MIRA INFORM REPORT

 

 

Report Date :

05.07.2013

 

IDENTIFICATION DETAILS

 

Name :

IMAS MAKINA SANAYI A.S. 

 

 

Registered Office :

2.Organize Sanayi Bolgesi Lalehan Cad. No:61 Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Year of Establishments:

1989

 

 

Com. Reg. No.:

19954                     

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Assembly, manufacture and trade grinding machine, grinding machine parts and band saw. The subject also deals with installation of mill facility on project basis.

 

 

No. of Employees :

160

 

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 :

Slow but Correct 

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

 

 

 

REMARKS

:

The registered full name of the firm having the address stated at your inquiry is "IMAS MAKINA SANAYI A.S.".

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

IMAS MAKINA SANAYI A.S.

HEAD OFFICE ADDRESS

:

2.Organize Sanayi Bolgesi Lalehan Cad. No:61 Selcuklu Konya / Turkey

PHONE NUMBER

:

90-332-239 01 41

 

FAX NUMBER

:

90-332-239 01 44

 

WEB-ADDRESS

:

www.imas.com.tr

E-MAIL

:

info@imas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Selcuk

TAX NO

:

4830004841

REGISTRATION NUMBER

:

19954

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

1989

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.500.000

PAID-IN CAPITAL

:

TL   7.500.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

25.12.2012 (Commercial Gazette Date /Number 07.01.2013/ 8230)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Big Planlama Yonetim ve Musavirlik A.S.

82,69 %

Adese Alisveris Merkezleri Ticaret A.S.

9,98 %

Fahri Akay

4,85 %

Tahir Atila

 

Adem Elgun

 

 

 

GROUP PARENT COMPANY

:

ITTIFAK HOLDING A.S.

 

SISTER COMPANIES

:

ADEN GAYRIMENKUL YONETICILIK YATIRIM IC VE DIS TICARET SANAYI A.S.

ADESE ALISVERIS MERKEZLERI TICARET A.S.

ADESE PETROL URUNLERI TASIMACILIK SANAYI VE TICARET A.S.

AES SIGORTA ARACILIK HIZMETLERI A.S.

BELYA TURIZM INSAAT ENERJI BILISIM SANAYI VE TICARET A.S.

BIG PLANLAMA YONETIM VE MUSAVIRLIK A.S.

ELITE DANISMANLIK ARASTIRMA GELISTIRME REKLAM VE HALKLA ILISKILER TICARET A.S.

IRENT OTO KIRALAMA TICARET A.S.

ITTIFAK HOLDING A.S.

KULE YONETIM ORGANIZASYON VE DANISMANLIK A.S.

SEHA INSAAT MUHENDISLIK MADENCILIK TURIZM SANAYI VE TICARET A.S.

SELEKS IC VE DIS TICARET A.S.

SELET ENTEGRE ET VE SUT URUNLERI SANAYI VE TICARET A.S.

SELVA GIDA SANAYI A.S.

 

BOARD OF DIRECTORS

:

Tahir Atila

Chairman

Fahri Akay

Vice-Chairman

Adem Elgun

Member

 

 

DIRECTORS

:

Tuncay Lamci

General Manager

Mustafa Ozdemir

Deputy General Manager

Mustafa Pek

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Assembly, manufacture and trade grinding machine, grinding machine parts and band saw. The subject also deals with installation of mill facility on project basis.

 

NACE CODE

:

DK.29.53

 

TRADEMARKS OWNED

:

Cutteral

Imas

Milleral

 

NUMBER OF EMPLOYEES

:

160

 

NET SALES

:

37.039.594 TL

(2011) 

31.256.364 TL

(2012) 

6.938.222 TL

(01.01-31.03.2013) 

 

 

IMPORT COUNTRIES

:

China

Taiwan

Italy

 

MERCHANDISE IMPORTED

:

Blower

Chain

Roop

 

EXPORT VALUE

:

20.198.593 TL

(2011)

18.231.753 TL

(2012)

4.982.548 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Jordan

Morocco

Greece

Yemen

Iran

Egypt

Saudi Arabia

Tunisia

Russia

Lithuania

Macedonia Republic

Iraq

Serbia

 

MERCHANDISE  EXPORTED

:

Grinding machine

Grinding machine parts

HEAD OFFICE ADDRESS

:

2.Organize Sanayi Bolgesi Lalehan Cad. No:61 Selcuklu Konya / Turkey

 

BRANCHES

:

Head Office/Factory  :  2.Organize Sanayi Bolgesi Lalehan Cad. No:61 Selcuklu Konya/Turkey (owned) (6.600 sqm)

 

Branch Office  :  Konya Selcuk Universitesi Teknokent Konya/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Halk Bankasi Selcuklu Ticari 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

:

 

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

 

Net Sales

37.039.594

31.256.364

6.938.222

 

