MIRA INFORM REPORT

 

 

Report Date :

30.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

ARGES ARITMA MAKINA SANAYI TICARET LTD. STI. 

 

 

Formerly Known As :

Arges Aritma Makina Elektronik Sanayi Ticaret Ltd. Sti.

 

 

Registered Office :

Ivogsan Organize Sanayi Bolgesi 1419. Cad. No: 95/97 Yenimahalle  Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.03.2004

 

 

Com. Reg. No.:

188429

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of machineries for package waste water treatment plants and drinking water treatment plants

 

 

No. of Employees :

27

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct 

 

 

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

 

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ARGES ARITMA MAKINA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ivogsan Organize Sanayi Bolgesi 1419. Cad. No: 95/97 Yenimahalle  Ankara / Turkey

PHONE NUMBER

:

90-312-395 77 29

 

FAX NUMBER

:

90-312-395 77 31

 

WEB-ADDRESS

:

www.argesmakina.com

E-MAIL

:

arges@argesmakina.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ostim

TAX NO

:

0740376019

REGISTRATION NUMBER

:

188429

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

26.03.2004

ESTABLISHMENT GAZETTE DATE/NO

:

31.03.2004/6019

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   800.000

PAID-IN CAPITAL

:

TL   800.000

HISTORY

:

Previous Name

:

Arges Aritma Makina Elektronik Sanayi Ticaret Ltd. Sti.

Changed On

:

20.04.2004 (Commercial Gazette Date /Number 26.04.2004/ 6036)

Previous Registered Capital

:

TL 50.000

Changed On

:

30.06.2011 (Commercial Gazette Date /Number 05.07.2011/ 7851)

Previous Address

:

Ivedik Ari Sanayi Sitesi 2. Etap 692. Sk. No:128 Yenimahalle-Ankara

Changed On

:

29.08.2008 (Commercial Gazette Date /Number 03.09.2008/ 7141)

Previous Address

:

Ivogsan Ari Sanayi Sitesi 1. Etap 27. Cad. No:66 Yenimahalle - Ankara

Changed On

:

11.11.2011 (Commercial Gazette Date /Number 16.11.2011/ 7941)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Mukerrem Isitman

50 %

Hatice Nurdan Isitman

50 %

 

 

SISTER COMPANIES

:

ARGES CEVRE TEKNOLOJILERI VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ahmet Mukerrem Isitman

 

Hatice Nurdan Isitman

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machineries for package waste water treatment plants and drinking water treatment plants.

 

NACE CODE

:

DK.29.24

 

NUMBER OF EMPLOYEES

:

27

 

NET SALES

:

4.193.372 TL

(2009) 

3.934.161 TL

(2010) 

734.639 TL

(01.01-31.03.2011) 

 

 

 

IMPORT COUNTRIES

:

Germany

Czech Republic

 

MERCHANDISE IMPORTED

:

Spare parts of  machinery

 

EXPORT VALUE

:

2.969.551 TL

(2009)

1.760.328 TL

(2010)

722.138 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Iraq

Romania

Afghanistan

Pakistan

Bulgaria

Italy

Jordan

Kuwait

Saudi Arabia

Syria

Luxembourg

Georgia

 

MERCHANDISE  EXPORTED

:

Gear box

Roller bearing

Water purifying filters

 

HEAD OFFICE ADDRESS

:

Ivogsan Organize Sanayi Bolgesi 1419. Cad. No: 95/97 Yenimahalle  Ankara / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Ivogsan Organize Sanayi Bolgesi 1419. Cad. No: 95/97 Yenimahalle Ankara/Turkey

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Yildizevler Branch

T.Is Bankasi Yildiz Branch

Turk Ekonomi Bankasi Ivedik Branch

Yapi ve Kredi Bankasi Anafartalar Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

 

PAYMENT BEHAVIOUR

:

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

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-31.03.2011) TL

 

 

 

Net Sales

3.934.161

734.639

 

 

 

Profit (Loss) Before Tax

53.701

-120.245

 

 

 

Stockholders' Equity

909.325

 

 

 

 

Total Assets

3.972.886

 

 

 

 

Current Assets

3.768.968

 

 

 

 

Non-Current Assets

203.918

 

 

 

 

Current Liabilities

3.063.561

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

962.839

167.271

 

 

 

Operating Profit (loss)

161.058

-41.907

 

 

 

Net Profit (loss)

39.900

-120.245

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:750.000 TL

Payment Due Date

:30.06.2011

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:0

 

Capitalization

Low As of 31.12.2010

Remarks on Capitalization

There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have less effect then the loss at the equity total since the last balance sheet date.

 

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss (01.01-31.03.2011)

Net Loss (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Not in order

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

3.768.968

0,95

Not Detailed Current Assets

0

0,00

Cash and Banks

1.319.307

0,33

Marketable Securities

0

0,00

Account Receivable

1.453.206

0,37

Other Receivable

290.557

0,07

Inventories

423.780

0,11

Advances Given

48.332

0,01

Accumulated Construction Expense

0

0,00

Other Current Assets

233.786

0,06

NON-CURRENT ASSETS

203.918

0,05

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

157.209

0,04

Intangible Assets

4.530

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

42.179

0,01

TOTAL ASSETS

3.972.886

1,00

CURRENT LIABILITIES

3.063.561

0,77

Not Detailed Current Liabilities

0

0,00

Financial Loans

750.193

0,19

Accounts Payable

1.805.311

0,45

Loans from Shareholders

0

0,00

Other Short-term Payable

71.132

0,02

Advances from Customers

378.727

0,10

Accumulated Construction Income

0

0,00

Taxes Payable

58.198

0,01

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

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

909.325

0,23

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

50.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

861

0,00

Equity of Consolidated Firms

0

0,00

Reserves

818.564

0,21

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

39.900

0,01

TOTAL LIABILITIES AND EQUITY

3.972.886

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

3.934.161

1,00

734.639

1,00

Cost of Goods Sold

2.971.322

0,76

567.368

0,77

Gross Profit

962.839

0,24

167.271

0,23

Operating Expenses

801.781

0,20

209.178

0,28

Operating Profit

161.058

0,04

-41.907

-0,06

Other Income

126.869

0,03

58.636

0,08

Other Expenses

126.844

0,03

97.479

0,13

Financial Expenses

107.382

0,03

39.495

0,05

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

53.701

0,01

-120.245

-0,16

Tax Payable

13.801

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

39.900

0,01

-120.245

-0,16

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,23

Acid-Test Ratio

1,00

Cash Ratio

0,43

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

Short-term Receivable/Total Assets

0,44

Tangible Assets/Total Assets

0,04

TURNOVER RATIOS

 

Inventory Turnover

7,01

Stockholders' Equity Turnover

4,33

Asset Turnover

0,99

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,23

Current Liabilities/Total Assets

0,77

Financial Leverage

0,77

Gearing Percentage

3,37

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,04

Operating Profit Margin

0,04

Net Profit Margin

0,01

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.68

UK Pound

1

Rs.85.12

Euro

1

Rs.69.38

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.