MIRA INFORM REPORT

 

 

Report Date :

29.08.2012

 

IDENTIFICATION DETAILS

 

Name :

BAYKAL MAKINA SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Yesil Cad. No:24 Merkez Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.01.1963

 

 

Com. Reg. No.:

12058

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of metal processing machinery

 

 

No. of Employees :

517

 

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 :

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

:

BAYKAL MAKINA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Yesil Cad. No:24 Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-243 16 10

 

FAX NUMBER

:

90-224-243 12 86

 

WEB-ADDRESS

:

www.baykal.com.tr

E-MAIL

:

baykal@baykal.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

1540014776

REGISTRATION NUMBER

:

12058

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

14.01.1963

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   45.000.000

PAID-IN CAPITAL

:

TL   45.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 33.000.000

Changed On

:

30.05.2008 (Commercial Gazette Date /Number 12.06.2008/ 7082)

Previous Registered Capital

:

TL 40.000.000

Changed On

:

25.06.2009 (Commercial Gazette Date /Number 14.07.2009/ 7353)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Emine Baykal

 

Emel Yuksel

 

Feyzullah Dogru

 

Murat Guler

 

Sulhi Baykal

 

Others

 

 

 

SISTER COMPANIES

:

BAYKAL DIS TICARET VE MAKINE SANAYI A.S.

 

BAYKAL ELEKTRIK MAKINA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Sulhi Baykal

Chairman

Semih Erbek

Vice-Chairman

Rahim Kuru

Member

Emel Yuksel

Member

Hasan Murat Baykal

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of metal processing machinery.

 

NACE CODE

:

DK.29.42

 

TRADEMARKS OWNED

:

Baykal

 

NUMBER OF EMPLOYEES

:

517

 

 

NET SALES

:

34.452 TL Thousand

(2003) 

42.568 TL Thousand

(2004) 

56.500 TL Thousand

(2005) 

83.696 TL Thousand

(2006) 

102.165 TL Thousand

(2007) 

124.869 TL Thousand

(2008) 

68.109.314 TL

(2009) 

74.916.045 TL

(2010) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT VALUE

:

16.371.000 USD

(2005)

20.879.000 USD

(2006)

25.700.000 USD

(2007)

29.398.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

Italy

Germany

Romania

Netherlands

Switzerland

Taiwan

U.S.A.

South Korea

 

MERCHANDISE IMPORTED

:

Intermediary goods

Metal sheet

Raw materials

 

EXPORT VALUE

:

13.008.000 USD

(2001)

13.627.000 USD

(2002)

1.610.000 USD

(2003)

30.811.138 TL

(2004)

37.902.933 TL

(2005)

36.438.000 USD

(2006)

55.368.000 USD

(2007)

68.921.000 USD

(2008)

50.818.878 TL

(2009)

47.811.630 TL

(2010)

46.290.852 USD

(2011)

 

 

 

EXPORT COUNTRIES

:

Albania

Algeria

Australia

Austria

Azerbaijan

Belgium

Brazil

France

Italy

Netherlands

Germany

Ireland

Denmark

Greece

U.A.E.

Romania

Egypt

 

MERCHANDISE  EXPORTED

:

Bending machines

Parts of machine

Shearing machine

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Yesil Cad. No:24 Merkez Bursa / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Cad. Lacivert Cad. 2. Sokak No:1/A Bursa/Turkey (owned)

 

Factory  :  Organize Cad. Gri Cad. No:5 Bursa/Turkey (owned)

 

Head Office/Factory  :  Organize Sanayi Bolgesi Yesil Cad. No:24 Merkez Bursa/Turkey (owned)

 

 

TREND OF BUSINESS

:

Trend of business was steady in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ticari Bankacilik Branch

HSBC Bank Bursa Branch

T. Is Bankasi Bursa Branch

T. Vakiflar Bankasi Bursa 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

:

 

(2007) TL Thousand

(2008) TL Thousand

(2009) TL

(2010) TL

Net Sales

102.165

124.869

68.109.314

74.916.045

Profit (Loss) Before Tax

11.540

10.237

-6.296.892

3.511.977

Stockholders' Equity

44.207

50.678

41.781.594

45.293.571

Total Assets

118.325

156.962

135.139.096

141.883.715

Current Assets

 

