MIRA INFORM REPORT

 

 

Report Date :           

19.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TASARIM MAKINA IMALAT INSAAT TICARET LTD. STI.

 

 

Registered Office :

1203 Sokak No:12/M-N Ostim Yenimahalle Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

09.08.1988

 

 

Com. Reg. No.:

71400

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of stainless steel sheets, profiles, pipes and bars.

 

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

 

Maximum Credit Limit :

2.120.000 USD

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

TASARIM MAKINA IMALAT INSAAT TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

1203 Sokak No:12/M-N Ostim Yenimahalle Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from “32 Sokak” to “1203 Sokak” by the municipality.

PHONE NUMBER

:

90-312-354 26 94

 

FAX NUMBER

:

90-312-354 73 27

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ostim

TAX NO

:

8250086520

REGISTRATION NUMBER

:

71400

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

09.08.1988

ESTABLISHMENT GAZETTE DATE/NO

:

11.08.1988/2078

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.200.000

PAID-IN CAPITAL

:

TL   4.200.000

HISTORY

:

Previous Registered Capital

:

TL 2.900.000

Changed On

:

15.04.2010 (Commercial Gazette Date /Number 20.04.2010/ 7547)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Ozkilic

60 %

Cemal Ozkilic

40 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Cemal Ozkilic

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of stainless steel sheets, profiles, pipes and bars. 

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

10.710.149 TL

(2009) 

13.937.211 TL

(2010) 

8.026.048 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Taiwan

India

Italy

China

 

MERCHANDISE IMPORTED

:

Stainless steel products

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

 

 

HEAD OFFICE ADDRESS

:

1203 Sokak No:12/M-N Ostim Yenimahalle Ankara / Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 


FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ostim Branch

Turk Ekonomi Bankasi Ostim Branch

Yapi ve Kredi Bankasi Ostim 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

(01.01-30.06.2011) TL

 

 

 

Net Sales

13.937.211

8.026.048

 

 

 

Profit (Loss) Before Tax

1.048.304

583.366

 

 

 

Stockholders' Equity

7.059.925

 

 

 

 

Total Assets

11.018.201

 

 

 

 

Current Assets

9.355.810

 

 

 

 

Non-Current Assets

1.662.391

 

 

 

 

Current Liabilities

3.948.031

 

 

 

 

Long-Term Liabilities

10.245

 

 

 

 

Gross Profit (loss)

1.592.904

783.747

 

 

 

Operating Profit (loss)

1.172.659

486.443

 

 

 

Net Profit (loss)

836.815

583.366

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

Good Operating Profitability (01.01-30.06.2011)

High Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.120.000 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

9.355.810

0,85

Not Detailed Current Assets

0

0,00

Cash and Banks

4.024.163

0,37

Marketable Securities

0

0,00

Account Receivable

1.692.812

0,15

Other Receivable

0

0,00

Inventories

2.782.302

0,25

Advances Given

662.912

0,06

Accumulated Construction Expense

0

0,00

Other Current Assets

193.621

0,02

NON-CURRENT ASSETS

1.662.391

0,15

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

1.264.555

0,11

Intangible Assets

393.907

0,04

Deferred Tax Assets

0

0,00

Other Non-Current Assets

3.929

0,00

TOTAL ASSETS

11.018.201

1,00

CURRENT LIABILITIES

3.948.031

0,36

Not Detailed Current Liabilities

0

0,00

Financial Loans

544.660

0,05

Accounts Payable

704.842

0,06

Loans from Shareholders

2.435.988

0,22

Other Short-term Payable

45.020

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

5.525

0,00

Provisions

211.489

0,02

Other Current Liabilities

507

0,00

LONG-TERM LIABILITIES

10.245

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

10.245

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

7.059.925

0,64

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

4.200.000

0,38

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

311.869

0,03

Equity of Consolidated Firms

0

0,00

Reserves

1.930.630

0,18

Revaluation Fund

0

0,00

Accumulated Losses(-)

-219.389

-0,02

Net Profit (loss)

836.815

0,08

TOTAL LIABILITIES AND EQUITY

11.018.201

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

13.937.211

1,00

8.026.048

1,00

Cost of Goods Sold

12.344.307

0,89

7.242.301

0,90

Gross Profit

1.592.904

0,11

783.747

0,10

Operating Expenses

420.245

0,03

297.304

0,04

Operating Profit

1.172.659

0,08

486.443

0,06

Other Income

115.183

0,01

117.925

0,01

Other Expenses

204.725

0,01

7.852

0,00

Financial Expenses

34.813

0,00

13.150

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.048.304

0,08

583.366

0,07

Tax Payable

211.489

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

836.815

0,06

583.366

0,07

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

2,37

Acid-Test Ratio

1,45

Cash Ratio

1,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,25

Short-term Receivable/Total Assets

0,15

Tangible Assets/Total Assets

0,11

TURNOVER RATIOS

 

Inventory Turnover

4,44

Stockholders' Equity Turnover

1,97

Asset Turnover

1,26

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

Current Liabilities/Total Assets

0,36

Financial Leverage

0,36

Gearing Percentage

0,56

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,12

Operating Profit Margin

0,08

Net Profit Margin

0,06

Interest Cover

31,11

COLLECTION-PAYMENT

 

Average Collection Period (days)

43,73

Average Payable Period (days)

20,85

WORKING CAPITAL

5407779,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.97

Euro

1

Rs.68.26

 

 

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.