MIRA INFORM REPORT

 

 

Report Date :

02.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ENTA MUHENDISLIK ARITMA TAAHHUT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Kore Sehitleri Cad. No:55/4 Zincirlikuyu  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

08.06.1994

 

 

Com. Reg. No.:

315096

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Preparing project and contracting of water and waste-water treatment systems

 

 

No. of Employees :

25 employees

 

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

(31.03.2012)

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

:

ENTA MUHENDISLIK ARITMA TAAHHUT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kore Sehitleri Cad. No:55/4 Zincirlikuyu  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “No:45/4” to “No:55/4” by the Municipality.

PHONE NUMBER

:

90-212-212 32 53

 

FAX NUMBER

:

90-212-267 49 96

 

WEB-ADDRESS

:

www.enta.com.tr

E-MAIL

:

info@enta.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Zincirlikuyu 

TAX NO

:

3360000884

REGISTRATION NUMBER

:

315096

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.06.1994

ESTABLISHMENT GAZETTE DATE/NO

:

15.06.1994/3552

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   600.000

PAID-IN CAPITAL

:

TL   600.000

HISTORY

:

Previous Name

:

Enta Muhendislik Taahhut Sanayi ve Ticaret Ltd. Sti.

Changed On

:

21.11.2002 (Commercial Gazette Date /Number 26.11.2002/ 5685)

Previous Registered Capital

:

TL 500.000

Changed On

:

26.01.2010 (Commercial Gazette Date /Number 29.01.2010/ 7490)

Previous Shareholder

:

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

Changed On

:

07.03.2011 (Commercial Gazette Date /Number 11.03.2011/ 7770)

 

 

 

PREVIOUS SHAREHOLDERS

:

Uzi Sezer

40 %

Mehmet Tayfun Yurdaer

40 %

Mehmet Yuceyurt

10 %

Askin Dursunoglu (Korkut)

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Uzi Sezer

40 %

Mehmet Tayfun Yurdaer

40 %

Mehmet Yuceyurt

20 %

 

 

SISTER COMPANIES

:

EKART ELEKTRONIK KART HIZMETLERI PAZARLAMA A.S.

 

GEOBOS ZEMIN GUCLENDIRME SISTEMLERI INSAAT MUHENDISLIK TAAHHUT VE TICARET LTD. STI.

 

INCA MUHENDISLIK LTD. STI.

 

INNOVA TERMAL GERI DONUSUM TEKNOLOJILERI LTD. STI.

 

INSA YAPI INSAAT LTD. STI.

 

INSA YAPI SANAYI VE TICARET LTD. STI.

 

INTERTEK ULUSLARARASI TEKNIK INSAAT SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Uzi Sezer

 

Mehmet Tayfun Yurdaer

 

Mehmet Yuceyurt

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Preparing project and contracting of water and waste-water treatment systems. 

 

NACE CODE

:

F .45.24

 

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

2.884.439 TL

(2009) 

1.740.135 TL

(2010) 

3.161.939 TL

(2011) 

1.837.942 TL

(01.01-30.06.2012) 

 

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-30.09.2012)

 

 

EXPORT VALUE

:

1.507.450 TL

(2009)

379.818 TL

(2010)

1.352.885 TL

(2011)

574.779 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Kazakhstan

Cyprus

Russia

Iraq

Pakistan

Lithuania

 

MERCHANDISE  EXPORTED

:

Parts of air pumps

Parts of filtering machines

Water purifying filters

 

HEAD OFFICE ADDRESS

:

Kore Sehitleri Cad. No:55/4 Zincirlikuyu   Istanbul / Turkey  (rented) (200 sqm)

 

 

 

TREND OF BUSINESS

:

The net sales appears to be fluctuating but  this is a normal case for firms operating on project basis  as firms operating on project basis  can not register their income at the income statement unless the project has been totally completed.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Zincirlikuyu Branch

Tekstilbank Maslak Branch

Yapi ve Kredi Bankasi Yeditepe 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

(2011) TL

(01.01-30.06.2012) TL

 

Net Sales

2.884.439

1.740.135

3.161.939

1.837.942

 

Profit (Loss) Before Tax

80.039

54.649

-474.338

-176.861

 

Stockholders' Equity

812.590

869.657

372.395

 

 

Total Assets

1.718.132

1.999.320

1.712.272

 

 

Current Assets

1.536.956

1.832.264

1.526.936

 

 

Non-Current Assets

181.176

167.056

185.336

 

 

Current Liabilities

905.542

1.129.663

1.339.877

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

807.919

798.098

933.281

412.500

 

Operating Profit (loss)

208.525

137.619

101.684

-151.188

 

Net Profit (loss)

59.731

39.601

-497.262

-176.861

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness.

