MIRA INFORM REPORT

 

 

Report Date :

26.04.2013

 

IDENTIFICATION DETAILS

 

Name :

TEMA SINAYI VE TICARI URUNLER LTD. STI.

 

 

Registered Office :

Mumin Ozyurt Cad. No:7 Mersin Serbest Bolge (Free Zone) Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.02.1993

 

 

Com. Reg. No.:

19588

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of stainless steel bar at free zone.

 

 

No. of Employees :

14

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

TEMA SINAYI VE TICARI URUNLER LTD. STI.

HEAD OFFICE ADDRESS

:

Mumin Ozyurt Cad. No:7 Mersin Serbest Bolge (Free Zone) Mersin / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "G Adasi D.1 Parsel 2/3-4-5" to "Mumin Ozyurt Cad. No:7"  by the municipality.

PHONE NUMBER

:

90-322- 428 50 40 (Administrative Office)

90-324-238 39 67

 

FAX NUMBER

:

90-322-428 17 80  (Administrative Office)

90-324-238 39 69

 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

 

 

:

Change at registration no .

TAX OFFICE

:

Uray

TAX NO

:

8370030850

REGISTRATION NUMBER

:

19588

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

10.02.1993

ESTABLISHMENT GAZETTE DATE/NO

:

23.02.1993/3227

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

HISTORY

:

Previous Registered Capital

:

TL 32.000

Changed On

:

21.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

Other Changes

:

The firm was firstly established in Adana and registered at Adana Commercial Registry with registration no. “26184”.Then, the firm moved from Adana to Mersin and registered at Mersin Commercial Registry with registration no. “19588”.

Changed On

:

27.01.1998 (Commercial Gazette Date /Number 13.03.1998/ 4501)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ercan Sire

35 %

Erman Sire

35 %

Erdem Sire

15 %

Erdogan Sire

15 %

 

 

GROUP

:

TEKNIK GROUP OF COMPANIES

 

SISTER COMPANIES

:

ESNAR TARIM URUNLERI, ILACLAMA , SANAYI VE TICARET LTD. STI.

 

NESEL TEKNIK YAPI INSAAT IMALAT SANAYI VE TICARET A.S.

 

TEKNIK METAL ENDUSTRI MALZEMELERI TICARET VE SANAYI A.S.

 

TEMPA METAL SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Erdogan Sire                                                                                                                                                                                                                                                                                   

 

Erdem Sire                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of stainless steel bar at free zone.

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

27.650.918 TL

(2006) 

46.924.226 TL

(2007) 

54.631.682 TL

(2008) 

32.454.473 TL

(2009) 

47.657.048 TL

(2010) 

69.772.310 TL

(2011) 

51.891.845 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

15.900.000 USD

(2009)

31.295.250 USD

(2010)

41.858.518 USD

(2011)

 

 

REMARKS ON IMPORT

:

In 2011, the firm has amounts of import  which is over its sales volume, the firm is working with high amounts of inventories.

 

IMPORT COUNTRIES

:

Japan

China

India

Germany

U.K.

France

Korea

 

MERCHANDISE IMPORTED

:

Stainless steel products

 

EXPORT VALUE

:

20.556 TL Thousand

(2005)

27.651 TL Thousand

(2006)

46.924 TL Thousand

(2007)

54.631 TL Thousand

(2008)

32.454 TL Thousand

(2009)

47.657 TL Thousand

(2010)

69.772 TL Thousand

(2011)

51.891.845 TL

(01.01-30.09.2012)

 

 

REMARKS ON EXPORT

:

As the subject company is located at "Free Zone" all of its sales are regarded as exports.

 

HEAD OFFICE ADDRESS

:

Mumin Ozyurt Cad. No:7 Mersin Serbest Bolge (Free Zone)  Mersin / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Mersin Serbest Bolge (Free Zone) Mersin/Turkey

 

Head Office/Processing Plant  :  Mumin Ozyurt Cad. No:7 Mersin Serbest Bolge (Free Zone) Mersin/Turkey (rented)

 

Administrative Office  :  Mersin Yolu Uzeri No:526 PK:16 Carsi Adana/Turkey        

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Mersin Branch

Garanti Bankasi Serbest Bolge Branch

HSBC Bank AHL Branch

ING Bank Serbest Bolge Branch

T. Halk Bankasi Serbest Bolge Branch

 

CREDIT FACILITIES

:

The subject company is making active 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

(01.01-30.09.2012) TL

Net Sales

54.631.682

32.454.473

47.657.048

69.772.310

51.891.845

Profit (Loss) Before Tax

2.571.286

-2.592.931

3.269.059

3.868.514

734.249

Stockholders' Equity

27.301.821

22.179.984

25.612.063

33.560.308

 

Total Assets

43.950.725

31.551.874

40.287.650

56.340.135

 

Current Assets

43.661.036

31.356.021

40.064.381

56.071.595

 

Non-Current Assets

289.689

195.853

223.269

268.540

 

Current Liabilities

16.648.904

9.371.890

14.675.587

22.779.827

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

3.913.602

-1.633.594

4.015.063

5.351.823

2.373.804

Operating Profit (loss)

2.637.883

-2.194.143

3.122.091

4.079.717

1.443.750

Net Profit (loss)

