MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

METOD MAKINE SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

06.10.2004

 

 

Com. Reg. No.:

534730

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile machines. 

 

 

No. of Employees :

9

 

 

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 – 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

:

METOD MAKINE SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 17 24 -25

 

FAX NUMBER

:

90-212-438 17 26

 

WEB-ADDRESS

:

www.metodmakina.com

E-MAIL

:

info@metodmakina.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Atisalani

TAX NO

:

6200411029

REGISTRATION NUMBER

:

534730

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.10.2004

ESTABLISHMENT GAZETTE DATE/NO

:

11.10.2004/6154

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

 

HISTORY

:

Previous Address

:

Demirkapi Mah. Inonu Cad. 7. Sok. No: 15/A Bagcilar Istanbul

Changed On

:

24.08.2005 (Commercial Gazette Date /Number 29.08.2005/ 6378)

Previous Address

:

Turgut Reis Giyimkent D-4 Blok No: 22 Esenler Istanbul

Changed On

:

13.06.2012 (Commercial Gazette Date /Number 19.06.2012/ 8093)

Previous Shareholder

:

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

Changed On

:

30.09.2005 (Commercial Gazette Date /Number 07.10.2005/ 6406)

 

 

 

PREVIOUS SHAREHOLDERS

:

Erdal Doblak

50 %

Mehmet Demir

50 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Asif Demir

50 %

Erdal Doblak

50 %

 

 

DIRECTORS

:

Asif Demir                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile machines. 

 

The subject also orders textile machines to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

DK.29.54

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

1.218.940 TL

(2007) 

2.549.057 TL

(2008) 

2.790.303 TL

(2009) 

3.852.189 TL

(2010) 

4.583.740 TL

(2011) 

4.769.895 TL

(2012) 

 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

 

EXPORT VALUE

:

175.931 TL

(2007)

1.168.309 TL

(2008)

1.730.680 TL

(2009)

1.859.998 TL

(2010)

2.708.367 TL

(2011)

2.980.838 TL

(2012)

 

 

EXPORT COUNTRIES

:

Poland

Pakistan

Netherlands

Russia

Egypt

Ukraine

Hungary

Bangladesh

Morocco

India

 

MERCHANDISE  EXPORTED

:

Textile machines

 

HEAD OFFICE ADDRESS

:

Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Oruc Reis Mah. Vadi Cad. Giyimkent Sitesi 5. Sok. No:28-30 Esenler Istanbul/Turkey   

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Esenler Branch

HSBC Bank Ikitelli Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

(2012) TL

Net Sales

2.549.057

2.790.303

3.852.189

4.583.740

4.769.895

Profit (Loss) Before Tax

341.487

407.361

262.615

339.511

176.643

Stockholders' Equity

452.158

776.774

984.657

1.289.418

 

Total Assets

1.778.054

2.432.011

2.911.991

2.169.427

 

Current Assets

1.688.958

2.380.161

2.816.613

1.978.575

 

Non-Current Assets

89.096

51.850

95.378

190.852

 

Current Liabilities

1.325.896

1.655.237

1.927.334

880.009

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

583.655

606.201

548.481

781.842

718.036

Operating Profit (loss)

332.982

322.963

242.258

362.829

247.231

Net Profit (loss)

