MIRA INFORM REPORT

 

 

Report Date :

04.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ARI DOKUM MAKINE SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Hurriyet Mah.Ulus Cad. Erler Sok. Demkar Sit. A Blok No:1 Kartal Istanbu

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.08.1998

 

 

Com. Reg. No.:

400880

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of construction materials.

 

 

No. of Employees :

21 Employees

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ARI DOKUM MAKINE SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hurriyet Mah.Ulus Cad. Erler Sok. Demkar Sit. A Blok No:1 Kartal Istanbul / Turkey

PHONE NUMBER

:

90-216-452 74 97

 

FAX NUMBER

:

90-216-452 74 98

 

WEB-ADDRESS

:

www.ariltd.com

E-MAIL

:

info@ariltd.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

0740094530

REGISTRATION NUMBER

:

400880

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.08.1998

ESTABLISHMENT GAZETTE DATE/NO

:

18.08.1998/4607

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

20.11.2009 (Commercial Gazette Date /Number 26.11.2009/ 7447)

Previous Address

:

Semih Sancar Cad. Perpim Sanayi Sitesi A Blok No: 72 Sarigazi Istanbul

Changed On

:

21.09.2005 (Commercial Gazette Date /Number 28.09.2005/ 6399)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Cemil Baykal

65 %

Ozgur Karakus

33 %

Asli Fatma Baykal

2 %

 

 

SISTER COMPANIES

:

SAF KALIP BAGLANTI ELEMANLARI TICARET VE SANAYI LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ahmet Cemil Baykal                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of construction materials.

 

NACE CODE

:

G .51.53

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

21

 

NET SALES

:

4.607.213 TL

(2005) 

8.810.264 TL

(2006) 

9.785.908 TL

(2007) 

10.093.150 TL

(2008) 

5.766.871 TL

(2009) 

8.811.642 TL

(2010) 

13.814.321 TL

(2011) 

13.417.016 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

 

PRODUCTION

:

None

 

 

 

IMPORT VALUE

:

1.820.627 TL

(2011)

546.388 TL

(01.01-30.09.2012)

 

 

IMPORT COUNTRIES

:

China

U.K.

Japan

Germany

 

MERCHANDISE IMPORTED

:

Construction materials

 

EXPORT VALUE

:

719.794 TL

(2005)

2.573.855 TL

(2006)

1.842.952 TL

(2007)

3.322.091 TL

(2008)

1.681.620 TL

(2009)

2.779.512 TL

(2010)

5.719.483 TL

(2011)

4.732.867 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Russia

Bulgaria

U.A.E.

Saudi Arabia

Syria

U.K.

Iraq

Mexico

Serbia

Egypt

Tunisia

Morocco

Georgia

Azerbaijan

Moldova

Germany

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Bolts

Rivets

Screws

Washers

 

HEAD OFFICE ADDRESS

:

Hurriyet Mah.Ulus Cad. Erler Sok. Demkar Sit. A Blok No:1 Kartal  Istanbul / Turkey ( owned )

 

 

BRANCHES

:

Head Office/Warehouse  :  Hurriyet Mah.Ulus Cad. Erler Sok. Demkar Sit. A Blok No:1 Kartal Istanbul/Turkey (owned)

 

Administrative Office  :  Hurriyet Mah.Ulus Cad. Erler Sok. Demkar Sit. A Blok No:5 Kartal Istanbul/Turkey (owned)

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Kartal Branch

Garanti Bankasi Kartal Branch

Halkbank Dolayoba Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

10.093.150

5.766.871

8.811.642

13.814.321

13.417.016

Profit (Loss) Before Tax

446.263

70.732

178.283

349.967

309.376

Stockholders' Equity

1.694.969

1.974.904

2.209.302

2.390.412

 

Total Assets

4.382.426

5.203.097

6.405.320

6.199.672

 

Current Assets

3.149.307

4.003.775

5.208.320

5.563.050

 

Non-Current Assets

1.233.119

1.199.322

1.197.000

636.622

 

Current Liabilities

2.687.457

3.228.193

4.196.018

3.806.606

 

Long-Term Liabilities

0

0

0

2.654

 

Gross Profit (loss)

1.195.240

1.126.356

1.206.673

1.442.163

1.759.106

Operating Profit (loss)

436.494

412.540

400.201

257.571

444.925

Net Profit (loss)

346.464

55.443

136.685

278.824

309.376

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2008

In Order Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability (01.01-30.09.2012)

Fair Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-31.10.2012)

5,36 %

1,8020

2,3241

2,8562

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

3.149.307

0,72

4.003.775

0,77

5.208.320

0,81

5.563.050

0,90

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.478.684

0,34

1.177.743

0,23

1.776.366

0,28

130.279

0,02

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

385.194

0,09

1.715.061

0,33

965.708

0,15

3.821.672

0,62

 

 

Other Receivable

150.539

0,03

110.679

0,02

172.496

0,03

423.460

0,07

 

 

Inventories

996.831

0,23

873.608

0,17

1.889.110

0,29

639.123

0,10

 

 