 

88.857.400

98.977.904

Non-Current Assets

 

 

46.281.696

42.905.811

Current Liabilities

 

 

66.909.461

74.173.813

Long-Term Liabilities

 

 

26.448.041

22.416.331

Gross Profit (loss)

 

 

-4.890.949

7.022.599

Operating Profit (loss)

 

 

-10.372.146

-291.476

Net Profit (loss)

 

 

-6.296.892

3.511.977

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Insufficient 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

Gross Loss  in 2009

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Good Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

88.857.400

0,66

98.977.904

0,70

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

6.148.580

0,05

4.573.797

0,03

Marketable Securities

0

0,00

22.554

0,00

Account Receivable

25.712.128

0,19

25.971.957

0,18

Other Receivable

4.396.575

0,03

4.405.064

0,03

Inventories

51.007.079

0,38

59.912.563

0,42

Advances Given

463.509

0,00

2.273.642

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.129.529

0,01

1.818.327

0,01

NON-CURRENT ASSETS

46.281.696

0,34

42.905.811

0,30

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

2.254.977

0,02

2.254.977

0,02

Tangible Fixed Assets (net)

33.410.127

0,25

30.353.580

0,21

Intangible Assets

10.485.404

0,08

9.680.189

0,07

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

131.188

0,00

617.065

0,00

TOTAL ASSETS

135.139.096

1,00

141.883.715

1,00

CURRENT LIABILITIES

66.909.461

0,50

74.173.813

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

51.258.992

0,38

48.187.308

0,34

Accounts Payable

7.320.702

0,05

13.215.412

0,09

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

7.356.461

0,05

10.994.139

0,08

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

244.350

0,00

652.955

0,00

Provisions

-14.227

0,00

4.794

0,00

Other Current Liabilities

743.183

0,01

1.119.205

0,01

LONG-TERM LIABILITIES

26.448.041

0,20

22.416.331

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

26.448.041

0,20

22.416.331

0,16

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

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

41.781.594

0,31

45.293.571

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

45.000.000

0,33

45.000.000

0,32

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

10.543

0,00

10.543

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

3.067.943

0,02

3.067.943

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-6.296.892

-0,04

Net Profit (loss)

-6.296.892

-0,05

3.511.977

0,02

TOTAL LIABILITIES AND EQUITY

135.139.096

1,00

141.883.715

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

68.109.314

1,00

74.916.045

1,00

Cost of Goods Sold

73.000.263

1,07

67.893.446

0,91

Gross Profit

-4.890.949

-0,07

7.022.599

0,09

Operating Expenses

5.481.197

0,08

7.314.075

0,10

Operating Profit

-10.372.146

-0,15

-291.476

0,00

Other Income

5.916.000

0,09

7.096.254

0,09

Other Expenses

1.840.746

0,03

3.292.801

0,04

Financial Expenses

0

0,00

0

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

-6.296.892

-0,09

3.511.977

0,05

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-6.296.892

-0,09

3.511.977

0,05

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,33

1,33

Acid-Test Ratio

0,54

0,47

Cash Ratio

0,09

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,38

0,42

Short-term Receivable/Total Assets

0,22

0,21

Tangible Assets/Total Assets

0,25

0,21

TURNOVER RATIOS

 

Inventory Turnover

1,43

1,13

Stockholders' Equity Turnover

1,63

1,65

Asset Turnover

0,50

0,53

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,31

0,32

Current Liabilities/Total Assets

0,50

0,52

Financial Leverage

0,69

0,68

Gearing Percentage

2,23

2,13

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,15

0,08

Operating Profit Margin

-0,15

0,00

Net Profit Margin

-0,09

0,05

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

135,90

124,81

Average Payable Period (days)

36,10

70,07

WORKING CAPITAL

21947939,00

24804091,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.78

UK Pound

1

Rs.88.04

Euro

1

Rs.69.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.