Profitability

Profitable  in 2011

 

Remarks on Profitability

The income statement does not point out the real profitability of firms operating on project basis as such firms can not register their income at the income statement unless the project has been totally completed.The real indicator of profitability of firms operating on project basis is the gap between the “accumulated construction income+ advances from customers” and “accumulated construction expense”. 

 

This gap reveals that, the firm was profitable from its projects.

 

General Financial Position

Fair

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.536.956

0,89

1.832.264

0,92

1.526.936

0,89

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

279.630

0,16

777.076

0,39

41.171

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

386.318

0,22

274.548

0,14

269.267

0,16

Other Receivable

257.566

0,15

16.491

0,01

109.036

0,06

Inventories

0

0,00

57.067

0,03

0

0,00

Advances Given

0

0,00

257.246

0,13

58.684

0,03

Accumulated Construction Expense

400.263

0,23

175.635

0,09

454.053

0,27

Other Current Assets

213.179

0,12

274.201

0,14

594.725

0,35

NON-CURRENT ASSETS

181.176

0,11

167.056

0,08

185.336

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

169.393

0,10

157.150

0,08

176.258

0,10

Intangible Assets

11.783

0,01

9.906

0,00

9.078

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

1.718.132

1,00

1.999.320

1,00

1.712.272

1,00

CURRENT LIABILITIES

905.542

0,53

1.129.663

0,57

1.339.877

0,78

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

120.003

0,07

48.997

0,02

0

0,00

Accounts Payable

397.943

0,23

745.384

0,37

510.094

0,30

Loans from Shareholders

859

0,00

12.497

0,01

0

0,00

Other Short-term Payable

9.721

0,01

12.778

0,01

53.984

0,03

Advances from Customers

0

0,00

0

0,00

293.936

0,17

Accumulated Construction Income

354.000

0,21

296.350

0,15

453.924

0,27

Taxes Payable

20.840

0,01

13.657

0,01

27.939

0,02

Provisions

499

0,00

0

0,00

0

0,00

Other Current Liabilities

1.677

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

812.590

0,47

869.657

0,43

372.395

0,22

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,29

600.000

0,30

600.000

0,35

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

11.345

0,01

11.345

0,01

11.345

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

299.291

0,17

259.022

0,13

298.623

0,17

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-57.777

-0,03

-40.311

-0,02

-40.311

-0,02

Net Profit (loss)

59.731

0,03

39.601

0,02

-497.262

-0,29

TOTAL LIABILITIES AND EQUITY

1.718.132

1,00

1.999.320

1,00

1.712.272

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

2.884.439

1,00

1.740.135

1,00

3.161.939

1,00

1.837.942

1,00

Cost of Goods Sold

2.076.520

0,72

942.037

0,54

2.228.658

0,70

1.425.442

0,78

Gross Profit

807.919

0,28

798.098

0,46

933.281

0,30

412.500

0,22

Operating Expenses

599.394

0,21

660.479

0,38

831.597

0,26

563.688

0,31

Operating Profit

208.525

0,07

137.619

0,08

101.684

0,03

-151.188

-0,08

Other Income

55.615

0,02

16.729

0,01

52.673

0,02

48.766

0,03

Other Expenses

137.845

0,05

46.474

0,03

609.561

0,19

69.592

0,04

Financial Expenses

46.256

0,02

53.225

0,03

19.134

0,01

4.847

0,00

Minority Interests

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

Profit (loss) Before Tax

80.039

0,03

54.649

0,03

-474.338

-0,15

-176.861

-0,10

Tax Payable

20.308

0,01

15.048

0,01

22.924

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

59.731

0,02

39.601

0,02

-497.262

-0,16

-176.861

-0,10

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,70

1,62

1,14

Acid-Test Ratio

1,02

0,95

0,31

Cash Ratio

0,31

0,69

0,03

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,00

0,03

0,00

Short-term Receivable/Total Assets

0,37

0,15

0,22

Tangible Assets/Total Assets

0,10

0,08

0,10

TURNOVER RATIOS

 

 

 

Inventory Turnover

 

16,51

 

Stockholders' Equity Turnover

3,55

2,00

8,49

Asset Turnover

1,68

0,87

1,85

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,47

0,43

0,22

Current Liabilities/Total Assets

0,53

0,57

0,78

Financial Leverage

0,53

0,57

0,78

Gearing Percentage

1,11

1,30

3,60

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,07

0,05

-1,34

Operating Profit Margin

0,07

0,08

0,03

Net Profit Margin

0,02

0,02

-0,16

Interest Cover

2,73

2,03

-23,79

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

48,22

56,80

30,66

Average Payable Period (days)

68,99

284,85

82,40

WORKING CAPITAL

631414,00

702601,00

187059,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.79

UK Pound

1

Rs.86.77

Euro

1

Rs.69.71

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.