 

Profit (Loss) Before Tax

3.306.361

152.307

-282.836

 

 

Stockholders' Equity

12.495.335

12.500.360

 

 

 

Total Assets

39.180.444

36.609.055

 

 

 

Current Assets

25.279.497

24.203.369

 

 

 

Non-Current Assets

13.900.947

12.405.686

 

 

 

Current Liabilities

21.503.803

21.867.288

 

 

 

Long-Term Liabilities

5.181.306

2.241.407

 

 

 

Gross Profit (loss)

10.580.055

7.284.338

1.207.700

 

 

Operating Profit (loss)

2.248.490

-1.830.516

-528.915

 

 

Net Profit (loss)

2.991.469

5.026

-282.836

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2012

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

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

 

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

 

Profitability

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Operating Loss  in 2012

Low Net Profitability  in 2012

Operating Loss (01.01-31.03.2013)

Net Loss (01.01-31.03.2013)

 

Gap between average collection and payable periods

Favorable 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

25.279.497

0,65

24.203.369

0,66

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

4.268.152

0,11

1.619.771

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

8.201.390

0,21

7.211.184

0,20

Other Receivable

5.025.904

0,13

2.762.641

0,08

Inventories

5.264.717

0,13

8.792.748

0,24

Advances Given

949.760

0,02

1.486.981

0,04

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.569.574

0,04

2.330.044

0,06

NON-CURRENT ASSETS

13.900.947

0,35

12.405.686

0,34

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

1.322.851

0,03

2.852

0,00

Financial Assets

8.949.255

0,23

8.949.255

0,24

Tangible Fixed Assets (net)

3.607.475

0,09

3.386.064

0,09

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

21.366

0,00

67.515

0,00

TOTAL ASSETS

39.180.444

1,00

36.609.055

1,00

CURRENT LIABILITIES

21.503.803

0,55

21.867.288

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.089

0,00

1.787.436

0,05

Accounts Payable

10.934.966

0,28

10.601.636

0,29

Loans from Shareholders

7.279.502

0,19

3.278.631

0,09

Other Short-term Payable

285.206

0,01

296.984

0,01

Advances from Customers

2.307.316

0,06

5.763.799

0,16

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

190.910

0,00

177.009

0,00

Provisions

113.295

0,00

-77.743

0,00

Other Current Liabilities

389.519

0,01

39.536

0,00

LONG-TERM LIABILITIES

5.181.306

0,13

2.241.407

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

3.211.130

0,08

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

1.970.176

0,05

2.241.407

0,06

STOCKHOLDERS' EQUITY

12.495.335

0,32

12.500.360

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,03

7.500.000

0,20

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.096.693

0,03

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

6.268.194

0,16

3.856.355

0,11

Revaluation Fund

1.138.979

0,03

1.138.979

0,03

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

2.991.469

0,08

5.026

0,00

TOTAL LIABILITIES AND EQUITY

39.180.444

1,00

36.609.055

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

 

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

37.039.594

1,00

31.256.364

1,00

6.938.222

1,00

Cost of Goods Sold

26.459.539

0,71

23.972.026

0,77

5.730.522

0,83

Gross Profit

10.580.055

0,29

7.284.338

0,23

1.207.700

0,17

Operating Expenses

8.331.565

0,22

9.114.854

0,29

1.736.615

0,25

Operating Profit

2.248.490

0,06

-1.830.516

-0,06

-528.915

-0,08

Other Income

3.868.830

0,10

3.731.407

0,12

561.066

0,08

Other Expenses

2.318.285

0,06

1.174.191

0,04

201.819

0,03

Financial Expenses

492.674

0,01

574.393

0,02

113.168

0,02

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

3.306.361

0,09

152.307

0,00

-282.836

-0,04

Tax Payable

314.892

0,01

147.281

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.991.469

0,08

5.026

0,00

-282.836

-0,04

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,18

1,11

Acid-Test Ratio

0,81

0,53

Cash Ratio

0,20

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,24

Short-term Receivable/Total Assets

0,34

0,27

Tangible Assets/Total Assets

0,09

0,09

TURNOVER RATIOS

 

 

Inventory Turnover

5,03

2,73

Stockholders' Equity Turnover

2,96

2,50

Asset Turnover

0,95

0,85

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,34

Current Liabilities/Total Assets

0,55

0,60

Financial Leverage

0,68

0,66

Gearing Percentage

2,14

1,93

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,24

0,00

Operating Profit Margin

0,06

-0,06

Net Profit Margin

0,08

0,00

Interest Cover

7,71

1,27

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

92,57

83,09

Average Payable Period (days)

148,78

159,21

WORKING CAPITAL

3775694,00

2336081,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.09

UK Pound

1

Rs.91.58

Euro

1

Rs.78.08

 

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

----

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.