MIRA INFORM REPORT

 

 

Report Date :           

25.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SAHIN MOTOR YATAKLARI SANAYI VE TICARET A.S.

 

 

Registered Office :

Cumhuriyet Mah. 2252 Sok. No:1 Gebze  Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.03.1977

 

 

Com. Reg. No.:

1875

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of engine bearings.

 

 

No. of Employees :

45

 

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

 

Maximum Credit Limit :

2.850.000 USD

 

 

Status :

Good

 

 

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 30th, 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

:

SAHIN MOTOR YATAKLARI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. 2252 Sok. No:1 Gebze  Kocaeli / Turkey

PHONE NUMBER

:

90-262-653 33 61

90-262-653 64 94

 

FAX NUMBER

:

90-262-653 31 01

 

WEB-ADDRESS

:

www.sahin.com.tr

E-MAIL

:

info@sahin.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulucinar

TAX NO

:

7970012794

REGISTRATION NUMBER

:

1875

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

31.03.1977

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.000.000

PAID-IN CAPITAL

:

TL   7.000.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

25.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Emine Cigdem Kurtkaya

20,63 %

Birsen Civelekoglu

 

Mustafa Kemal Ozas

 

Erol Aysu

 

Celal Kurtkaya

 

Aysular Ticaret ve Sanayi A.S.

 

Aysu Holding A.S.

 

Elgiz Perera

 

Talat Ragip Hitay

 

Osman Cagalikoc

 

Others

 

 

 

SISTER COMPANIES

:

AYSU HOLDING A.S.

AYSULAR TICARET VE SANAYI A.S.

UCGEN OTOMOTIV URUNLERI PAZARLAMA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

UCGEN OTOMOTIV URUNLERI PAZARLAMA SANAYI VE TICARET A.S.  ( 45 % )

 

BOARD OF DIRECTORS

:

Erol Aysu

Chairman

Celal Kurtkaya

Vice-Chairman

Selen Aysu

Member

Hasan Ozas

Member

Osman Cagalikoc

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of engine bearings.

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Sahin

 

NUMBER OF EMPLOYEES

:

45

 

REMARKS ON NUMBER OF EMPLOYEES

 

:

The number of employees does not include the subcontractors.

 

NET SALES

:

8.656.433 TL

(2006) 

7.755.112 TL

(2007) 

8.422.792 TL

(2008) 

8.635.261 TL

(2009) 

10.796.226 TL

(2010) 

12.842.436 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

1.840.000 EUR

(01.10-31.12.2010)

2.516.000 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Russia

Australia

Italy

Germany

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

2.055.023 TL

(2006)

1.296.426 TL

(2007)

1.712.501 TL

(2008)

2.273.742 TL

(2009)

2.795.364 TL

(2010)

4.487.385 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Romania

Bangladesh

Yemen

Ethiopia

Egypt

Tunisia

Algeria

Serbia

Slovenia

Uzbekistan

Hungary

Greece

Germany

Belgium

Bulgaria

France

Palestine

 

MERCHANDISE  EXPORTED

:

Bearing housings

Engine bearings

Pallets

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. 2252 Sok. No:1 Gebze   Kocaeli / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  Cumhuriyet Mah. 2252 Sok. No: 1 Gebze Kocaeli/Turkey (owned) (21.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gebze Ticari Branch

T. Is Bankasi Gebze 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

7.755.112

8.422.792

8.635.261

10.796.226

12.842.436

Profit (Loss) Before Tax

66.028

-2.069.713

1.750.871

2.390.161

4.093.780

Stockholders' Equity

7.131.612

5.460.010

7.812.770

9.530.775

 

Total Assets

9.111.011

9.773.171

9.821.736

11.475.198

 

Current Assets

7.441.668

8.033.607

8.021.888

9.672.645

 

Non-Current Assets

1.669.343

1.739.564

1.799.848

1.802.553

 

Current Liabilities

1.979.399

3.713.161

1.808.966

1.944.423

 

Long-Term Liabilities

0

600.000

200.000

0

 

Gross Profit (loss)

2.252.549

2.452.602

3.439.488

4.818.423

6.409.694

Operating Profit (loss)

249.754

-1.523.435

1.555.365

2.354.169

4.190.664

Net Profit (loss)

45.787

-2.069.713

1.750.871

1.968.005

4.093.780

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High 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

Fair Operating Profitability  in 2007

Low Net Profitability  in 2007

Operating Loss  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.850.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

7.441.668

0,82

8.033.607

0,82

8.021.888

0,82

9.672.645

0,84

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

756.152

0,08

1.557.225

0,16

858.514

0,09

1.165.590

0,10

Marketable Securities

692.000

0,08

158.000

0,02

1.148.000

0,12

1.262.000

0,11

Account Receivable

1.900.312

0,21

1.817.152

0,19

1.254.121

0,13

1.463.972

0,13

Other Receivable

238.411

0,03

211.886

0,02

1.223

0,00

0

0,00

Inventories

3.571.356

0,39

4.007.458

0,41

4.530.385

0,46

5.402.648

0,47

Advances Given

181.232

0,02

176.954

0,02

188.252

0,02

311.862

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

102.205

0,01

104.932

0,01

41.393

0,00

66.573

0,01

NON-CURRENT ASSETS

1.669.343

0,18

1.739.564

0,18

1.799.848

0,18

1.802.553

0,16

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

142

0,00

142

0,00

142

0,00

4.494

0,00

Financial Assets

505.200

0,06

505.200

0,05

692.562

0,07

692.562

0,06

Tangible Fixed Assets (net)

