MIRA INFORM REPORT

 

 

Report Date :

26.03.2013

 

IDENTIFICATION DETAILS

 

Name :

N-T GRUP TRANSMIKSER MAKINA IMALAT SANAYI INSAAT VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

N-T GRUP TRANSMIKSER IS VE INSAAT MAKINALARI CELIK KONSTRIKSIYON IMALAT SANAYI VE TEKNIK HIRDAVAT MALZEMELERI PAZARLAMA ITHALAT IHRACAT LTD. STI.

 

 

Registered Office :

Kocasinan Sanayi Sitesi 204 Sok. No:14 Ostim Yenimahalle Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.09.2005

 

 

Com. Reg. No.:

242051

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of mixer to be used at construction sector. Also the subject deals with construction of building.

 

 

No. of Employees :

90

 

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

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

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

N-T GRUP TRANSMIKSER MAKINA IMALAT SANAYI INSAAT VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kocasinan Sanayi Sitesi 204 Sok. No:14 Ostim Yenimahalle Ankara / Turkey

PHONE NUMBER

:

90-312-815 50 06

 

FAX NUMBER

:

90-312-815 41 94

 

WEB-ADDRESS

:

www.ntgrup.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ostim

TAX NO

:

6270331864

REGISTRATION NUMBER

:

242051

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

02.09.2005

ESTABLISHMENT GAZETTE DATE /NO

:

06.09.2005/6383

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   8.000.000

PAID-IN CAPITAL

:

TL   8.000.000

HISTORY

:

Previous Name

:

N-T Grup Transmikser Is ve Insaat Makinalari Celik Konstriksiyon Imalat Sanayi ve Teknik Hirdavat Malzemeleri Pazarlama Ithalat Ihracat Ltd. Sti.

Changed On

:

31.08.2007 (Commercial Gazette Date /Number 05.09.2007/ 6888)

Previous Name

:

N-T Grup Transmikser Makina Imalat Sanayi Ithalat Ihracat ve Ticaret Ltd. Sti.

Changed On

:

28.01.2011 (Commercial Gazette Date /Number 02.02.2011/ 7743)

Previous Registered Capital

:

TL 500.000

Changed On

:

19.10.2010 (Commercial Gazette Date /Number 22.10.2010/ 7675)

Previous Registered Capital

:

TL 4.000.000

Changed On

:

08.11.2012 (Commercial Gazette Date /Number 13.11.2012/ 8192)

Previous Address

:

Eski Istanbul Yolu 27. Km. 331 Ada 5 Parsel Saray Kazan/Ankara

Changed On

:

31.08.2007 (Commercial Gazette Date /Number 05.09.2007/ 6888)

Other Changes

:

The firm was firstly established in Kazan/Ankara and registered at Ankara Commercial Registry with registration number 632-Kazan. And then the firm moved to Ankara and registered at Ankara Commercial Registry with registration number 242051.

Changed On

:

31.08.2007 (Commercial Gazette Date /Number 05.09.2007/ 6888)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Muttalip Ozkan

75 %

Kerim Makar

25 %

 

 

SISTER COMPANIES

:

ELIZAN MAKINA SANAYI PRES INSAAT TAAHHUT ITHALAT IHRACAT VE TICARET LTD. STI.

 

MAKOZ OTO EKIPMANLARI MAKINA INSAAT NAKLIYE HAYVANCILIK OTOMOTIV SANAYI VE DIS TICARET LTD. STI.

 

MOS CELIK METAL MAKINA SANAYI INSAAT OTO EKIPMANLARI VE NAKLIYE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

DIRECTORS

:

Kerim Makar

 

Muttalip Ozkan

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of mixer to be used at construction sector. Also the subject deals with construction of building.

 

NACE CODE

:

DK.29.56

 

NUMBER OF EMPLOYEES

:

90

 

NET SALES

:

18.038.708 TL

(2010) 

27.757.970 TL

(2011) 

40.714.523 TL

(2012) 

 

 

IMPORT VALUE

:

1.466.000 TL

(2011)

 

 

IMPORT COUNTRIES

:

Italy

Netherlands

 

MERCHANDISE IMPORTED

:

Heat exchangers

Spare parts

Tire

 

EXPORT VALUE

:

2.421.127 TL

(2010)

11.952.695 TL

(2011)

15.776.881 TL

(2012)

 

 

EXPORT COUNTRIES

:

Turkmenistan

Azerbaijan

France

Iraq

Algeria

Kazakhstan

 

MERCHANDISE  EXPORTED

:

Parts of mixer

 

HEAD OFFICE ADDRESS

:

Kocasinan Sanayi Sitesi 204 Sok. No:14 Ostim Yenimahalle Ankara / Turkey

 

BRANCHES

:

Factory/Warehouse  :  Saray Mah. 195. Sok. No:1 Kazan Ankara/Turkey (owned by shareholder(s))

 

