MIRA INFORM REPORT

 

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ASSAN IS MAKINALARI YEDEK PARCALARI IMALAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ivedik Organize Sanayi Bolgesi Ari Sanayi Sitesi 2284. Sok. No:116 Ostim Yenimahalle Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1993

 

 

Com. Reg. No.:

98212

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of spare parts of working machines.

 

 

No. of Employees :

100

 

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

 

 

 

 

 

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ASSAN IS MAKINALARI YEDEK PARCALARI IMALAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ivedik Organize Sanayi Bolgesi Ari Sanayi Sitesi 2284. Sok. No:116 Ostim Yenimahalle Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "770. Sok." to "2284. Sok." by the municipality.

PHONE NUMBER

:

90-312-395 66 60

 

FAX NUMBER

:

90-312-395 66 66

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulus

TAX NO

:

0910006398

REGISTRATION NUMBER

:

98212

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1993

ESTABLISHMENT GAZETTE DATE /NO

:

01.11.1993/3395

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   4.600.000

PAID-IN CAPITAL

:

TL   4.600.000

HISTORY

:

Previous Registered Capital

:

TL 600.000

Changed On

:

22.10.2009 (Commercial Gazette Date /Number 27.10.2009/ 7426)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

18.08.2010 (Commercial Gazette Date /Number 23.08.2010/ 7634)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 04.01.2012/ 7976)

Previous Address

:

Istanbul Cad. Istanbul Carsisi No: 48/22-23 Iskitler Ankara

Changed On

:

01.06.2005 (Commercial Gazette Date /Number 06.06.2005/ 6318)

Previous Shareholder

:

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

Changed On

:

20.02.2012 (Commercial Gazette Date /Number 24.02.2012/ 8013)

 

 

 

PREVIOUS SHAREHOLDERS

:

Sadik Oner

95 %

Murat Oner

2,50 %

Ali Oner

2,50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sadik Oner

97,50 %

Murat Oner

2,50 %

 

 

SISTER COMPANIES

:

ASP MAKINE IC VE DIS TICARET LTD. STI.

 

DIRECTORS

:

Sadik Oner

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of spare parts of working machines.

 

NACE CODE

:

DK.29.00

 

NUMBER OF EMPLOYEES

:

100

 

 

NET SALES

:

11.638.101 TL

(2010) 

19.416.597 TL

(2011) 

6.462.552 TL

(01.01-31.03.2012) 

 

 

IMPORT COUNTRIES

:

Italy

Germany

 

MERCHANDISE IMPORTED

:

Spare parts of working machines

 

HEAD OFFICE ADDRESS

:

Ivedik Organize Sanayi Bolgesi Ari Sanayi Sitesi 2284. Sok. No:116 Ostim Yenimahalle Ankara / Turkey

 

BRANCHES

:

Workshop/Warehouse  :  Ivedik Organize Sanayi Bolgesi Ari Sanayi Sitesi 2284. Sok. No: 87-89-91-108-110-112-114 Ostim Yenimahalle Ankara/Turkey

 

Head Office/Factory  :  Ivedik Organize Sanayi Bolgesi Ari Sanayi Sitesi 2284. Sok. No:116 Ostim Yenimahalle Ankara/Turkey

 

INVESTMENTS

:

The company is investing in a new factory in Sincan 1. Organize Sanayi Bolgesi  Ankara which is expected to be completed in a recent time.

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ivedik Branch

T. Halk Bankasi Ivedik Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

11.638.101

19.416.597

6.462.552

Profit (Loss) Before Tax

644.654

1.313.155

610.506

Stockholders' Equity

3.692.680

5.858.821

 

Total Assets

7.847.339

21.042.580

 

Current Assets

3.106.386

9.209.541

 

Non-Current Assets

4.740.953

11.833.039

 

Current Liabilities

4.154.659

9.266.710

 

Long-Term Liabilities

0

5.917.049

 

Gross Profit (loss)

1.795.703

2.639.386

1.449.836

Operating Profit (loss)

628.161

1.191.915

918.857

Net Profit (loss)

510.055

1.043.964

610.506

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.106.386

0,40

9.209.541

0,44

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

112.183

0,01

2.462.816

0,12

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.138.575

0,15

2.778.078

0,13

Other Receivable

20.380

0,00

0

0,00

Inventories

1.604.241

0,20

2.561.049

0,12

Advances Given

27.175

0,00

30.105

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

203.832

0,03

1.377.493

0,07

NON-CURRENT ASSETS

4.740.953

0,60

11.833.039

0,56

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

6.668

0,00

6.668

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.451.950

0,57

9.553.357

0,45

Intangible Assets

82.657

0,01

1.693.330

0,08

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

199.678

0,03

579.684

0,03

TOTAL ASSETS

7.847.339

1,00

21.042.580

1,00

CURRENT LIABILITIES

4.154.659

0,53

9.266.710

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.428.568

0,18

2.797.374

0,13

Accounts Payable

2.007.916

0,26

5.379.645

0,26

Loans from Shareholders

593.091

0,08

692.991

0,03

Other Short-term Payable

30.730

0,00

59.226

0,00

Advances from Customers

0

0,00

188.858

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

92.882

0,01

63.987

0,00

Provisions

1.472

0,00

84.629

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

5.917.049

0,28

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

5.917.049

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

3.692.680

0,47

5.858.821

0,28

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,38

4.600.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

182.625

0,02

214.857

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

510.055

0,06

1.043.964

0,05

TOTAL LIABILITIES AND EQUITY

7.847.339

1,00

21.042.580

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 198.910 of the other expenses is due to "Other Extraordinary Expenses and Losses".

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

11.638.101

1,00

19.416.597

1,00

6.462.552

1,00

Cost of Goods Sold

9.842.398

0,85

16.777.211

0,86

5.012.716

0,78

Gross Profit

1.795.703

0,15

2.639.386

0,14

1.449.836

0,22

Operating Expenses

1.167.542

0,10

1.447.471

0,07

530.979

0,08

Operating Profit

628.161

0,05

1.191.915

0,06

918.857

0,14

Other Income

311.091

0,03

1.108.952

0,06

210.237

0,03

Other Expenses

250.608

0,02

686.561

0,04

375.185

0,06

Financial Expenses

43.990

0,00

301.151

0,02

143.403

0,02

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

644.654

0,06

1.313.155

0,07

610.506

0,09

Tax Payable

134.599

0,01

269.191

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

510.055

0,04

1.043.964

0,05

610.506

0,09

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,75

0,99

Acid-Test Ratio

0,31

0,57

Cash Ratio

0,03

0,27

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,12

Short-term Receivable/Total Assets

0,15

0,13

Tangible Assets/Total Assets

0,57

0,45

TURNOVER RATIOS

 

 

Inventory Turnover

6,14

6,55

Stockholders' Equity Turnover

3,15

3,31

Asset Turnover

1,48

0,92

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,28

Current Liabilities/Total Assets

0,53

0,44

Financial Leverage

0,53

0,72

Gearing Percentage

1,13

2,59

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,18

Operating Profit Margin

0,05

0,06

Net Profit Margin

0,04

0,05

Interest Cover

15,65

5,36

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

35,43

51,63

Average Payable Period (days)

73,44

115,43

WORKING CAPITAL

-1048273,00

-57169,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

 

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.