1.105.874

0,12

1.183.297

0,12

1.056.941

0,11

1.055.888

0,09

Intangible Assets

58.127

0,01

50.925

0,01

50.203

0,01

49.609

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

9.111.011

1,00

9.773.171

1,00

9.821.736

1,00

11.475.198

1,00

CURRENT LIABILITIES

1.979.399

0,22

3.713.161

0,38

1.808.966

0,18

1.944.423

0,17

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

776.250

0,09

1.040.729

0,11

689.306

0,07

239.040

0,02

Accounts Payable

215.756

0,02

845.038

0,09

597.279

0,06

1.192.838

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

270.342

0,03

1.240.302

0,13

96.226

0,01

56.587

0,00

Advances from Customers

449.589

0,05

458.776

0,05

259.863

0,03

267.150

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

251.869

0,03

97.720

0,01

155.793

0,02

187.202

0,02

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

15.593

0,00

30.596

0,00

10.499

0,00

1.606

0,00

LONG-TERM LIABILITIES

0

0,00

600.000

0,06

200.000

0,02

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

600.000

0,06

200.000

0,02

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

7.131.612

0,78

5.460.010

0,56

7.812.770

0,80

9.530.775

0,83

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.000.000

0,66

6.000.000

0,61

7.000.000

0,71

7.000.000

0,61

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

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

1.085.825

0,12

1.529.723

0,16

1.131.612

0,12

881.612

0,08

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-2.069.713

-0,21

-318.842

-0,03

Net Profit (loss)

45.787

0,01

-2.069.713

-0,21

1.750.871

0,18

1.968.005

0,17

TOTAL LIABILITIES AND EQUITY

9.111.011

1,00

9.773.171

1,00

9.821.736

1,00

11.475.198

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

7.755.112

1,00

8.422.792

1,00

8.635.261

1,00

10.796.226

1,00

12.842.436

1,00

Cost of Goods Sold

5.502.563

0,71

5.970.190

0,71

5.195.773

0,60

5.977.803

0,55

6.432.742

0,50

Gross Profit

2.252.549

0,29

2.452.602

0,29

3.439.488

0,40

4.818.423

0,45

6.409.694

0,50

Operating Expenses

2.002.795

0,26

3.976.037

0,47

1.884.123

0,22

2.464.254

0,23

2.219.030

0,17

Operating Profit

249.754

0,03

-1.523.435

-0,18

1.555.365

0,18

2.354.169

0,22

4.190.664

0,33

Other Income

290.847

0,04

363.912

0,04

793.513

0,09

463.746

0,04

401.509

0,03

Other Expenses

325.641

0,04

583.033

0,07

253.596

0,03

371.855

0,03

486.019

0,04

Financial Expenses

148.932

0,02

327.157

0,04

344.411

0,04

55.899

0,01

12.374

0,00

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

66.028

0,01

-2.069.713

-0,25

1.750.871

0,20

2.390.161

0,22

4.093.780

0,32

Tax Payable

20.241

0,00

0

0,00

0

0,00

422.156

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

45.787

0,01

-2.069.713

-0,25

1.750.871

0,20

1.968.005

0,18

4.093.780

0,32

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

3,76

2,16

4,43

4,97

 

Acid-Test Ratio

1,81

1,01

1,80

2,00

 

Cash Ratio

0,73

0,46

1,11

1,25

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,39

0,41

0,46

0,47

 

Short-term Receivable/Total Assets

0,23

0,21

0,13

0,13

 

Tangible Assets/Total Assets

0,12

0,12

0,11

0,09

 

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

1,54

1,49

1,15

1,11

 

Stockholders' Equity Turnover

1,09

1,54

1,11

1,13

 

Asset Turnover

0,85

0,86

0,88

0,94

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,78

0,56

0,80

0,83

 

Current Liabilities/Total Assets

0,22

0,38

0,18

0,17

 

Financial Leverage

0,22

0,44

0,20

0,17

 

Gearing Percentage

0,28

0,79

0,26

0,20

 

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,01

-0,38

0,22

0,21

 

Operating Profit Margin

0,03

-0,18

0,18

0,22

 

Net Profit Margin

0,01

-0,25

0,20

0,18

 

Interest Cover

1,44

-5,33

6,08

43,76

 

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

88,22

77,67

52,29

48,97

 

Average Payable Period (days)

14,12

50,96

41,38

71,84

 

WORKING CAPITAL

5462269,00

4320446,00

6212922,00

7728222,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

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.