MIRA INFORM REPORT

 

 

Report Date :           

04.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TURUNCU OTO YEDEK PARCA SANAYI TICARET LTD. STI.

 

 

Registered Office :

Kazimdirik Mah. 296/1 Sok. No:26/C Bornova Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

121127-MRKZ

 

 

Com. Reg. No.:

17.08.2005

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Contract Manufacturers.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

77.000 USD

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

TURUNCU OTO YEDEK PARCA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kazimdirik Mah. 296/1 Sok. No:26/C Bornova Izmir / Turkey

PHONE NUMBER

:

90-232-486 00 37

 

FAX NUMBER

:

90-232-486 00 97

 

WEB-ADDRESS

:

turuncuoto.com

E-MAIL

:

info@turuncuoto.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bornova

TAX NO

:

8720535215

REGISTRATION NUMBER

:

121127-MRKZ

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

17.08.2005

ESTABLISHMENT GAZETTE DATE/NO

:

01.09.2005/6380

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

22.12.2010 (Commercial Gazette Date /Number 28.12.2010/ 7717)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mustafa Turunccular

98 %

Oguzhan Pilgir

2 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Gokhan Turunccular

98 %

Oguzhan Pilgir

2 %

 

 

SISTER COMPANIES

:

MAKRO FREN SERVIS HIZMETLERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Gokhan Turuccular

 

Oguzhan Pilgir

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of automotive spare parts. 

 

The subject orders spare parts to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

TWS  

 

TRADEMARKS TRADED

:

TRC

 

NUMBER OF EMPLOYEES

:

3

 

NET SALES

:

1.133.181 TL

(2009) 

1.384.835 TL

(2010) 

261.240 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

China

India

Spain

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

HEAD OFFICE ADDRESS

:

Kazimdirik Mah. 296/1 Sok. No:26/C Bornova Izmir / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Toptancilar Carsisi Branch

T.Is Bankasi Izmir Branch

Turkiye Finans Katilim Bankasi Bornova 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

:

 

(2010) TL

(01.01-31.03.2011) TL

 

 

 

Net Sales

1.384.835

261.240

 

 

 

Profit (Loss) Before Tax

98.627

5.194

 

 

 

Stockholders' Equity

460.752

 

 

 

 

Total Assets

1.844.011

 

 

 

 

Current Assets

1.668.346

 

 

 

 

Non-Current Assets

175.665

 

 

 

 

Current Liabilities

1.283.958

 

 

 

 

Long-Term Liabilities

99.301

 

 

 

 

Gross Profit (loss)

531.549

100.215

 

 

 

Operating Profit (loss)

229.879

41.069

 

 

 

Net Profit (loss)

73.503

5.194

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

Fair Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 77.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.668.346

0,90

Not Detailed Current Assets

0

0,00

Cash and Banks

99.569

0,05

Marketable Securities

160.018

0,09

Account Receivable

679.878

0,37

Other Receivable

370.660

0,20

Inventories

85.907

0,05

Advances Given

255.184

0,14

Accumulated Construction Expense

0

0,00

Other Current Assets

17.130

0,01

NON-CURRENT ASSETS

175.665

0,10

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

165.856

0,09

Intangible Assets

8.022

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

1.787

0,00

TOTAL ASSETS

1.844.011

1,00

CURRENT LIABILITIES

1.283.958

0,70

Not Detailed Current Liabilities

0

0,00

Financial Loans

879.347

0,48

Accounts Payable

78.750

0,04

Loans from Shareholders

0

0,00

Other Short-term Payable

340

0,00

Advances from Customers

122.624

0,07

Accumulated Construction Income

0

0,00

Taxes Payable

202.897

0,11

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

99.301

0,05

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

99.301

0,05

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

460.752

0,25

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

100.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

287.249

0,16

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

73.503

0,04

TOTAL LIABILITIES AND EQUITY

1.844.011

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

1.384.835

1,00

261.240

1,00

Cost of Goods Sold

853.286

0,62

161.025

0,62

Gross Profit

531.549

0,38

100.215

0,38

Operating Expenses

301.670

0,22

59.146

0,23

Operating Profit

229.879

0,17

41.069

0,16

Other Income

4.947

0,00

320

0,00

Other Expenses

27.435

0,02

1.732

0,01

Financial Expenses

108.764

0,08

34.463

0,13

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

98.627

0,07

5.194

0,02

Tax Payable

25.124

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

73.503

0,05

5.194

0,02

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,30

Acid-Test Ratio

1,02

Cash Ratio

0,20

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,05

Short-term Receivable/Total Assets

0,57

Tangible Assets/Total Assets

0,09

TURNOVER RATIOS

 

Inventory Turnover

9,93

Stockholders' Equity Turnover

3,01

Asset Turnover

0,75

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

Current Liabilities/Total Assets

0,70

Financial Leverage

0,75

Gearing Percentage

3,00

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,16

Operating Profit Margin

0,17

Net Profit Margin

0,05

Interest Cover

1,91

COLLECTION-PAYMENT

 

Average Collection Period (days)

176,74

Average Payable Period (days)

33,22

WORKING CAPITAL

384388,00

 

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.75

Euro

1

Rs.64.80

 

 

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.