271.995

324.615

207.884

269.761

176.643

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

High As of 31.12.2011

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.688.958

0,95

2.380.161

0,98

2.816.613

0,97

1.978.575

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

180.486

0,10

148.460

0,06

273.021

0,09

581.971

0,27

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

921.026

0,52

890.719

0,37

1.419.410

0,49

969.714

0,45

Other Receivable

317.358

0,18

942.938

0,39

868.163

0,30

125.169

0,06

Inventories

0

0,00

0

0,00

6.045

0,00

22.949

0,01

Advances Given

92.810

0,05

109.442

0,05

99.323

0,03

117.645

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

177.278

0,10

288.602

0,12

150.651

0,05

161.127

0,07

NON-CURRENT ASSETS

89.096

0,05

51.850

0,02

95.378

0,03

190.852

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

87.534

0,05

51.069

0,02

91.077

0,03

185.333

0,09

Intangible Assets

1.562

0,00

781

0,00

2.160

0,00

1.620

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

2.141

0,00

3.899

0,00

TOTAL ASSETS

1.778.054

1,00

2.432.011

1,00

2.911.991

1,00

2.169.427

1,00

CURRENT LIABILITIES

1.325.896

0,75

1.655.237

0,68

1.927.334

0,66

880.009

0,41

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.325

0,01

0

0,00

13.551

0,00

65.592

0,03

Accounts Payable

961.250

0,54

1.299.047

0,53

1.500.984

0,52

758.606

0,35

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.100

0,00

550

0,00

0

0,00

0

0,00

Advances from Customers

234.972

0,13

151.508

0,06

378.370

0,13

25.921

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

111.951

0,06

197.237

0,08

34.429

0,01

29.890

0,01

Provisions

1.298

0,00

6.895

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

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

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

452.158

0,25

776.774

0,32

984.657

0,34

1.289.418

0,59

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.000

0,01

15.000

0,01

15.000

0,01

50.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

165.449

0,09

437.159

0,18

761.773

0,26

969.657

0,45

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-286

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

271.995

0,15

324.615

0,13

207.884

0,07

269.761

0,12

TOTAL LIABILITIES AND EQUITY

1.778.054

1,00

2.432.011

1,00

2.911.991

1,00

2.169.427

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

2.549.057

1,00

2.790.303

1,00

3.852.189

1,00

4.583.740

1,00

4.769.895

1,00

Cost of Goods Sold

1.965.402

0,77

2.184.102

0,78

3.303.708

0,86

3.801.898

0,83

4.051.859

0,85

Gross Profit

583.655

0,23

606.201

0,22

548.481

0,14

781.842

0,17

718.036

0,15

Operating Expenses

250.673

0,10

283.238

0,10

306.223

0,08

419.013

0,09

470.805

0,10

Operating Profit

332.982

0,13

322.963

0,12

242.258

0,06

362.829

0,08

247.231

0,05

Other Income

27.610

0,01

106.134

0,04

103.345

0,03

297.194

0,06

130.034

0,03

Other Expenses

13.861

0,01

14.329

0,01

77.280

0,02

290.645

0,06

180.435

0,04

Financial Expenses

5.244

0,00

7.407

0,00

5.708

0,00

29.867

0,01

20.187

0,00

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

341.487

0,13

407.361

0,15

262.615

0,07

339.511

0,07

176.643

0,04

Tax Payable

69.492

0,03

82.746

0,03

54.731

0,01

69.750

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

271.995

0,11

324.615

0,12

207.884

0,05

269.761

0,06

176.643

0,04

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,27

1,44

1,46

2,25

Acid-Test Ratio

1,07

1,20

1,33

1,91

Cash Ratio

0,14

0,09

0,14

0,66

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,00

0,01

Short-term Receivable/Total Assets

0,70

0,75

0,79

0,50

Tangible Assets/Total Assets

0,05

0,02

0,03

0,09

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

546,52

165,67

Stockholders' Equity Turnover

5,64

3,59

3,91

3,55

Asset Turnover

1,43

1,15

1,32

2,11

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,32

0,34

0,59

Current Liabilities/Total Assets

0,75

0,68

0,66

0,41

Financial Leverage

0,75

0,68

0,66

0,41

Gearing Percentage

2,93

2,13

1,96

0,68

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,60

0,42

0,21

0,21

Operating Profit Margin

0,13

0,12

0,06

0,08

Net Profit Margin

0,11

0,12

0,05

0,06

Interest Cover

66,12

56,00

47,01

12,37

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

130,08

114,92

132,65

76,16

Average Payable Period (days)

176,07

214,12

163,56

71,83

WORKING CAPITAL

363062,00

724924,00

889279,00

1098566,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

 

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.