MIRA INFORM REPORT

 

 

Report Date :

06.02.2013

 

IDENTIFICATION DETAILS

 

Correct Name :

CELIKIS YEDEK PARCA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ataturk Organize Sanayi Bolgesi 10032 Sok. No:14 Cigli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

24.01.1983

 

 

Com. Reg. No.:

7310-Kyaka

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of automotive spare parts

 

 

No. of Employees :

159 employees

 

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

:

CELIKIS YEDEK PARCA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10032 Sok. No:14 Cigli Izmir / Turkey

PHONE NUMBER

:

90-232 376 78 20

 

FAX NUMBER

:

90-232-376 76 88

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

2400035399

REGISTRATION NUMBER

:

7310-Kyaka

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

24.01.1983

ESTABLISHMENT GAZETTE DATE/NO

:

31.01.1983/682

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.110.000

PAID-IN CAPITAL

:

TL   3.110.000

HISTORY

:

Previous Registered Capital

:

TL 110.000

Changed On

:

30.03.2006 (Commercial Gazette Date /Number 06.04.2006/ 6529)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mustafa Ozcakar

30 %

Mujde Erik (Ozcakar)

20 %

Meryem Meral Ozcakar

20 %

Osman Ozcakar

20 %

Ahmet Okyay

10 %

 

 

SISTER COMPANIES

:

HEBA YEDEK PARCA SANAYI VE TICARET LTD STI.

 

MUSDI YEDEK PARCA SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Ahmet Okyay Erik                                                                                                                                                                                                                                                                                   

 

Osman Ozcakar                                                                                                                                                                                                                                                                                   

 

Mustafa Ozcakar                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of automotive spare parts. 

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Celikis

 

NUMBER OF EMPLOYEES

:

159

 

NET SALES

:

8.582.676 TL

(2005) 

8.515.830 TL

(2006) 

11.294.428 TL

(2007) 

12.199.841 TL

(2008) 

9.893.326 TL

(2009) 

12.524.674 TL

(2010) 

16.721.621 TL

(2011) 

10.734.483 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

234.575 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Italy

U.K.

India

China

 

MERCHANDISE IMPORTED

:

Machinery

Steel

 

EXPORT VALUE

:

4.243.997 TL

(2005)

3.137.747 TL

(2006)

4.759.448 TL

(2007)

4.070.054 TL

(2008)

4.079.793 TL

(2009)

4.937.616 TL

(2010)

7.371.644 TL

(2011)

5.813.798 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

France

South Africa

Iran

Brazil

Pakistan

 

MERCHANDISE  EXPORTED

:

Automotive spare parts

 

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10032 Sok. No:14 Cigli  Izmir / Turkey

( owned )

 

BRANCHES

:

Head Office/Factory  :  Ataturk Organize Sanayi Bolgesi 10032 Sok. No:14 Cigli Izmir/Turkey (owned) (4.500 sqm)

                                                                                

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Gida Carsisi Branch

Halk Bankasi Organize Ticari Branch

HSBC Bank Bornova Branch

Turk Ekonomi Bankasi Ataturk Organize Sanayi Bolgesi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

12.199.841

9.893.326

12.524.674

16.721.621

10.734.483

Profit (Loss) Before Tax

176.745

1.097.034

1.242.708

-3.029.165

449.239

Stockholders' Equity

3.966.946

4.844.443

5.803.597

4.437.588

 

Total Assets

10.506.341

10.488.237

11.649.104

15.575.556

 

Current Assets

5.420.014

5.394.174

6.894.778

10.654.626

 

Non-Current Assets

5.086.327

5.094.063

4.754.326

4.920.930

 

Current Liabilities

3.312.697

3.509.463

4.795.079

10.004.138

 

Long-Term Liabilities

3.226.698

2.134.331

1.050.428

1.133.830

 

Gross Profit (loss)

3.076.998

2.837.295

2.616.844

2.908.952

2.210.292

Operating Profit (loss)

2.183.187

2.099.719

1.461.869

2.034.510

933.729

Net Profit (loss)

137.587

877.498

959.154

-3.029.165

449.239

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability (01.01-30.06.2012)

