MIRA INFORM REPORT

 

 

Report Date :

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

GUL OTOMOTIV TEKSTIL SANAYII VE TICARET LTD. STI.

 

 

Registered Office :

Kocasinan Sanayi Sitesi C Ustu Blok No:7 Kocasinan Istanbul / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.12.1993

 

 

Com. Reg. No.:

306704

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of spare parts of tank for defense industry.

 

 

No. of Employees :

9            

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

35.000 USD

Status :

Small company

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

GUL OTOMOTIV TEKSTIL SANAYII VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kocasinan Sanayi Sitesi C Ustu Blok No:7 Kocasinan Istanbul / Turkey

PHONE NUMBER

:

90-212-552 30 12

 

FAX NUMBER

:

90-212-654 84 19

 

WEB-ADDRESS

:

www.gulotomotiv.com

E-MAIL

:

info@gulotomotiv.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yenibosna

TAX NO

:

4140056316

REGISTRATION NUMBER

:

306704

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.12.1993

ESTABLISHMENT GAZETTE DATE /NO

:

15.12.1993/3427

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

15.12.2011 (Commercial Gazette Date /Number 21.12.2011/ 7966)

Previous Shareholder

:

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

Changed On

:

15.12.2011 (Commercial Gazette Date /Number 21.12.2011/ 7966)

 

 

 

PREVIOUS SHAREHOLDERS

:

Gulali Demirci

25 %

Ramazan Demirci

15 %

Hasan Demirci

15 %

Ahmet Demirci

15 %

Havva Demirci

15 %

Recep Demirci

15 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ramazan Demirci

25 %

Recep Demirci

25 %

Ahmet Demirci

25 %

Hasan Demirci

25 %

 

 

SISTER COMPANIES

:

STANDART OTOMOTIV MAKINE TEKSTIL GIDA VE SU URUNLERI VE SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ramazan Demirci

 

Hasan Demirci

 

Ahmet Demirci

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of spare parts of tank for defense industry.

 

NACE CODE

:

DM.34.30

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

4.299.793 TL

(2008) 

4.888.321 TL

(2009) 

1.080.680 TL

(2010) 

1.417.843 TL

(01.01-30.09.2011) 

 

 

 

IMPORT COUNTRIES

:

China

India

Italy

Greece

Belgium

Netherlands

U.S.A.

European Countries

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

1.443.344 TL

(2008)

1.571.296 TL

(2009)

125.593 TL

(2010)

258.368 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Pakistan

Libya

U.S.A.

Germany

 

MERCHANDISE  EXPORTED

:

Spare parts

 

HEAD OFFICE ADDRESS

:

Kocasinan Sanayi Sitesi C Ustu Blok No:7 Kocasinan Istanbul / Turkey

 

BRANCHES

:

Branch Office  :  Kocasinan Sanayi Sitesi C 3 Ustu Blok No:6 Bahcelievler Istanbul/Turkey

 

Branch Office  :  Kocasinan Sanayi Sitesi C 3 Ustu Blok No:8/A Bahcelievler Istanbul/Turkey

 

Production Plant  :  Dirlik Mah. Aliaga Cikmazi Gulen Is Han No:1 Sefakoy Kucukcekmece Istanbul/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kocasinan Branch

Finansbank Gunesli Branch

Garanti Bankasi Sirinevler Branch

Kuveyt Turk Katilim Bankasi Gunesli Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

4.888.321

1.080.680

1.417.843

 

 

Profit (Loss) Before Tax

250.223

16.862

13.971

 

 

Stockholders' Equity

1.839.491

1.806.686

 

 

 

Total Assets

4.390.237

4.188.378

 

 

 

Current Assets

4.236.907

4.030.490

 

 

 

Non-Current Assets

153.330

157.888

 

 

 

Current Liabilities

2.550.746

2.381.692

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

637.262

205.406

196.855

 

 

Operating Profit (loss)

321.778

72.495

78.947

 

 

Net Profit (loss)

250.223

16.862

13.971

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:500.000 TL

Equity Part

:

Payment Due Date

:15.12.2013

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

:90

 

Capitalization

Good

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Insufficient

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

35.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 35.000 USD 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.236.907

0,97

4.030.490

0,96

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

35.288

0,01

53.455

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.936.175

0,67

2.000.545

0,48

Other Receivable

544

0,00

763

0,00

Inventories

290.250

0,07

668.950

0,16

Advances Given

628.680

0,14

841.817

0,20

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

345.970

0,08

464.960

0,11

NON-CURRENT ASSETS

153.330

0,03

157.888

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

444

0,00

444

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

80.027

0,02

84.586

0,02

Intangible Assets

72.859

0,02

72.858

0,02

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

4.390.237

1,00

4.188.378

1,00

CURRENT LIABILITIES

2.550.746

0,58

2.381.692

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

219.900

0,05

671.386

0,16

Accounts Payable

1.233.382

0,28

1.200.610

0,29

Loans from Shareholders

1.054.735

0,24

294.082

0,07

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

51.661

0,01

147.620

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

11.748

0,00

60.637

0,01

Provisions

-38.235

-0,01

-898

0,00

Other Current Liabilities

17.555

0,00

8.255

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

1.839.491

0,42

1.806.686

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

500.000

0,11

500.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

74.369

0,02

74.369

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.014.899

0,23

1.215.455

0,29

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

250.223

0,06

16.862

0,00

TOTAL LIABILITIES AND EQUITY

4.390.237

1,00

4.188.378

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

4.888.321

1,00

1.080.680

1,00

1.417.843

1,00

Cost of Goods Sold

4.251.059

0,87

875.274

0,81

1.220.988

0,86

Gross Profit

637.262

0,13

205.406

0,19

196.855

0,14

Operating Expenses

315.484

0,06

132.911

0,12

117.908

0,08

Operating Profit

321.778

0,07

72.495

0,07

78.947

0,06

Other Income

761

0,00

4.833

0,00

3.471

0,00

Other Expenses

41.580

0,01

5.893

0,01

3.126

0,00

Financial Expenses

30.736

0,01

54.573

0,05

65.321

0,05

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

250.223

0,05

16.862

0,02

13.971

0,01

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)

250.223

0,05

16.862

0,02

13.971

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,66

1,69

Acid-Test Ratio

1,17

0,86

Cash Ratio

0,01

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,16

Short-term Receivable/Total Assets

0,67

0,48

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

14,65

1,31

Stockholders' Equity Turnover

2,66

0,60

Asset Turnover

1,11

0,26

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,43

Current Liabilities/Total Assets

0,58

0,57

Financial Leverage

0,58

0,57

Gearing Percentage

1,39

1,32

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,01

Operating Profit Margin

0,07

0,07

Net Profit Margin

0,05

0,02

Interest Cover

9,14

1,31

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

216,27

666,58

Average Payable Period (days)

104,45

493,81

WORKING CAPITAL

1686161,00

1648798,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.67

UK Pound

1

Rs.76.75

Euro

1

Rs.63.56

 

 

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.