MIRA INFORM REPORT

 

 

Report Date :

18.09.2012

 

IDENTIFICATION DETAILS

 

Name :

TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.

 

 

Registered Office :

Guvercin Yolu No: 111/112  06560 Gazi Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

29.07.1954

 

 

Com. Reg. No.:

5347

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of tractors and agricultural machinery.  

 

 

No. of Employees :

2.609

 

 

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

 

 

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

:

TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.

HEAD OFFICE ADDRESS

:

Guvercin Yolu No: 111/112  06560 Gazi Ankara / Turkey

PHONE NUMBER

:

90-312-211 01 90

 

FAX NUMBER

:

90-312-211 03 73

 

WEB-ADDRESS

:

www.turktraktor.com.tr

E-MAIL

:

turktraktor@turktraktor.com.tr

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kizilbey

TAX NO

:

8760054713

REGISTRATION NUMBER

:

5347

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

29.07.1954

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   250.000.000

PAID-IN CAPITAL

:

TL   53.369.000

HISTORY

:

Merger

:

The subject took over and merged with “New Holland Trakmak Traktor ve Ziraat Makinalari Ticaret A.S.”

Changed On

:

31.03.2008 (Commercial Gazette Date /Number 04.04.2008/ 7035)

Other Changes

:

The paid-in capital was increased from TL 47.000.000 to TL 53.369.000

Changed On

:

31.03.2008 (Commercial Gazette Date /Number 04.04.2008/ 7035)

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

SHAREHOLDERS

:

CNH  Osterreich GmbH

37,50 %

Koc Holding A.S.

37,50 %

Open to Public

24,93 %

Others

0,07 %

 

 

REMARKS ON SHAREHOLDERS

:

CNH Osterreich GmbH  is a foreign company.

GROUP

:

KOC GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

KOC HOLDING A.S.

 

SISTER COMPANIES

:

AES ENTEK ELEKTRIK URETIMI A.S.

AKPA DAYANIKLI TUKETIM LPG VE AKARYAKIT URUNLERI PAZARLAMA A.S.

ARCELIK A.S.

ARCELIK-LG KLIMA SANAYI VE TICARET A.S.

ARK INSAAT SANAYI VE TICARET A.S.

AYGAZ A.S.

AYGAZ DOGAL GAZ ILETIM A.S.

AYGAZ DOGAL GAZ TOPTAN SATIS A.S.

BEKO CESKO S.R.O.

BEKO DEUTSCHLAND GMBH

BEKO ELECTRICAL APPLIANCES CO. LTD.

BEKO ELEKTRONICS ESPANA S.L.

BEKO FRANCE S.A

BEKO ITALY S.R.L.

BEKO LLC

BEKO PLC

BEKO S.A.

BEKO SHANGHAI TRADING CO.

BEKO SLOVAKIA S.R.O

BILKOM BILISIM HIZMETLERI A.S.

CENGELHAN OTELCILIK TURIZM ORGANIZASYON INSAAT VE RESTORASYON A.S.

DEMIR EXPORT A.S.

DITAS DENIZ ISLETMECILIGI VE TANKERCILIGI A.S.

DIVAN TURIZM ISLETMELERI A.S.

DUZEY TUKETIM MALLARI SANAYI PAZARLAMA VE TICARET A.S.

ELEKTRA BREGENZ AG

ENERJI YATIRIMLARI A.S.

ENTERNASYONAL TURIZM YATIRIM A.S.

FORD OTOMOTIV SANAYI A.S.

GRUNDIG MULTIMEDIA B.V.

HARRANOVA BESI VE TARIM URUNLERI A.S.

INVENTRAM FIKRI MULKIYET HAKLARI YONETIM TICARET VE YATIRIM A.S.

KATRON SAVUNMA UZAY VE SIMULASYON TEKNOLOJILERI A.S.

KOC BILGI VE SAVUNMA TEKNOLOJILERI A.S.

KOC FIAT KREDI TUKETICI FINANSMANI A.S.

KOC FINANSAL HIZMETLER A.S.

KOC HOLDING A.S.

KOC HOLDING EMEKLI VE YARDIM SANDIGI VAKFI

KOC SISTEM BILGI VE ILETISIM HIZMETLERI A.S.

KOC TUKETICI FINANSMANI A.S.

KOC YAPI MALZEMELERI TICARET A.S.

KOCNET HABERLESME TEKNOLOJILERI VE ILETISIM HIZMETLERI A.S.

KOCTAS YAPI MARKETLERI TICARET A.S.

MOGAZ PETROL GAZLARI A.S.

OPET FUCHS MADENI YAG SANAYI VE TICARET A.S.