In Order Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.420.014

0,52

5.394.174

0,51

6.894.778

0,59

10.654.626

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

-455.887

-0,04

-359.622

-0,03

422.644

0,04

5.343

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

3.568

0,00

Account Receivable

5.181.791

0,49

4.486.734

0,43

3.310.173

0,28

5.654.865

0,36

Other Receivable

372.386

0,04

910.067

0,09

2.704.818

0,23

284.864

0,02

Inventories

311.860

0,03

342.823

0,03

368.511

0,03

4.047.881

0,26

Advances Given

8.449

0,00

9.915

0,00

37.064

0,00

492.676

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.415

0,00

4.257

0,00

51.568

0,00

165.429

0,01

NON-CURRENT ASSETS

5.086.327

0,48

5.094.063

0,49

4.754.326

0,41

4.920.930

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

27.742

0,00

27.742

0,00

27.741

0,00

23

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.352.746

0,41

4.094.983

0,39

3.578.285

0,31

3.302.736

0,21

Intangible Assets

701.881

0,07

559.975

0,05

763.287

0,07

1.300.706

0,08

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.958

0,00

411.363

0,04

385.013

0,03

317.465

0,02

TOTAL ASSETS

10.506.341

1,00

10.488.237

1,00

11.649.104

1,00

15.575.556

1,00

CURRENT LIABILITIES

3.312.697

0,32

3.509.463

0,33

4.795.079

0,41

10.004.138

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.568.621

0,15

1.899.081

0,18

2.654.791

0,23

3.496.458

0,22

Accounts Payable

1.319.120

0,13

626.223

0,06

772.613

0,07

4.976.993

0,32

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

5.647

0,00

0

0,00

4.399

0,00

195.554

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

246.693

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

419.309

0,04

900.335

0,09

1.226.221

0,11

1.249.336

0,08

Provisions

0

0,00

0

0,00

-2.097

0,00

-426.770

-0,03

Other Current Liabilities

0

0,00

83.824

0,01

139.152

0,01

265.874

0,02

LONG-TERM LIABILITIES

3.226.698

0,31

2.134.331

0,20

1.050.428

0,09

1.133.830

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.226.698

0,31

2.134.331

0,20

1.050.428

0,09

1.133.830

0,07

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

3.966.946

0,38

4.844.443

0,46

5.803.597

0,50

4.437.588

0,28

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.031.985

0,29

3.031.985

0,29

3.031.984

0,26

3.110.000

0,20

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

797.374

0,08

934.960

0,09

1.812.459

0,16

2.771.614

0,18

Revaluation Fund

0

0,00

0

0,00

0

0,00

1.585.139

0,10

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

137.587

0,01

877.498

0,08

959.154

0,08

-3.029.165

-0,19

TOTAL LIABILITIES AND EQUITY

10.506.341

1,00

10.488.237

1,00

11.649.104

1,00

15.575.556

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

 

(01.01-30.06.2012) TL

 

Net Sales

12.199.841

1,00

9.893.326

1,00

12.524.674

1,00

16.721.621

1,00

10.734.483

1,00

Cost of Goods Sold

9.122.843

0,75

7.056.031

0,71

9.907.830

0,79

13.812.669

0,83

8.524.191

0,79

Gross Profit

3.076.998

0,25

2.837.295

0,29

2.616.844

0,21

2.908.952

0,17

2.210.292

0,21

Operating Expenses

893.811

0,07

737.576

0,07

1.154.975

0,09

874.442

0,05

1.276.563

0,12

Operating Profit

2.183.187

0,18

2.099.719

0,21

1.461.869

0,12

2.034.510

0,12

933.729

0,09

Other Income

602.238

0,05

511.693

0,05

590.930

0,05

356.227

0,02

230.780

0,02

Other Expenses

1.904.304

0,16

673.419

0,07

214.938

0,02

4.724.482

0,28

236.022

0,02

Financial Expenses

704.376

0,06

840.959

0,09

595.153

0,05

695.420

0,04

479.248

0,04

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

176.745

0,01

1.097.034

0,11

1.242.708

0,10

-3.029.165

-0,18

449.239

0,04

Tax Payable

39.158

0,00

219.536

0,02

283.554

0,02

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)

137.587

0,01

877.498

0,09

959.154

0,08

-3.029.165

-0,18

449.239

0,04

 

 

  FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,64

1,54

1,44

1,07

Acid-Test Ratio

1,54

1,44

1,34

0,59

Cash Ratio

-0,14

-0,10

0,09

0,00

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,03

0,03

0,03

0,26

Short-term Receivable/Total Assets

0,53

0,51

0,52

0,38

Tangible Assets/Total Assets

0,41

0,39

0,31

0,21

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

29,25

20,58

26,89

3,41

Stockholders' Equity Turnover

3,08

2,04

2,16

3,77

Asset Turnover

1,16

0,94

1,08

1,07

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,38

0,46

0,50

0,28

Current Liabilities/Total Assets

0,32

0,33

0,41

0,64

Financial Leverage

0,62

0,54

0,50

0,72

Gearing Percentage

1,65

1,17

1,01

2,51

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,03

0,18

0,17

-0,68

Operating Profit Margin

0,18

0,21

0,12

0,12

Net Profit Margin

0,01

0,09

0,08

-0,18

Interest Cover

1,25

2,30

3,09

-3,36

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

153,73

164,27

95,94

121,74

Average Payable Period (days)

52,05

31,95

28,07

129,72

WORKING CAPITAL

2107317,00

1884711,00

2099699,00

650488,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.29

UK Pound

1

Rs.83.96

Euro

1

Rs.71.88

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.