MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

IS-MAK-PAR IS MAKINALARI PARCALARI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ibrahim Karaoglan Cad. Ispar Ticaret Merkezi No:152 4. Seyrantepe Istanbul /

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.01.1978

 

 

Com. Reg. No.:

151363

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of spare parts for work machines.

 

 

No. of Employees :

11

 

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 – 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

 

COMPANY IDENTIFICATION

 

NAME

:

IS-MAK-PAR IS MAKINALARI PARCALARI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ibrahim Karaoglan Cad. Ispar Ticaret Merkezi No:152 4. Seyrantepe Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The locality was changed from "Levent Istanbul" to "Kagithane Seyrantepe Istanbul" by the municipality.

PHONE NUMBER

:

90-212-268 53 32

 

FAX NUMBER

:

90-212-268 53 30

90-212-268 53 31

 

WEB-ADDRESS

:

www.ismakpar.com

E-MAIL

:

info@ismakpar.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Maslak

TAX NO

:

4810060688

REGISTRATION NUMBER

:

151363

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.1978

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 400.000

Changed On

:

22.12.2006 (Commercial Gazette Date /Number 27.12.2006/ 6713)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Firat Gurpinar

45 %

Tibet Gurpinar

30 %

Hasan Anli Akbilek

25 %

 

 

SISTER COMPANIES

:

IMPAR IS MAKINALARI YEDEK PARCALARI INSAAT VE INSAAT TAAHHUTLERI SANAYI VE TICARET LTD. STI.

 

YAPIPAR INSAAT SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Firat Gurpinar

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of spare parts for work machines.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Blackcat

Bulldog-Gaskets

Duferdofin

Federal Mogul-F.P.Diesel

Tonymyung

Vickers

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

5.675.908 TL

(2010) 

7.724.891 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

U.S.A.

Belgium

South Korea

China

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.03.2012)

 

 

HEAD OFFICE ADDRESS

:

Ibrahim Karaoglan Cad. Ispar Ticaret Merkezi No:152 4. Seyrantepe Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Ibrahim Karaoglan Cad. Ispar Ticaret Merkezi Garaji 4. Levent Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Seyrantepe Branch

Garanti Bankasi Celiktepe Branch

T. Is Bankasi Seyrantepe 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

:

 

(2010) TL

(2011) TL

Net Sales

5.675.908

7.724.891

Profit (Loss) Before Tax

167.992

174.845

Stockholders' Equity

1.659.739

1.794.707

Total Assets

1.988.842

3.721.385

Current Assets

1.698.877

3.452.037

Non-Current Assets

289.965

269.348

Current Liabilities

329.103

1.926.491

Long-Term Liabilities

0

187

Gross Profit (loss)

696.988

968.658

Operating Profit (loss)

198.502

105.543

Net Profit (loss)

132.647

134.968

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Low Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

 

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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.698.877

0,85

3.452.037

0,93

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

265.122

0,13

145.064

0,04

Marketable Securities

0

0,00

276.758

0,07

Account Receivable

508.984

0,26

1.927.987

0,52

Other Receivable

0

0,00

0

0,00

Inventories

594.929

0,30

952.500

0,26

Advances Given

329.842

0,17

114.427

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

35.301

0,01

NON-CURRENT ASSETS

289.965

0,15

269.348

0,07

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

278.440

0,14

234.908

0,06

Intangible Assets

0

0,00

2.920

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

11.525

0,01

31.520

0,01

TOTAL ASSETS

1.988.842

1,00

3.721.385

1,00

CURRENT LIABILITIES

329.103

0,17

1.926.491

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

91.413

0,05

535.323

0,14

Accounts Payable

112.517

0,06

1.250.709

0,34

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

83.483

0,04

110.839

0,03

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

41.690

0,02

29.620

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

187

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

187

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.659.739

0,83

1.794.707

0,48

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,50

1.000.000

0,27

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

527.092

0,27

659.739

0,18

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

132.647

0,07

134.968

0,04

TOTAL LIABILITIES AND EQUITY

1.988.842

1,00

3.721.385

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. 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

Net Sales

5.675.908

1,00

7.724.891

1,00

Cost of Goods Sold

4.978.920

0,88

6.756.233

0,87

Gross Profit

696.988

0,12

968.658

0,13

Operating Expenses

498.486

0,09

863.115

0,11

Operating Profit

198.502

0,03

105.543

0,01

Other Income

18.097

0,00

91.451

0,01

Other Expenses

15.135

0,00

6.587

0,00

Financial Expenses

33.472

0,01

15.562

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

167.992

0,03

174.845

0,02

Tax Payable

35.345

0,01

39.877

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

132.647

0,02

134.968

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

5,16

1,79

Acid-Test Ratio

2,35

1,22

Cash Ratio

0,81

0,22

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,30

0,26

Short-term Receivable/Total Assets

0,26

0,52

Tangible Assets/Total Assets

0,14

0,06

TURNOVER RATIOS

 

Inventory Turnover

8,37

7,09

Stockholders' Equity Turnover

3,42

4,30

Asset Turnover

2,85

2,08

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,83

0,48

Current Liabilities/Total Assets

0,17

0,52

Financial Leverage

0,17

0,52

Gearing Percentage

0,20

1,07

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,08

Operating Profit Margin

0,03

0,01

Net Profit Margin

0,02

0,02

Interest Cover

6,02

12,24

COLLECTION-PAYMENT

 

Average Collection Period (days)

32,28

89,85

Average Payable Period (days)

8,14

66,64

WORKING CAPITAL

1369774,00

1525546,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.64

 

 

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.