OPET INTERNATIONAL LONDON LTD

OPET PETROLCULUK A.S.

OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.

OTOKOC OTOMOTIV TICARET VE SANAYI A.S.

OTOKOC SIGORTA ARACILIK HIZMETLERI A.S.

PROMENA ELEKTRONIK TICARET A.S.

RAM DIS TICARET A.S.

RMK MARINE GEMI YAPIM SANAYII VE DENIZ TASIMACILIGI ISLETMESI A.S.

SC ARTIC S.A

SETAIR HAVA TASIMACILIGI VE HIZMETLERI A.S.

SETUR SERVIS TURISTIK A.S.

TANI PAZARLAMA VE ILETISIM HIZMETLERI A.S.

TAT KONSERVE SANAYII A.S.

TAT TOHUMCULUK A.S.

TEMEL TICARET VE YATIRIM A.S.

TOFAS TURK OTOMOBIL FABRIKASI A.S.

TURKIYE PETROL RAFINERILERI A.S. (TUPRAS)

VEHBI KOC VAKFI

YAPI KREDI B TIPI YATIRIM ORTAKLIGI A.S.

YAPI KREDI BANK AZERBAYCAN

YAPI KREDI BANK MOSKOW

YAPI KREDI BANK NEDERLAND N.V.

YAPI KREDI EMEKLILIK A.S.

YAPI KREDI FAKTORING A.S.

YAPI KREDI FINANSAL KIRALAMA ANONIM ORTAKLIGI

YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S.

YAPI KREDI PORTFOY YONETIMI A.S.

YAPI KREDI SIGORTA A.S.

YAPI KREDI YATIRIM MENKUL DEGERLER A.S.

YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

YAPI VE KREDI BANKASI A.S.

ZER MERKEZI HIZMETLER VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Osman Turgay Durak

Chairman

Franco Fusignani

Vice-Chairman

Hasim Savas Arikan

Member

Alessio Berretta

Member

Ali Aydin Pandir

Member

Andreas Christian Schroetor

Member

Temel Kamil Atay

Member

Kudret Onen

Member

Marco Votta

Member

Memet Ilkan Kamber

Member

 

 

DIRECTORS

:

Marco Votta                                                                                                                                                                                                                                                                                   

General Manager

Irfan Ozdemir                                                                                                                                                                                                                                                                                   

Deputy General Manager

Matthieu Sejourne                                                                                                                                                                                                                                                                                   

Deputy General Manager

Siyami Eser                                                                                                                                                                                                                                                                                   

Deputy General Manager

Sedat Tezerisener                                                                                                                                                                                                                                                                                   

Deputy General Manager

Memet Ilkan Kamber                                                                                                                                                                                                                                                                                   

Deputy General Manager

Mustafa Siyami Eser                                                                                                                                                                                                                                                                                   

Deputy General Manager

Friedrich Wirleitner                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of tractors and agricultural machinery.  

 

There are 127 tractor and 94 spare part dealers of the company around Turkey.

 

NACE CODE

:

DK.29.31

 

TRADEMARKS OWNED

:

New Holland

 

NUMBER OF EMPLOYEES

:

2.609

 

NET SALES

:

549.213.677 TL

(2004) 

482.389.375 TL

(2005) 

493.071.018 TL

(2006) 

510.058.581 TL

(2007) 

787.491.026 TL

(2008) 

667.703.295 TL

(2009) 

1.193.396.040 TL

(2010) 

1.800.665.445 TL

(2011) 

1.181.458.630 TL

(01.01-30.06.2012) 

 

 

 

PRODUCTION

:

Tractor  ( units )

Transmission 

( units )

 

 

40.630

5.466

 

(2011)

24.727

3.048

 

(01.01-30.06.2012)

 

 

 

 

IMPORT VALUE

:

102.717.890 USD

(2004)

67.877.654 USD

(2005)

95.570.067 TL

(2006)

82.712.004 USD

(2007)

226.293.539 TL

(2008)

137.867.343 TL

(2009)

232.901.274 TL

(2010)

468.794.660 TL

(2011)

248.647.355 TL

(01.01-30.06.2012)

 

 

IMPORT COUNTRIES

:

European Countries

 

MERCHANDISE IMPORTED

:

Intermediary goods

 

EXPORT VALUE

:

150.820.399 TL

(2005)

158.600.108 TL

(2006)

186.739.794 TL

(2007)

316.816.734 TL

(2008)

326.865.378 TL

(2009)

331.955.074 TL

(2010)

407.596.147 TL

(2011)

349.442.066 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

India

Italy

Brazil

Netherlands

China

New Zealand

France

 

MERCHANDISE  EXPORTED

:

