MIRA INFORM REPORT

 

 

Report Date :

01.06.2013

 

IDENTIFICATION DETAILS

 

Name :

TECASA ISI KONTROL A.S.

 

 

Registered Office :

Ahmet Vefik Pasa Mah. Hunkar Cad. No:13 Kestel Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Year of Incorporation :

1999

 

 

Com. Reg. No.:

47909

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of thermostat.

 

 

No. of Employees :

100

 

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 :

Good

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

:

TECASA ISI KONTROL A.S.

HEAD OFFICE ADDRESS

:

Ahmet Vefik Pasa Mah. Hunkar Cad. No:13 Kestel Bursa / Turkey

PHONE NUMBER

:

90-224-373 19 00

 

FAX NUMBER

:

90-224-373 19 01

 

WEB-ADDRESS

:

www.tecasa.com.tr

E-MAIL

:

info@tecasa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

8330138915

REGISTRATION NUMBER

:

47909

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1999

ESTABLISHMENT GAZETTE DATE/NO

:

18.08.1999/4858

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.310.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.250.000

Changed On

:

28.03.2012 (Commercial Gazette Date /Number 04.04.2012/ 8041)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Tecnicas De Calentamiento S.A.

70,99 %

Comercial Tecasa S.L.

28,99 %

Yolanda Urones Teresa

 

Roberto Milla Ortiz De Zarate

 

Carlos Consonni Carlus

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholders "Tecnicas De Calentamiento S.A." and "Comercial Tecasa S.L." are foreign companies located in Spain.

 

SUBSIDIARIES

:

T.E.C.A.S.A. PAZARLAMA LTD. STI.

 

BOARD OF DIRECTORS

:

Tecnicas De Calentamiento S.A.

(Representative: Carlos Consonni Carlus)

Chairman

Asier Qintana Meabe

Vice-Chairman

Kadir Can Durukan

Member

Comercial Tecasa S.L.

(Representative: Yolanda Urones Teresa)

Member

 

 

DIRECTORS

:

Asier Qintana Meabe

General Manager

Ahmet Yilmaz

Deputy General Manager

Kadir Can Durukan

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of thermostat.

 

NACE CODE

:

DL.31.62

 

NUMBER OF EMPLOYEES

:

100

 

NET SALES

:

12.079.576 TL

(2011) 

9.989.235 TL

(2012) 

 

 

IMPORT COUNTRIES

:

Spain

China

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

4.220.809 TL

(2011)

3.565.496 TL

(2012)

 

 


EXPORT COUNTRIES

:

Spain

China

Italy

Greece

Bulgaria

 

MERCHANDISE  EXPORTED

:

Thermostat

 

HEAD OFFICE ADDRESS

:

Ahmet Vefik Pasa Mah. Hunkar Cad. No:13 Kestel Bursa / Turkey

 

BRANCHES

:

Head Office/Factory  :  Ahmet Vefik Pasa Mah. Hunkar Cad. No:13 Kestel Bursa/Turkey

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Yalova Yolu Branch

Finansbank Kestel Branch

Garanti Bankasi Kestel 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

Net Sales

12.079.576

9.989.235

Profit (Loss) Before Tax

-108.025

268.409

Stockholders' Equity

2.851.195

4.123.856

Total Assets

6.721.020

6.578.602

Current Assets

5.948.298

5.774.501

Non-Current Assets

772.722

804.101

Current Liabilities

3.363.980

1.948.901

Long-Term Liabilities

505.845

505.845

Gross Profit (loss)

3.237.637

1.816.828

Operating Profit (loss)

1.892.382

489.429

Net Profit (loss)

-409.549

212.670

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

Satisfactory As of 31.12.2012

Remarks On Liquidity

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

 

Profitability

High Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

In Order

 

 

 

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

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

5.948.298

0,89

5.774.501

0,88

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

445.339

0,07

255.639

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.910.050

0,43

2.942.470

0,45

Other Receivable

0

0,00

0

0,00

Inventories

2.481.320

0,37

2.480.934

0,38

Advances Given

62.704

0,01

53.867

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

48.885

0,01

41.591

0,01

NON-CURRENT ASSETS

772.722

0,11

804.101

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

24.561

0,00

24.561

0,00

Financial Assets

9.776

0,00

9.776

0,00

Tangible Fixed Assets (net)

725.969

0,11

722.186

0,11

Intangible Assets

6.338

0,00

38.480

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

6.078

0,00

9.098

0,00

TOTAL ASSETS

6.721.020

1,00

6.578.602

1,00

CURRENT LIABILITIES

3.363.980

0,50

1.948.901

0,30

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

229.254

0,03

229.493

0,03

Accounts Payable

2.542.256

0,38

1.273.176

0,19

Loans from Shareholders

75.156

0,01

75.156

0,01

Other Short-term Payable

80.228

0,01

164.180

0,02

Advances from Customers

23.665

0,00

22.283

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

203.000

0,03

164.613

0,03

Provisions

210.421

0,03

0

0,00

Other Current Liabilities

0

0,00

20.000

0,00

LONG-TERM LIABILITIES

505.845

0,08

505.845

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

505.845

0,08

505.845

0,08

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

2.851.195

0,42

4.123.856

0,63

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.250.000

0,19

2.309.991

0,35

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

159.703

0,02

159.703

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.426.922

0,36

2.426.922

0,37

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-575.881

-0,09

-985.430

-0,15

Net Profit (loss)

-409.549

-0,06

212.670

0,03

TOTAL LIABILITIES AND EQUITY

6.721.020

1,00

6.578.602

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

 

Net Sales

12.079.576

1,00

9.989.235

1,00

Cost of Goods Sold

8.841.939

0,73

8.172.407

0,82

Gross Profit

3.237.637

0,27

1.816.828

0,18

Operating Expenses

1.345.255

0,11

1.327.399

0,13

Operating Profit

1.892.382

0,16

489.429

0,05

Other Income

370.541

0,03

152.410

0,02

Other Expenses

2.321.992

0,19

251.465

0,03

Financial Expenses

48.956

0,00

121.965

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-108.025

-0,01

268.409

0,03

Tax Payable

301.524

0,02

55.739

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-409.549

-0,03

212.670

0,02

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,77

2,96

Acid-Test Ratio

1,00

1,64

Cash Ratio

0,13

0,13

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,37

0,38

Short-term Receivable/Total Assets

0,43

0,45

Tangible Assets/Total Assets

0,11

0,11

TURNOVER RATIOS

 

Inventory Turnover

3,56

3,29

Stockholders' Equity Turnover

4,24

2,42

Asset Turnover

1,80

1,52

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,42

0,63

Current Liabilities/Total Assets

0,50

0,30

Financial Leverage

0,58

0,37

Gearing Percentage

1,36

0,60

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,14

0,05

Operating Profit Margin

0,16

0,05

Net Profit Margin

-0,03

0,02

Interest Cover

-1,21

3,20

COLLECTION-PAYMENT

 

Average Collection Period (days)

87,46

106,93

Average Payable Period (days)

103,51

56,08

WORKING CAPITAL

2584318,00

3825600,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.49

UK Pound

1

Rs.86.01

Euro

1

Rs.73.68

 

 

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.