90-212-615 60 08 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Rami / 8380376888 |
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REGISTRATION NUMBER |
: |
483455 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
26.09.2002 (Commercial Registry Gazette
Date/No: 01.10.2002/5646) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 200.000 |
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PAID-IN CAPITAL |
: |
YTL 200.000 |
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HISTORY |
: |
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Previous Legal Form |
:Limited Company |
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Legal Form Changed On |
:20.05.2005 (Commercial Registry Gazette
Date/No: 08.06.2005/6320) |
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Previous Name |
:Temsan Makine Dis Ticaret Ve Pazarlama
Ltd. Sti. |
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Name Changed On |
:20.05.2005 (Commercial Registry Gazette
Date/No: 08.06.2005/6320) |
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Previous Name |
:Temsan Makine Dis Ticaret Ve Pazarlama
A.S. |
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Name Changed On |
:08.07.2005 (Commercial Registry Gazette
Date/No: 13.07.2005/6345) |
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Previous
Registered Capital |
:YTL 50.000 |
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Regist. Capital Changed on |
:08.07.2005 (Commercial Registry Gazette
Date/No: 13.07.2005/6345) |
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Previous Address |
:Rami Kisla Cad. Hekimoglu Plaza
No:105-107/20 Bayrampasa-Istanbul |
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Address Changed On |
:10.05.2007 (Commercial Registry Gazette Date/No:
15.05.2007 / 6808) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Seyit Mehmet Ozsandikci Ali Ozsandikci Onur Ozsandikci Hulya Avakyan Others |
72 % 5
% 5
% 5
% |
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GROUP |
: |
Sandikcilar Group |
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SISTER COMPANIES |
: |
Komtas Makine Sanayi Ve Ticaret A.S. Maysan Makina Sanayi Ve Ticaret A.S. Sandikcilar Makina Sanayi ve Ticaret A.S. Sandikcilar Takim Tezgahlari Sanayi Ve
Ticaret A.S. Maysan Takim Tezgahlari Sanayi Ve Ticaret
A.S. |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Seyit Mehmet Ozsandikci Ali Ozsandikci Onur Ozsandikci Hulya Avakyan Fuat Ildiroglu |
Chairman Member Member Member Member |
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DIRECTORS |
: |
Mustafa Kemal Baki |
General Manager |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of CNC benches |
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SECTOR |
: |
Commerce |
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DISTRIBUTOR OF |
: |
Hardinge GmbH (USA) ACE (India) MTE (Spain) |
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NUMBER OF
EMPLOYEES |
: |
9 |
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NET SALES |
: |
(YTL) 359.880 319.314 71.460 |
(2006) (2007) (01.01-30.09.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
USA, India, Spain, China |
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MERCHANDISE
IMPORTED |
: |
CNC benches |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Abdi Ipekci Cad.
No:169/4 34055 Bayrampasa - Istanbul (300
sqm) (rented) |
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007 and a substantial decline at sales volume in nominal
terms in the first 9 months of 2008. |
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SIZE OF BUSINESS |
: |
Modest |
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FINANCE
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MAIN DEALING BANKERS |
: |
T.Is Bankasi Bayrampasa branch in Istanbul Yapi Ve Kredi Bankasi Topcular Rami branch
in Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the last years. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Low |
As of 31.12.2007 |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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The firm had operating and net losses in 2007. The firm had heavy
operating and net losses between 01.01-30.09.2008. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
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(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
422.495 |
|
0,96 |
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Cash and
Banks |
207.169 |
|
0,47 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
123.332 |
|
0,28 |
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Other
Receivable |
64.187 |
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0,15 |
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Inventories |
21.081 |
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0,05 |
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Advances
Given |
5.408 |
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0,01 |
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Other
Current Assets |
1.318 |
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0,00 |
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NON-CURRENT ASSETS |
18.490 |
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0,04 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
17.950 |
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0,04 |
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Intangible Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
540 |
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0,00 |
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TOTAL ASSETS |
440.985 |
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1,00 |
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CURRENT LIABILITIES |
167.580 |
|
0,38 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
56.462 |
|
0,13 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances
from Customers |
21.718 |
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0,05 |
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Taxes
Payable |
89.400 |
|
0,20 |
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Provisions |
0 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
206.019 |
|
0,47 |
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Financial
Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Long-term Liabilities |
206.019 |
|
0,47 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
67.386 |
|
0,15 |
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Paid-in
Capital |
200.000 |
|
0,45 |
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Inflation
Adjustment of Capital |
7.523 |
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0,02 |
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Reserves |
0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-135.174 |
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-0,31 |
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Net Profit
(loss) |
-4.963 |
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-0,01 |
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TOTAL LIABILITIES AND EQUITY |
440.985 |
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1,00 |
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INCOME STATEMENTS
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YTL |
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YTL |
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|
2007 |
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|
1.1.-30.09.2008 |
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Net Sales |
319.314 |
|
1,00 |
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71.460 |
|
1,00 |
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Cost of
Goods Sold |
204.157 |
|
0,64 |
|
26.302 |
|
0,37 |
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Gross Profit |
115.157 |
|
0,36 |
|
45.158 |
|
0,63 |
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Operating
Expenses |
123.877 |
|
0,39 |
|
151.330 |
|
2,12 |
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Operating Profit |
-8.720 |
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-0,03 |
|
-106.172 |
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-1,49 |
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Other
Income |
51.989 |
|
0,16 |
|
4.804 |
|
0,07 |
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Other
Expenses |
22.323 |
|
0,07 |
|
5.235 |
|
0,07 |
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Financial
Expenses |
25.909 |
|
0,08 |
|
872 |
|
0,01 |
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Profit (loss) Before Tax |
-4.963 |
|
-0,02 |
|
-107.475 |
|
-1,50 |
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Tax
Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
-4.963 |
|
-0,02 |
|
-107.475 |
|
-1,50 |
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FINANCIAL RATIOS
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2007 |
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|
1.1.-30.09.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,52 |
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-- |
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Acid-Test Ratio |
2,36 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,05 |
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-- |
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Short-term Receivable/Total Assets |
0,43 |
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-- |
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Tangible Assets/Total Assets |
0,04 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
9,68 |
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-- |
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Stockholders' Equity Turnover |
4,74 |
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-- |
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Asset Turnover |
0,72 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,15 |
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|
-- |
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Current Liabilities/Total Assets |
0,38 |
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-- |
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Financial Leverage |
0,85 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
-0,07 |
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-- |
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Operating Profit Margin |
-0,03 |
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-1,49 |
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Net Profit Margin |
-0,02 |
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|
-1,50 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
139,05 |
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-- |
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Average Payable Period (days) |
99,56 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)