MIRA INFORM REPORT

 

 

Report Date :

25.10.2012

 

IDENTIFICATION DETAILS

 

Name :

YEDPAR TARIM MAKINALARI IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Kayisdagi Ferhatpasa Mah. G-13 Sok. No:86 Kat:3/4 Maltepe  Istanbul

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2010

 

 

 

 

Date of Incorporation :

06.04.2004

 

 

 

 

Com. Reg. No.:

520135

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Trade of parts of tractor.  

 

 

 

 

No. of Employees :

12

 

 

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 :

Slow but correct

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

(31.03.2011)

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

:

YEDPAR TARIM MAKINALARI IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kayisdagi Ferhatpasa Mah. G-13 Sok. No:86 Kat:3/4 Maltepe  Istanbul / Turkey

PHONE NUMBER

:

90-216-471 31 40

 

FAX NUMBER

:

90-216-471 83 83

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kucukyali 

TAX NO

:

9460177677

REGISTRATION NUMBER

:

520135

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.04.2004

ESTABLISHMENT GAZETTE DATE /NO

:

13.04.2004/6028

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   430.000

PAID-IN CAPITAL

:

TL   430.000

 

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 04.06.2010/ 7578)

Previous Registered Capital

:

TL 130.000

Changed On

:

04.07.2011 (Commercial Gazette Date /Number 08.07.2011/ 7854)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Suleyman Ekinci

99 %

Tugce Ekinci

1 %

 

 

SISTER COMPANIES

:

MASPAR TICARET SULEYMAN EKINCI (SOLE-PROPRIETORSHIP)

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Suleyman Ekinci

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of parts of tractor.  

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

2.591.816 TL

(2009) 

3.513.313 TL

(2010) 

738.207 TL

(01.01-31.03.2011) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

1.225.102 TL

(2010)

 

 

IMPORT COUNTRIES

:

India

Iraq

China

Brazil

U.K.

 

MERCHANDISE IMPORTED

:

Parts of tractor

 

EXPORT VALUE

:

1.894.088 TL

(2009)

2.071.138 TL

(2010)

341.463 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Iraq

Iran

Lebanon

Northern Cyprus Turkish Republic

Sudan

Libya

Egypt

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Bearing

Fittings of vehicles

 

HEAD OFFICE ADDRESS

:

Kayisdagi Ferhatpasa Mah. G-13 Sok. No:86 Kat:3/4 Maltepe  Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Yedpa 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

(01.01-31.03.2011) TL

Net Sales

2.591.816

3.513.313

738.207

Profit (Loss) Before Tax

112.249

298.754

12.450

Stockholders' Equity

281.695

520.233

 

Total Assets

2.281.174

2.545.823

 

Current Assets

2.200.837

2.463.074

 

Non-Current Assets

80.337

82.749

 

Current Liabilities

1.999.479

2.025.590

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

226.534

463.126

51.818

Operating Profit (loss)

537

241.313

-8.082

Net Profit (loss)

89.793

238.538

12.450

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:300.000 TL

Payment Due Date

:04.07.2011

 

 

Capitalization

Low

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Good 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

Low Operating Profitability  in 2009

In Order Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Operating Loss (01.01-31.03.2011)

Low Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.200.837

0,96

2.463.074

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.263.020

0,55

1.487.356

0,58

Marketable Securities

0

0,00

0

0,00

Account Receivable

606.075

0,27

760.649

0,30

Other Receivable

204.785

0,09

129.909

0,05

Inventories

38.559

0,02

57.215

0,02

Advances Given

81.457

0,04

16.668

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

6.941

0,00

11.277

0,00

NON-CURRENT ASSETS

80.337

0,04

82.749

0,03

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)

78.738

0,03

81.150

0,03

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.599

0,00

1.599

0,00

TOTAL ASSETS

2.281.174

1,00

2.545.823

1,00

CURRENT LIABILITIES

1.999.479

0,88

2.025.590

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

348.000

0,14

Accounts Payable

1.988.017

0,87

1.638.499

0,64

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

11.462

0,01

7.900

0,00

Provisions

0

0,00

31.191

0,01

Other Current Liabilities

0

0,00

0

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

281.695

0,12

520.233

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,04

130.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.853

0,00

1.853

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

60.049

0,03

149.842

0,06

Revaluation Fund

30.000

0,01

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

89.793

0,04

238.538

0,09

TOTAL LIABILITIES AND EQUITY

2.281.174

1,00

2.545.823

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

2.591.816

1,00

3.513.313

1,00

738.207

1,00

Cost of Goods Sold

2.365.282

0,91

3.050.187

0,87

686.389

0,93

Gross Profit

226.534

0,09

463.126

0,13

51.818

0,07

Operating Expenses

225.997

0,09

221.813

0,06

59.900

0,08

Operating Profit

537

0,00

241.313

0,07

-8.082

-0,01

Other Income

132.787

0,05

195.679

0,06

28.164

0,04

Other Expenses

21.075

0,01

134.989

0,04

6.986

0,01

Financial Expenses

0

0,00

3.249

0,00

646

0,00

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

112.249

0,04

298.754

0,09

12.450

0,02

Tax Payable

22.456

0,01

60.216

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

89.793

0,03

238.538

0,07

12.450

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,10

1,22

Acid-Test Ratio

1,04

1,17

Cash Ratio

0,63

0,73

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,02

Short-term Receivable/Total Assets

0,36

0,35

Tangible Assets/Total Assets

0,03

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

61,34

53,31

Stockholders' Equity Turnover

9,20

6,75

Asset Turnover

1,14

1,38

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,12

0,20

Current Liabilities/Total Assets

0,88

0,80

Financial Leverage

0,88

0,80

Gearing Percentage

7,10

3,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,32

0,46

Operating Profit Margin

0,00

0,07

Net Profit Margin

0,03

0,07

Interest Cover

 

92,95

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

84,18

77,94

Average Payable Period (days)

302,58

193,38

WORKING CAPITAL

201358,00

437484,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.59

UK Pound

1

Rs.85.81

Euro

1

Rs.69.91

 

 

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.