MIRA INFORM REPORT

 

 

Report Date :

16.12.2013

 

IDENTIFICATION DETAILS

 

Name :

BATURALP-TAYLAN PROJE IMALAT MUMESSILLIK VE SANAYI ORGANIZATORLUGU LTD. STI.

 

 

Registered Office :

Ari Sanayi Sitesi 1416. Sok. No:28 Ostim Yenimahalle Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.04.1978

 

 

Com. Reg. No.:

38515

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of measuring instruments especially for engine systems demand on order such as dynamometers, exhaust gas analyzers, fuel consumption measurement devices

 

 

No. of Employees :

10

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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

:

BATURALP-TAYLAN PROJE IMALAT MUMESSILLIK VE SANAYI ORGANIZATORLUGU LTD. STI.

HEAD OFFICE ADDRESS

:

Ari Sanayi Sitesi 1416. Sok. No:28 Ostim Yenimahalle Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The adress was changed from "632. Sok. No:8" to "Ari Sanayi Sitesi 1416. Sok. No:28" by the municipality.

PHONE NUMBER

:

90-312-395 12 48

 

FAX NUMBER

:

90-312-395 33 03

 

WEB-ADDRESS

:

www.dinamometre-bremze-baturalp.com

E-MAIL

:

info@baturalpsistemleri.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulus 

TAX NO

:

1500051886

REGISTRATION NUMBER

:

38515

REGISTERED OFFICE

:

Ankara Chamber of Commerce

 

DATE ESTABLISHED

:

17.04.1978

ESTABLISHMENT GAZETTE DATE/NO

:

21.04.1978/458

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  100.000

PAID-IN CAPITAL

:

TL  100.000

HISTORY

:

Previous Shareholder

:

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

Changed On

:

13.07.2012 (Commercial Gazette Date /Number 18.07.2012/ 8114)

 

 

 

PREVIOUS SHAREHOLDERS

:

Esra Arslan

25 %

Kartal Mutlu Atac

25 %

Alptekin Erman

20 %

Ayse Filiz Baturalp

15 %

Kadircan Baturalp

15 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Esra Arslan

25 %

Efsun Hatice Atac

25 %

Alptekin Erman

20 %

Kadircan Baturalp

15 %

Ayse Filiz Baturalp

15 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Kadircan Baturalp

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of measuring instruments especially for engine systems demand on order such as dynamometers, exhaust gas analyzers, fuel consumption measurement devices

NACE CODE

:

DL.33.20

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

344.851 TL

(2011) 

131.338 TL

(2012) 

187.596 TL

(01.01-30.09.2013) 

 

 

IMPORT COUNTRIES

:

U.K.

Italy

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

183.768 TL

(2011)

0 TL

(2012)

0 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Pakistan

 

MERCHANDISE  EXPORTED

:

Measuring instruments

 

HEAD OFFICE ADDRESS

:

Ari Sanayi Sitesi 1416. Sok. No:28 Ostim Yenimahalle Ankara / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Ari Sanayi Sitesi 1416. Sok. No:28 Ostim Yenimahalle Ankara/Turkey

 

 

 

TREND OF BUSINESS

:

As the firm operates demand on order, trend of business appears to be fluctuating.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Ostim Branch

T. Halk Bankasi Ostim Branch

T.C. Ziraat Bankasi Ostim 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

:

 

(2012) TL

(01.01-30.09.2013) TL

Net Sales

131.338

187.596

Profit (Loss) Before Tax

18.185

-16.152

Stockholders' Equity

267.917

 

Total Assets

1.280.842

 

Current Assets

1.168.433

 

Non-Current Assets

112.409

 

Current Liabilities

1.012.925

 

Long-Term Liabilities

0

 

Gross Profit (loss)

68.758

39.721

Operating Profit (loss)

-8.233

7.132

Net Profit (loss)

13.625

-16.152

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

 

Liquidity

In Order As of 31.12.2012

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

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

 

Profitability

Operating Loss  in 2012

High Net Profitability  in 2012

In Order Operating Profitability (01.01-30.09.2013)

Net Loss (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

1.168.433

0,91

Not Detailed Current Assets

0

0,00

Cash and Banks

176.254

0,14

Marketable Securities

0

0,00

Account Receivable

111.590

0,09

Other Receivable

27.197

0,02

Inventories

503.900

0,39

Advances Given

290.708

0,23

Accumulated Construction Expense

0

0,00

Other Current Assets

58.784

0,05

NON-CURRENT ASSETS

112.409

0,09

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

74.147

0,06

Intangible Assets

38.262

0,03

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

1.280.842

1,00

CURRENT LIABILITIES

1.012.925

0,79

Not Detailed Current Liabilities

0

0,00

Financial Loans

352.994

0,28

Accounts Payable

35.086

0,03

Loans from Shareholders

601.388

0,47

Other Short-term Payable

20.557

0,02

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

2.900

0,00

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

267.917

0,21

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

100.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

57.622

0,04

Equity of Consolidated Firms

0

0,00

Reserves

96.670

0,08

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

13.625

0,01

TOTAL LIABILITIES AND EQUITY

1.280.842

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

 

 

(2012) TL

 

(01.01-30.09.2013) TL

 

Net Sales

131.338

1,00

187.596

1,00

Cost of Goods Sold

62.580

0,48

147.875

0,79

Gross Profit

68.758

0,52

39.721

0,21

Operating Expenses

76.991

0,59

32.589

0,17

Operating Profit

-8.233

-0,06

7.132

0,04

Other Income

37.819

0,29

3.855

0,02

Other Expenses

1.657

0,01

0

0,00

Financial Expenses

9.744

0,07

27.139

0,14

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

18.185

0,14

-16.152

-0,09

Tax Payable

4.560

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

13.625

0,10

-16.152

-0,09

 

 

FINANCIAL RATIOS

 

 

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,15

Acid-Test Ratio

0,31

Cash Ratio

0,17

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,39

Short-term Receivable/Total Assets

0,11

Tangible Assets/Total Assets

0,06

TURNOVER RATIOS

 

Inventory Turnover

0,12

Stockholders' Equity Turnover

0,49

Asset Turnover

0,10

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,21

Current Liabilities/Total Assets

0,79

Financial Leverage

0,79

Gearing Percentage

3,78

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

Operating Profit Margin

-0,06

Net Profit Margin

0,10

Interest Cover

2,87

COLLECTION-PAYMENT

 

Average Collection Period (days)

305,87

Average Payable Period (days)

201,84

WORKING CAPITAL

155508,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.13

UK Pound

1

Rs.101.53

Euro

1

Rs.85.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.