MIRA INFORM REPORT

 

 

Report Date :

11.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MUSTAFA ATES-SAHIN BOMBE SIVAMA PLATINE MAKINA

 

 

Registered Office :

Anadolu Teknik Sanayi Kaymakli Sok. No:15 Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Year of Incorporation :

2003

 

 

Com. Reg. No.:

32013

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Manufacture and trade of sheet bending and rolling machine. The subject also deals with processing of metal sheet.

 

 

No. of Employees :

25

 

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

(31.03.2011)

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

 

REMARKS

:

Full name of the firm was missing at your inquiry. "SAHIN BOMBE CO LTD." is the English trade name of "MUSTAFA ATES-SAHIN BOMBE SIVAMA PLATINE MAKINA" which is a sole-proprietorship.

 

Address is different from the address at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MUSTAFA ATES-SAHIN BOMBE SIVAMA PLATINE MAKINA

HEAD OFFICE ADDRESS

:

Anadolu Teknik Sanayi Kaymakli Sok. No:15 Selcuklu Konya / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The subject has declared that it is planning to move from "Anadolu Teknik Sanayi Kaymakli Sok. No:15 Selcuklu - Konya" to "Konsan Sanayi Sitesi 10728 Sok. No:28 Selcuklu - Konya".

PHONE NUMBER

:

90-332-251 54 17

 

FAX NUMBER

:

90-332-251 64 69

 

WEB-ADDRESS

:

www.sahinbombe.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

 

 

TAX OFFICE

:

Selcuk

TAX NO

:

32512753266

REGISTRATION NUMBER

:

32013

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

2003

REMARKS ON DATE ESTABLISHED

:

The subject sole-proprietorship is declared to be established in 2003. As the sole-proprietorships are not obliged to be registered at commercial registry, it has not registered at commercial registry until August 2006. It was registered at Konya Commercial Registry on 21.08.2006 (Commercial Registry Gazette Date/No: 31.08.2006/ 6632).

LEGAL FORM

:

Sole-Proprietorship

TYPE OF COMPANY

:

Private

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mustafa Ates

100 %

 

 

REMARKS ON SHAREHOLDERS

:

The owner "Mustafa Ates" was born in 1966 and graduated from primary school.

 

PROPERTIES OWNED BY THE OWNER/PARTNERS

:

 

Property Type

4 vehicles

16 lands

The head office of the subject

An office

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Mustafa Ates

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of sheet bending and rolling machine. The subject also deals with processing of metal sheet.

 

NACE CODE

:

DK.29.42

 

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

1.024.430 TL

(2010) 

1.163.209 TL

(2011) 

1.279.255 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

 

EXPORT VALUE

:

0 TL

(2010)

283.415 TL

(2011)

213.219 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Kenya

Egypt

Qatar

Russia

 

MERCHANDISE  EXPORTED

:

Sheet bending and rolling machines

 

HEAD OFFICE ADDRESS

:

Anadolu Teknik Sanayi Kaymakli Sok. No:15 Selcuklu Konya / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Anadolu Teknik Sanayi Kaymakli Sok. No:15 Selcuklu Konya/Turkey (owned)

 

 

TREND OF BUSINESS

:

Trend of business was steady in 2011. There appears an upwards trend in 1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Zafer Sanayi Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

1.024.430

1.163.209

1.279.255

Profit (Loss) Before Tax

20.086

31.483

20.379

Stockholders' Equity

368.266

499.749

 

Total Assets

743.380

689.260

 

Current Assets

464.994

403.104

 

Non-Current Assets

278.386

286.156

 

Current Liabilities

375.114

189.511

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

63.147

65.582

54.747

Operating Profit (loss)

20.086

31.483

20.379

Net Profit (loss)

20.086

31.483

20.379

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Remarks on Capitalization

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.

 

The owner possesses property.

 

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair 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

Favorable in 2011

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

464.994

0,63

403.104

0,58

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

14.603

0,02

24.876

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

91.300

0,12

118.640

0,17

Other Receivable

1.078

0,00

13.011

0,02

Inventories

351.383

0,47

240.902

0,35

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

6.630

0,01

5.675

0,01

NON-CURRENT ASSETS

278.386

0,37

286.156

0,42

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

177.910

0,24

180.580

0,26

Intangible Assets

100.476

0,14

100.476

0,15

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

5.100

0,01

TOTAL ASSETS

743.380

1,00

689.260

1,00

CURRENT LIABILITIES

375.114

0,50

189.511

0,27

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

360.615

0,49

174.421

0,25

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

9.135

0,01

9.274

0,01

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

5.364

0,01

5.816

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

368.266

0,50

499.749

0,73

Not Detailed Stockholders' Equity

368.266

0,50

499.749

0,73

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

743.380

1,00

689.260

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

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

1.024.430

1,00

1.163.209

1,00

1.279.255

1,00

Cost of Goods Sold

961.283

0,94

1.097.627

0,94

1.224.508

0,96

Gross Profit

63.147

0,06

65.582

0,06

54.747

0,04

Operating Expenses

43.061

0,04

34.099

0,03

34.368

0,03

Operating Profit

20.086

0,02

31.483

0,03

20.379

0,02

Other Income

0

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

20.086

0,02

31.483

0,03

20.379

0,02

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

20.086

0,02

31.483

0,03

20.379

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,24

2,13

Acid-Test Ratio

0,29

0,83

Cash Ratio

0,04

0,13

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,47

0,35

Short-term Receivable/Total Assets

0,12

0,19

Tangible Assets/Total Assets

0,24

0,26

TURNOVER RATIOS

 

 

Inventory Turnover

2,74

4,56

Stockholders' Equity Turnover

2,78

2,33

Asset Turnover

1,38

1,69

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,50

0,73

Current Liabilities/Total Assets

0,50

0,27

Financial Leverage

0,50

0,27

Gearing Percentage

1,02

0,38

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,06

Operating Profit Margin

0,02

0,03

Net Profit Margin

0,02

0,03

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

32,08

36,72

Average Payable Period (days)

135,05

57,21

WORKING CAPITAL

89880,00

213593,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.87.50

Euro

1

Rs.71.32

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.