MIRA INFORM REPORT

 

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ANADOLU HIDROLIK SANAYI VE TICARET AHMET SISMANOGLU

 

 

Registered Office :

3. Organize Sanayi Bolgesi T. Ziyaettin Cad. 13 Sok. No:35 42300 Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.11.1995

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Manufacture and trade of hydraulic pump, tractor and tractor power steering system.

 

 

No. of Employees :

225

 

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 :

2.540.000 EUR

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

ANADOLU HIDROLIK SANAYI VE TICARET AHMET SISMANOGLU

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi T. Ziyaettin Cad. 13 Sok. No:35 42300 Selcuklu Konya / Turkey

PHONE NUMBER

:

90-332-239 13 33

 

FAX NUMBER

:

90-332-239 14 56

 

WEB-ADDRESS

:

www.ahs.com.tr

E-MAIL

:

bilgi@ahs.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

 

 

TAX OFFICE

:

Selcuk

TAX NO

:

70390137280

REMARKS ON TAX NO

:

From the beginning of year 2007,the sole proprietorships perform fiscal manipulations with personal ID number instead of tax number. So the number of the subject changed from 8140046204 to 70390137280 for fiscal manipulations.

REGISTRATION NUMBER

:

630-KARATAY

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

03.11.1995

ESTABLISHMENT GAZETTE DATE /NO

:

14.11.1995/3914

LEGAL FORM

:

Sole-Proprietorship

TYPE OF COMPANY

:

Private

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Sismanoglu

100 %

 

 

REMARKS ON SHAREHOLDERS

:

The owner Ahmet Sismanoglu was born on 01.07.1951 and was graduated from primary school.

 

PROPERTIES OWNED BY THE OWNER/PARTNERS

:

 

Property Type

Location

Head office of the subject

Konya

A flat

 

A car

 

SISTER COMPANIES

:

Declared to be : None

 

DIRECTORS

:

Muharrem Sismanoglu

 

Ahmet Sismanoglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of hydraulic pump, tractor and tractor power steering system.

 

NUMBER OF EMPLOYEES

:

225

 

NET SALES

:

13.011.943 TL

(2008) 

15.493.578 TL

(2009) 

18.916.007 TL

(2010) 

23.160.628 TL

(2011) 

 

 

IMPORT VALUE

:

110.000 USD

(2009)

185.000 USD

(2010)

 

 

 

IMPORT COUNTRIES

:

U.K.

Spain

France

Germany

Iran

Iraq

Pakistan

Syria

Egypt

Tunisia

 

MERCHANDISE IMPORTED

:

Tractor spare parts

 

EXPORT VALUE

:

4.502.448 TL

(2008)

4.714.130 TL

(2009)

5.276.770 TL

(2010)

 

 

EXPORT COUNTRIES

:

Mexico

Venezuela

 

MERCHANDISE  EXPORTED

:

Tractor spare parts

 

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi T. Ziyaettin Cad. 13 Sok. No:35 42300 Selcuklu Konya / Turkey (owned)

 

BRANCHES

:

Head Office/Factory  :  3. Organize Sanayi Bolgesi T. Ziyaettin Cad. 13 Sok. No:35 42300 Selcuklu Konya/Turkey (owned) (18.700 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Konya Ticari Branch

Alternatifbank Konya Branch

T.Is Bankasi Busan ticari Branch

Turk Ekonomi Bankasi Busan Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about some payment delays in the former years some of which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

Net Sales

15.493.578

18.916.007

23.160.628

Profit (Loss) Before Tax

212.873

159.959

423.744

Stockholders' Equity

6.951.111

7.111.071

 

Total Assets

17.249.250

21.674.168

 

Current Assets

9.900.754

12.699.761

 

Non-Current Assets

7.348.496

8.974.407

 

Current Liabilities

7.392.402

8.152.301

 

Long-Term Liabilities

2.905.737

6.410.796

 

Gross Profit (loss)

2.526.361

3.451.174

3.101.552

Operating Profit (loss)

1.709.701

2.069.192

1.943.341

Net Profit (loss)

212.873

159.959

423.744

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Remarks on Capitalization

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.  The owner possesses property.

 

Liquidity

High As of 31.12.2010

Profitability

High Operating Profitability  in 2009

Low Net Profitability  in 2009

High Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

2.540.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.540.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

9.900.754

0,57

12.699.761

0,59

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.143.226

0,18

3.676.428

0,17

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.483.735

0,20

4.490.924

0,21

Other Receivable

1.361.346

0,08

1.985.909

0,09

Inventories

1.178.703

0,07

1.369.937

0,06

Advances Given

444.654

0,03

743.491

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

289.090

0,02

433.072

0,02

NON-CURRENT ASSETS

7.348.496

0,43

8.974.407

0,41

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

7.071.478

0,41

7.608.762

0,35

Intangible Assets

277.018

0,02

1.329.896

0,06

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

35.749

0,00

TOTAL ASSETS

17.249.250

1,00

21.674.168

1,00

CURRENT LIABILITIES

7.392.402

0,43

8.152.301

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.654.546

0,27

3.336.115

0,15

Accounts Payable

2.235.120

0,13

4.045.464

0,19

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

94.409

0,01

141.173

0,01

Advances from Customers

97.495

0,01

383.222

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

310.832

0,02

246.327

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

2.905.737

0,17

6.410.796

0,30

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.294.887

0,13

6.410.796

0,30

Securities Issued

0

0,00

0

0,00

Long-term Payable

610.850

0,04

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.951.111

0,40

7.111.071

0,33

Not Detailed Stockholders' Equity

6.951.111

0,40

7.111.071

0,33

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

17.249.250

1,00

21.674.168

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

15.493.578

1,00

18.916.007

1,00

23.160.628

1,00

Cost of Goods Sold

12.967.217

0,84

15.464.833

0,82

20.059.076

0,87

Gross Profit

2.526.361

0,16

3.451.174

0,18

3.101.552

0,13

Operating Expenses

816.660

0,05

1.381.982

0,07

1.158.211

0,05

Operating Profit

1.709.701

0,11

2.069.192

0,11

1.943.341

0,08

Other Income

192.911

0,01

69.472

0,00

464.894

0,02

Other Expenses

170.070

0,01

820.089

0,04

313.347

0,01

Financial Expenses

1.519.669

0,10

1.158.616

0,06

1.671.144

0,07

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

212.873

0,01

159.959

0,01

423.744

0,02

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

212.873

0,01

159.959

0,01

423.744

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,34

1,56

Acid-Test Ratio

1,08

1,25

Cash Ratio

0,43

0,45

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,06

Short-term Receivable/Total Assets

0,28

0,30

Tangible Assets/Total Assets

0,41

0,35

TURNOVER RATIOS

 

 

Inventory Turnover

11,00

11,29

Stockholders' Equity Turnover

2,23

2,66

Asset Turnover

0,90

0,87

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,33

Current Liabilities/Total Assets

0,43

0,38

Financial Leverage

0,60

0,67

Gearing Percentage

1,48

2,05

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,02

Operating Profit Margin

0,11

0,11

Net Profit Margin

0,01

0,01

Interest Cover

1,14

1,14

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

80,95

85,47

Average Payable Period (days)

79,01

94,17

WORKING CAPITAL

2508352,00

4547460,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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.