Spare parts

Tractors

 

HEAD OFFICE ADDRESS

:

Guvercin Yolu No: 111/112  06560 Gazi  Ankara / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Akyurt Ankara/Turkey  (8.350 sqm)

 

Head Office/Factory  :  Guvercin Yolu No: 111/112 06560 Gazi Ankara/Turkey (owned)

 

Branch Office  :  Ege Serbest Bolgesi (Free Zone) Gaziemir Izmir/Turkey   

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Yenisehir Branch

T. Is Bankasi Yenisehir Branch

Yapi ve Kredi Bankasi Ankara Branch

Yapi ve Kredi Bankasi Harbiye Branch

Yapi ve Kredi Bankasi Caddebostan Bagdat Branch

Yapi ve Kredi Bankasi Bakirkoy Dikilitas Branch

Yapi ve Kredi Bankasi Izmir Branch

Yapi ve Kredi Bankasi Cukurova 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

787.491.026

667.703.295

1.193.396.040

1.800.665.445

1.181.458.630

Profit (Loss) Before Tax

82.703.638

36.736.121

222.645.982

341.830.063

199.400.246

Stockholders' Equity

285.552.805

300.700.934

468.170.913

595.592.482

561.642.672

Total Assets

963.145.103

713.207.634

886.172.555

1.239.957.672

1.394.195.408

Current Assets

721.732.176

538.639.584

739.251.159

1.068.781.411

1.209.518.980

Non-Current Assets

241.412.927

174.568.050

146.921.396

171.176.261

184.676.428

Current Liabilities

649.380.378

308.149.565

369.380.804

499.647.692

677.139.641

Long-Term Liabilities

28.211.920

104.357.135

48.620.838

144.717.498

155.413.095

Gross Profit (loss)

138.184.400

104.064.263

318.711.314

425.112.201

253.643.013

Operating Profit (loss)

64.697.571

52.968.744

218.464.127

315.576.100

187.300.162

Net Profit (loss)

66.791.556

30.955.024

179.717.096

277.421.569

166.050.190

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 30.06.2012

Liquidity

High As of 30.06.2012

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2012

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.06.2012 )  TL

 