Branch Office  :  Basaksehir Istanbul/Turkey 

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Ostim Ticari Branch

T. Is Bankasi Ostim Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

Net Sales

18.038.708

27.757.970

40.714.523

Profit (Loss) Before Tax

1.085.465

3.668.720

3.261.016

Stockholders' Equity

4.618.023

7.784.364

10.559.095

Total Assets

18.299.814

37.530.825

41.948.229

Current Assets

16.220.405

35.415.492

39.710.477

Non-Current Assets

2.079.409

2.115.333

2.237.752

Current Liabilities

8.987.060

22.460.629

22.584.071

Long-Term Liabilities

4.694.731

7.285.832

8.805.063

Gross Profit (loss)

2.322.341

5.397.153

7.112.443

Operating Profit (loss)

1.515.885

4.479.914

4.595.793

Net Profit (loss)

864.008

2.920.355

2.559.095

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

In Order As of 31.12.2012

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Passable

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

16.220.405

0,89

35.415.492

0,94

39.710.477

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

5.860.379

0,32

3.621.548

0,10

5.978.551

0,14

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.611.523

0,09

8.290.827

0,22

12.053.665

0,29

Other Receivable

80.391

0,00

275.105

0,01

381.578

0,01

Inventories

6.511.434

0,36

13.934.439

0,37

13.486.607

0,32

Advances Given

461.346

0,03

6.737.320

0,18

4.841.000

0,12

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.695.332

0,09

2.556.253

0,07

2.969.076

0,07

NON-CURRENT ASSETS

2.079.409

0,11

2.115.333

0,06

2.237.752

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

857.447

0,05

844.445

0,02

826.116

0,02

Intangible Assets

1.216.372

0,07

1.270.888

0,03

1.410.888

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.590

0,00

0

0,00

748

0,00

TOTAL ASSETS

18.299.814

1,00

37.530.825

1,00

41.948.229

1,00

CURRENT LIABILITIES

8.987.060

0,49

22.460.629

0,60

22.584.071

0,54

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.294.798

0,07

8.813.590

0,23

6.814.922

0,16

Accounts Payable

4.681.097

0,26

12.013.496

0,32

15.319.621

0,37

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

26.073

0,00

54.461

0,00

81.791

0,00

Advances from Customers

2.780.996

0,15

1.337.065

0,04

112.086

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

18.319

0,00

242.017

0,01

257.962

0,01

Provisions

63.858

0,00

0

0,00

-2.311

0,00

Other Current Liabilities

121.919

0,01

0

0,00

0

0,00

LONG-TERM LIABILITIES

4.694.731

0,26

7.285.832

0,19

8.805.063

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.270.380

0,23

7.134.305

0,19

8.632.088

0,21

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

420.622

0,02

151.527

0,00

172.975

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

3.729

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.618.023

0,25

7.784.364

0,21

10.559.095

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.754.015

0,21

4.000.000

0,11

8.000.000

0,19

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

864.009

0,02

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

864.008

0,05

2.920.355

0,08

2.559.095

0,06

TOTAL LIABILITIES AND EQUITY

18.299.814

1,00

37.530.825

1,00

41.948.229

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements have not become certain yet. 

 

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

 

(2012) TL

 

Net Sales

18.038.708

1,00

27.757.970

1,00

40.714.523

1,00

Cost of Goods Sold

15.716.367

0,87

22.360.817

0,81

33.602.080

0,83

Gross Profit

2.322.341

0,13

5.397.153

0,19

7.112.443

0,17

Operating Expenses

806.456

0,04

917.239

0,03

2.516.650

0,06

Operating Profit

1.515.885

0,08

4.479.914

0,16

4.595.793

0,11

Other Income

132.097

0,01

593.413

0,02

1.084.944

0,03

Other Expenses

44.257

0,00

278.705

0,01

809.291

0,02

Financial Expenses

518.260

0,03

1.125.902

0,04

1.610.430

0,04

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

1.085.465

0,06

3.668.720

0,13

3.261.016

0,08

Tax Payable

221.457

0,01

748.365

0,03

701.921

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

864.008

0,05

2.920.355

0,11

2.559.095

0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,80

1,58

1,76

Acid-Test Ratio

0,84

0,54

0,82

Cash Ratio

0,65

0,16

0,26

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,36

0,37

0,32

Short-term Receivable/Total Assets

0,09

0,23

0,30

Tangible Assets/Total Assets

0,05

0,02

0,02

TURNOVER RATIOS

 

Inventory Turnover

2,41

1,60

2,49

Stockholders' Equity Turnover

3,91

3,57

3,86

Asset Turnover

0,99

0,74

0,97

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

0,21

0,25

Current Liabilities/Total Assets

0,49

0,60

0,54

Financial Leverage

0,75

0,79

0,75

Gearing Percentage

2,96

3,82

2,97

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,19

0,38

0,24

Operating Profit Margin

0,08

0,16

0,11

Net Profit Margin

0,05

0,11

0,06

Interest Cover

3,09

4,26

3,02

COLLECTION-PAYMENT

 

Average Collection Period (days)

32,16

107,53

106,58

Average Payable Period (days)

116,86

195,85

165,98

WORKING CAPITAL

7233345,00

12954863,00

17126406,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.10

UK Pound

1

Rs.82.46

Euro

1

Rs.70.49

 

 

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.