2.571.286

-2.592.931

3.269.059

3.868.514

734.249

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Fair As of 31.12.2011

Profitability

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

Gross Loss  in 2009

Operating Loss  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

Fair Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

43.661.036

0,99

31.356.021

0,99

40.064.381

0,99

56.071.595

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

6.388.615

0,15

6.563.251

0,21

7.960.172

0,20

8.004.688

0,14

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

2.128.173

0,05

1.087.602

0,03

2.505.486

0,06

2.759.441

0,05

 

 

Other Receivable

0

0,00

0

0,00

18.436

0,00

0

0,00

 

 

Inventories

34.884.316

0,79

23.259.160

0,74

28.735.790

0,71

43.183.849

0,77

 

 

Advances Given

259.932

0,01

446.008

0,01

688.990

0,02

1.994.601

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

0

0,00

0

0,00

155.507

0,00

129.016

0,00

 

 

NON-CURRENT ASSETS

289.689

0,01

195.853

0,01

223.269

0,01

268.540

0,00

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

5.508

0,00

4.998

0,00

5.177

0,00

5.975

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

242.907

0,01

173.951

0,01

160.211

0,00

230.884

0,00

 

 

Intangible Assets

798

0,00

483

0,00

38.131

0,00

31.681

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

40.476

0,00

16.421

0,00

19.750

0,00

0

0,00

 

 

TOTAL ASSETS

43.950.725

1,00

31.551.874

1,00

40.287.650

1,00

56.340.135

1,00

 

 

CURRENT LIABILITIES

16.648.904

0,38

9.371.890

0,30

14.675.587

0,36

22.779.827

0,40

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

10.383.651

0,24

8.427.655

0,27

11.637.940

0,29

21.138.119

0,38

 

 

Accounts Payable

5.137.659

0,12

573.279

0,02

2.215.575

0,05

553.261

0,01

 

 

Loans from Shareholders

649

0,00

105.883

0,00

0

0,00

63.470

0,00

 

 

Other Short-term Payable

0

0,00

0

0,00

0

0,00

6.940

0,00

 

 

Advances from Customers

1.123.454

0,03

258.170

0,01

679.055

0,02

707.681

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

3.491

0,00

6.903

0,00

7.557

0,00

7.384

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

135.460

0,00

302.972

0,01

 

 

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

27.301.821

0,62

22.179.984

0,70

25.612.063

0,64

33.560.308

0,60

 

 

Not Detailed Stockholders' Equity

27.301.821

0,62

22.179.984

0,70

25.612.063

0,64

33.560.308

0,60

 

 

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

TOTAL LIABILITIES AND EQUITY

43.950.725

1,00

31.551.874

1,00

40.287.650

1,00

56.340.135

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

 

(01.01-30.09.2012) TL

 

Net Sales

54.631.682

1,00

32.454.473

1,00

47.657.048

1,00

69.772.310

1,00

51.891.845

1,00

Cost of Goods Sold

50.718.080

0,93

34.088.067

1,05

43.641.985

0,92

64.420.487

0,92

49.518.041

0,95

Gross Profit

3.913.602

0,07

-1.633.594

-0,05

4.015.063

0,08

5.351.823

0,08

2.373.804

0,05

Operating Expenses

1.275.719

0,02

560.549

0,02

892.972

0,02

1.272.106

0,02

930.054

0,02

Operating Profit

2.637.883

0,05

-2.194.143

-0,07

3.122.091

0,07

4.079.717

0,06

1.443.750

0,03

Other Income

315.754

0,01

424.781

0,01

790.359

0,02

760.540

0,01

325.342

0,01

Other Expenses

72.413

0,00

133.640

0,00

159.927

0,00

127.393

0,00

47.380

0,00

Financial Expenses

309.938

0,01

689.929

0,02

483.464

0,01

844.350

0,01

987.463

0,02

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

2.571.286

0,05

-2.592.931

-0,08

3.269.059

0,07

3.868.514

0,06

734.249

0,01

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.571.286

0,05

-2.592.931

-0,08

3.269.059

0,07

3.868.514

0,06

734.249

0,01

 

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,62

3,35

2,73

2,46

 

Acid-Test Ratio

0,51

0,82

0,71

0,47

 

Cash Ratio

0,38

0,70

0,54

0,35

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,79

0,74

0,71

0,77

 

Short-term Receivable/Total Assets

0,05

0,03

0,06

0,05

 

Tangible Assets/Total Assets

0,01

0,01

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,45

1,47

1,52

1,49

 

Stockholders' Equity Turnover

2,00

1,46

1,86

2,08

 

Asset Turnover

1,24

1,03

1,18

1,24

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,62

0,70

0,64

0,60

 

Current Liabilities/Total Assets

0,38

0,30

0,36

0,40

 

Financial Leverage

0,38

0,30

0,36

0,40

 

Gearing Percentage

0,61

0,42

0,57

0,68

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

-0,12

0,13

0,12

 

Operating Profit Margin

0,05

-0,07

0,07

0,06

 

Net Profit Margin

0,05

-0,08

0,07

0,06

 

Interest Cover

9,30

-2,76

7,76

5,58

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

14,06

12,12

18,97

14,27

 

Average Payable Period (days)

36,47

6,05

18,28

3,09

 

WORKING CAPITAL

27012132,00

21984131,00

25388794,00

33291768,00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.99

Euro

1

Rs.70.62

 

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

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NB

New Business

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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.