CURRENT ASSETS

721.732.176

0,75

538.639.584

0,76

739.251.159

0,83

1.068.781.411

0,86

1.209.518.980

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

115.684.361

0,12

80.690.192

0,11

248.557.341

0,28

245.351.627

0,20

255.195.359

0,18

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

278.596.632

0,29

246.873.901

0,35

277.128.432

0,31

378.688.389

0,31

511.656.031

0,37

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

275.109.457

0,29

140.286.921

0,20

129.799.394

0,15

307.737.938

0,25

278.829.499

0,20

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

52.341.726

0,05

70.788.570

0,10

83.765.992

0,09

137.003.457

0,11

163.838.091

0,12

NON-CURRENT ASSETS

241.412.927

0,25

174.568.050

0,24

146.921.396

0,17

171.176.261

0,14

184.676.428

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

181.016.360

0,19

118.152.765

0,17

59.532.098

0,07

20.555.179

0,02

6.563.419

0,00

Financial Assets

6.541.500

0,01

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

39.609.588

0,04

37.907.359

0,05

55.963.502

0,06

109.971.285

0,09

118.695.848

0,09

Intangible Assets

5.655.667

0,01

10.102.274

0,01

18.326.444

0,02

26.411.857

0,02

30.856.689

0,02

Deferred Tax Assets

0

0,00

7.923.225

0,01

12.770.736

0,01

14.237.940

0,01

28.120.611

0,02

Other Non-Current Assets

8.589.812

0,01

482.427

0,00

328.616

0,00

0

0,00

439.861

0,00

TOTAL ASSETS

963.145.103

1,00

713.207.634

1,00

886.172.555

1,00

1.239.957.672

1,00

1.394.195.408

1,00

CURRENT LIABILITIES

649.380.378

0,67

308.149.565

0,43

369.380.804

0,42

499.647.692

0,40

677.139.641

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

510.927.256

0,53

224.194.075

0,31

127.922.061

0,14

112.244.438

0,09

296.369.331

0,21

Accounts Payable

112.528.715

0,12

65.774.349

0,09

195.750.091

0,22

333.974.250

0,27

311.138.219

0,22

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

10.810.110

0,01

5.130.750

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

2.067.464

0,00

12.156.512

0,01

10.145.898

0,01

25.828.742

0,02

Provisions

12.360.035

0,01

7.428.952

0,01

15.195.254

0,02

18.835.134

0,02

26.726.953

0,02

Other Current Liabilities

13.564.372

0,01

8.684.725

0,01

18.356.886

0,02

13.637.862

0,01

11.945.646

0,01

LONG-TERM LIABILITIES

28.211.920

0,03

104.357.135

0,15

48.620.838

0,05

144.717.498

0,12

155.413.095

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

20.637.929

0,02

98.055.898

0,14

41.032.794

0,05

122.900.032

0,10

131.600.121

0,09

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

7.573.991

0,01

6.301.237

0,01

7.588.044

0,01

21.817.466

0,02

23.812.974

0,02

STOCKHOLDERS' EQUITY

285.552.805

0,30

300.700.934

0,42

468.170.913

0,53

595.592.482

0,48

561.642.672

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

53.369.000

0,06

53.369.000

0,07

53.369.000

0,06

53.369.000

0,04

53.369.000

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

39.014.356

0,05

39.014.356

0,04

39.014.356

0,03

39.014.356

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

133.218.078

0,14

177.362.554

0,25

201.639.461

0,23

231.356.557

0,19

308.778.126

0,22

Revaluation Fund

32.174.171

0,03

0

0,00

-5.569.000

-0,01

-5.569.000

0,00

-5.569.000

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

66.791.556

0,07

30.955.024

0,04

179.717.096

0,20

277.421.569

0,22

166.050.190

0,12

TOTAL LIABILITIES AND EQUITY

963.145.103

1,00

713.207.634

1,00

886.172.555

1,00

1.239.957.672

1,00

1.394.195.408

1,00

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

787.491.026

1,00

667.703.295

1,00

1.193.396.040

1,00

1.800.665.445

1,00

1.181.458.630

1,00

Cost of Goods Sold

649.306.626

0,82

563.639.032

0,84

874.684.726

0,73

1.375.553.244

0,76

927.815.617

0,79

Gross Profit

138.184.400

0,18

104.064.263

0,16

318.711.314

0,27

425.112.201

0,24

253.643.013

0,21

Operating Expenses

73.486.829

0,09

51.095.519

0,08

100.247.187

0,08

109.536.101

0,06

66.342.851

0,06

Operating Profit

64.697.571

0,08

52.968.744

0,08

218.464.127

0,18

315.576.100

0,18

187.300.162

0,16

Other Income

18.006.067

0,02

0

0,00

376.035.940

0,32

363.003.518

0,20

136.320.984

0,12

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

0

0,00

16.232.623

0,02

371.854.085

0,31

336.749.555

0,19

124.220.900

0,11

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

82.703.638

0,11

36.736.121

0,06

222.645.982

0,19

341.830.063

0,19

199.400.246

0,17

Tax Payable

15.912.082

0,02

5.781.097

0,01

47.776.397

0,04

65.875.698

0,04

47.232.727

0,04

Postponed Tax Gain

0

0,00

0

0,00

4.847.511

0,00

1.467.204

0,00

13.882.671

0,01

Net Profit (loss)

66.791.556

0,08

30.955.024

0,05

179.717.096

0,15

277.421.569

0,15

166.050.190

0,14

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.06.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,11

1,75

2,00

2,14

1,79

Acid-Test Ratio

0,61

1,06

1,42

1,25

1,13

Cash Ratio

0,18

0,26

0,67

0,49

0,38

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,29

0,20

0,15

0,25

0,20

Short-term Receivable/Total Assets

0,29

0,35

0,31

0,31

0,37

Tangible Assets/Total Assets

0,04

0,05

0,06

0,09

0,09

TURNOVER RATIOS

 

Inventory Turnover

2,36

4,02

6,74

4,47

3,33

Stockholders' Equity Turnover

2,76

2,22

2,55

3,02

2,10

Asset Turnover

0,82

0,94

1,35

1,45

0,85

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,30

0,42

0,53

0,48

0,40

Current Liabilities/Total Assets

0,67

0,43

0,42

0,40

0,49

Financial Leverage

0,70

0,58

0,47

0,52

0,60

Gearing Percentage

2,37

1,37

0,89

1,08

1,48

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,23

0,10

0,38

0,47

0,30

Operating Profit Margin

0,08

0,08

0,18

0,18

0,16

Net Profit Margin

0,08

0,05

0,15

0,15

0,14

Interest Cover

 

3,26

1,60

2,02

2,61

COLLECTION-PAYMENT

 

Average Collection Period (days)

210,11

196,81

101,56

79,82

157,91

Average Payable Period (days)

62,39

42,01

80,57

87,41

120,72

WORKING CAPITAL

72351798,00

230490019,00

369870355,00

569133719,00

532379339,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.97

UK Pound

1

Rs.87.52

Euro

1

Rs.70.84

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.