Advances Given

15.309

0,00

0

0,00

125.550

0,02

250.484

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

122.750

0,03

126.684

0,02

279.090

0,04

298.032

0,05

 

 

NON-CURRENT ASSETS

1.233.119

0,28

1.199.322

0,23

1.197.000

0,19

636.622

0,10

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

1.227.731

0,28

1.196.915

0,23

1.191.894

0,19

617.214

0,10

 

 

Intangible Assets

2.407

0,00

2.407

0,00

2.407

0,00

18.976

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

2.981

0,00

0

0,00

2.699

0,00

432

0,00

 

 

TOTAL ASSETS

4.382.426

1,00

5.203.097

1,00

6.405.320

1,00

6.199.672

1,00

 

 

CURRENT LIABILITIES

2.687.457

0,61

3.228.193

0,62

4.196.018

0,66

3.806.606

0,61

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.722.893

0,39

2.406.644

0,46

2.406.784

0,38

1.323.630

0,21

 

 

Accounts Payable

496.681

0,11

721.224

0,14

1.675.378

0,26

1.954.714

0,32

 

 

Loans from Shareholders

13.914

0,00

25.043

0,00

62.589

0,01

156.409

0,03

 

 

Other Short-term Payable

10.370

0,00

0

0,00

655

0,00

0

0,00

 

 

Advances from Customers

336.672

0,08

0

0,00

0

0,00

287.925

0,05

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

7.128

0,00

27.430

0,01

9.014

0,00

12.785

0,00

 

 

Provisions

99.799

0,02

15.289

0,00

41.598

0,01

71.143

0,01

 

 

Other Current Liabilities

0

0,00

32.563

0,01

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

2.654

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

2.654

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

1.694.969

0,39

1.974.904

0,38

2.209.302

0,34

2.390.412

0,39

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

250.000

0,06

1.500.000

0,29

1.500.000

0,23

1.500.000

0,24

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

92.458

0,02

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

1.075.603

0,25

419.461

0,08

572.617

0,09

611.588

0,10

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-69.556

-0,02

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

346.464

0,08

55.443

0,01

136.685

0,02

278.824

0,04

 

 

TOTAL LIABILITIES AND EQUITY

4.382.426

1,00

5.203.097

1,00

6.405.320

1,00

6.199.672

1,00

 

 

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                                                                         

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

10.093.150

1,00

5.766.871

1,00

8.811.642

1,00

13.814.321

1,00

13.417.016

1,00

Cost of Goods Sold

8.897.910

0,88

4.640.515

0,80

7.604.969

0,86

12.372.158

0,90

11.657.910

0,87

Gross Profit

1.195.240

0,12

1.126.356

0,20

1.206.673

0,14

1.442.163

0,10

1.759.106

0,13

Operating Expenses

758.746

0,08

713.816

0,12

806.472

0,09

1.184.592

0,09

1.314.181

0,10

Operating Profit

436.494

0,04

412.540

0,07

400.201

0,05

257.571

0,02

444.925

0,03

Other Income

112.934

0,01

10.472

0,00

12.227

0,00

244.909

0,02

22.966

0,00

Other Expenses

87.059

0,01

157.907

0,03

12.483

0,00

26.080

0,00

14.879

0,00

Financial Expenses

16.106

0,00

194.373

0,03

221.662

0,03

126.433

0,01

143.636

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

446.263

0,04

70.732

0,01

178.283

0,02

349.967

0,03

309.376

0,02

Tax Payable

99.799

0,01

15.289

0,00

41.598

0,00

71.143

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

346.464

0,03

55.443

0,01

136.685

0,02

278.824

0,02

309.376

0,02

 

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,17

1,24

1,24

1,46

 

Acid-Test Ratio

0,75

0,93

0,69

1,15

 

Cash Ratio

0,55

0,36

0,42

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,17

0,29

0,10

 

Short-term Receivable/Total Assets

0,12

0,35

0,18

0,68

 

Tangible Assets/Total Assets

0,28

0,23

0,19

0,10

 

TURNOVER RATIOS

 

 

Inventory Turnover

8,93

5,31

4,03

19,36

 

Stockholders' Equity Turnover

5,95

2,92

3,99

5,78

 

Asset Turnover

2,30

1,11

1,38

2,23

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,38

0,34

0,39

 

Current Liabilities/Total Assets

0,61

0,62

0,66

0,61

 

Financial Leverage

0,61

0,62

0,66

0,61

 

Gearing Percentage

1,59

1,63

1,90

1,59

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,20

0,03

0,06

0,12

 

Operating Profit Margin

0,04

0,07

0,05

0,02

 

Net Profit Margin

0,03

0,01

0,02

0,02

 

Interest Cover

28,71

1,36

1,80

3,77

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

13,74

107,06

39,45

99,59

 

Average Payable Period (days)

20,10

55,95

79,31

56,88

 

WORKING CAPITAL

461850,00

775582,00

1012302,00

1756444,00

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.56

UK Pound

1

Rs.87.45

Euro

1

Rs.71.08

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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

 

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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.