MIRA INFORM REPORT

 

 

Report Date :

18.12.2012

 

IDENTIFICATION DETAILS

 

Name :

KROMAS MAKINA VE METAL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Tuna Cad. No:15 Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.01.1993

 

 

Reg. No.:

294134

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of centrifugation and vibration surface processing machineries for metal, plastic, naturel stone and jewellery industries.

 

 

No. of Employees :

64

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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

:

KROMAS MAKINA VE METAL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Tuna Cad. No:15 Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-613 73 50

 

FAX NUMBER

:

90-212-567 07 88

 

WEB-ADDRESS

:

www.kromas.com.tr

E-MAIL

:

kromas@kromas.com.tr

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

5900002399

REGISTRATION NUMBER

:

294134

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.01.1993

ESTABLISHMENT GAZETTE DATE /NO

:

18.01.1993/3201

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

09.04.2012 (Commercial Gazette Date /Number 13.04.2012/ 8048)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

13.10.2011 (Commercial Gazette Date /Number 19.10.2011/ 7924)

 

 

 

PREVIOUS SHAREHOLDERS

:

Recep Eroglu

30 %

Yakup Eroglu

30 %

Muammer Eroglu

15 %

Bilge Taylan Eroglu

15 %

Saban Eroglu

5 %

Mustafa Kocaman

5 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Recep Eroglu

30 %

Yakup Eroglu

30 %

Bilge Taylan Eroglu

20 %

Muammer Eroglu

15 %

Saban Eroglu

5 %

 

 

SISTER COMPANIES

:

MINERAL ENDUSTIRIYEL ASINDIRICILAR SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Yakup Eroglu

 

Recep Eroglu

 

Muammer Eroglu

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of centrifugation and vibration surface processing machineries for metal, plastic, naturel stone and jewellery industries.

 

NACE CODE

:

DK.29.42

 

NUMBER OF EMPLOYEES

:

64

 

NET SALES

:

5.683.656 TL

(2010) 

8.853.500 TL

(2011) 

8.915.219 TL

(01.01-30.09.2012) 

 

 

IMPORT COUNTRIES

:

Italy

U.K.

France

Belgium

 

MERCHANDISE IMPORTED

:

Polyurethane

 

EXPORT VALUE

:

1.965.731 TL

(2010)

3.864.394 TL

(2011)

4.259.455 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

European Countries

Middle East Countries

Far East Countries

U.S.A.

 

MERCHANDISE  EXPORTED

:

Surface processing machinery

 

HEAD OFFICE ADDRESS

:

Tuna Cad. No:15 Bayrampasa Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Tuna Cad. No:15 Bayrampasa Istanbul/Turkey

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in this year some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

5.683.656

8.853.500

8.915.219

 

 

Profit (Loss) Before Tax

47.134

51.486

78.654

 

 

Stockholders' Equity

1.802.334

1.834.358

 

 

 

Total Assets

6.108.025

13.863.111

 

 

 

Current Assets

5.704.516

9.681.085

 

 

 

Non-Current Assets

403.509

4.182.026

 

 

 

Current Liabilities

4.305.691

8.105.913

 

 

 

Long-Term Liabilities

0

3.922.840

 

 

 

Gross Profit (loss)

1.382.647

1.670.577

1.477.745

 

 

Operating Profit (loss)

548.584

779.383

802.616

 

 

Net Profit (loss)

26.686

32.023

78.654

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:820.000 TL

Equity Part

:680.000 TL

Payment Due Date

:09.04.2012

 

Capitalization

Low

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Satisfactory

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

High Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

5.704.516

0,93

9.681.085

0,70

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

1.634.341

0,27

38.939

0,00

 

 

Marketable Securities

30

0,00

0

0,00

 

 

Account Receivable

2.031.025

0,33

5.861.445

0,42

 

 

Other Receivable

179.898

0,03

183.657

0,01

 

 

Inventories

1.825.321

0,30

3.500.532

0,25

 

 

Advances Given

19.086

0,00

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

14.815

0,00

96.512

0,01

 

 

NON-CURRENT ASSETS

403.509

0,07

4.182.026

0,30

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

335

0,00

335

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

393.205

0,06

4.175.094

0,30

 

 

Intangible Assets

78

0,00

78

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

9.891

0,00

6.519

0,00

 

 

TOTAL ASSETS

6.108.025

1,00

13.863.111

1,00

 

 

CURRENT LIABILITIES

4.305.691

0,70

8.105.913

0,58

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

2.658.460

0,44

2.857.974

0,21

 

 

Accounts Payable

817.129

0,13

3.446.939

0,25

 

 

Loans from Shareholders

1.218

0,00

209.184

0,02

 

 

Other Short-term Payable

46.642

0,01

50.255

0,00

 

 

Advances from Customers

507.750

0,08

1.303.149

0,09

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

254.044

0,04

218.950

0,02

 

 

Provisions

20.448

0,00

19.462

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

3.922.840

0,28

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

3.922.840

0,28

 

 

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

1.802.334

0,30

1.834.358

0,13

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

1.000.000

0,16

1.000.000

0,07

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

102.200

0,02

102.200

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

673.448

0,11

700.135

0,05

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

26.686

0,00

32.023

0,00

 

 

TOTAL LIABILITIES AND EQUITY

6.108.025

1,00

13.863.111

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

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

5.683.656

1,00

8.853.500

1,00

8.915.219

1,00

Cost of Goods Sold

4.301.009

0,76

7.182.923

0,81

7.437.474

0,83

Gross Profit

1.382.647

0,24

1.670.577

0,19

1.477.745

0,17

Operating Expenses

834.063

0,15

891.194

0,10

675.129

0,08

Operating Profit

548.584

0,10

779.383

0,09

802.616

0,09

Other Income

28.236

0,00

132.671

0,01

24.126

0,00

Other Expenses

116.401

0,02

290.961

0,03

63.955

0,01

Financial Expenses

413.285

0,07

569.607

0,06

684.133

0,08

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

47.134

0,01

51.486

0,01

78.654

0,01

Tax Payable

20.448

0,00

19.463

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

26.686

0,00

32.023

0,00

78.654

0,01

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,32

1,19

 

Acid-Test Ratio

0,89

0,75

 

Cash Ratio

0,38

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,25

 

Short-term Receivable/Total Assets

0,36

0,44

 

Tangible Assets/Total Assets

0,06

0,30

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,36

2,05

 

Stockholders' Equity Turnover

3,15

4,83

 

Asset Turnover

0,93

0,64

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,13

 

Current Liabilities/Total Assets

0,70

0,58

 

Financial Leverage

0,70

0,87

 

Gearing Percentage

2,39

6,56

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,02

 

Operating Profit Margin

0,10

0,09

 

Net Profit Margin

0,00

0,00

 

Interest Cover

1,11

1,09

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

128,67

238,35

 

Average Payable Period (days)

68,39

172,76

 

WORKING CAPITAL

1398825,00

1575172,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.88.40

Euro

1

Rs.71.85

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.