|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEKNO YANGIN VE HAVALANDIRMA SISTEMLERI LTD. STI. |
|
|
|
|
Registered Office : |
Ibrahimaga Mah. Acibadem Cad. Ibrahimaga Kon. A2 Blok D:4 Kadikoy
Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.07.1995 |
|
|
|
|
Com. Reg. No.: |
333367 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trader of Fire Protection and Ventilation Systems. |
|
|
|
|
No. of Employees : |
12 |
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 – 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
|
NAME |
: |
TEKNO YANGIN VE HAVALANDIRMA SISTEMLERI LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Ibrahimaga Mah. Acibadem Cad. Ibrahimaga Kon. A2 Blok D:4 Kadikoy
Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-327 85 03-04-05 |
|
FAX NUMBER |
: |
90-216-327 87 43 90-216-428 81 98 |
|
WEB-ADDRESS |
: |
www.teknoyangin.com.tr |
|
E-MAIL |
: |
info@teknoyangin.com.tr |
|
TAX OFFICE |
: |
Kadikoy |
|
TAX NO |
: |
8360061059 |
|
REGISTRATION NUMBER |
: |
333367 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
28.07.1995 |
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
02.08.1995/3841 |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 50.000 |
|
PAID-IN CAPITAL |
: |
TL 50.000 |
|
SHAREHOLDERS |
: |
|
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Trade of fire protection and ventilation systems. |
||||||||||||
|
NACE CODE |
: |
G .51.54 |
||||||||||||
|
SECTOR |
: |
Commerce |
||||||||||||
|
NUMBER OF EMPLOYEES |
: |
12 |
||||||||||||
|
NET SALES |
: |
|
||||||||||||
|
CAPACITY |
: |
None |
||||||||||||
|
PRODUCTION |
: |
None |
||||||||||||
|
IMPORT VALUE |
: |
|
||||||||||||
|
IMPORT COUNTRIES |
: |
U.S.A. European Countries Far East Countries |
||||||||||||
|
MERCHANDISE IMPORTED |
: |
Equipments of fire protection systems Equipments of ventilation sysytems |
|
EXPORT VALUE |
: |
|
||||||||||||
|
EXPORT COUNTRIES |
: |
Nigeria Georgia Macedonia Republic |
||||||||||||
|
MERCHANDISE EXPORTED |
: |
Fire protection systems |
||||||||||||
|
HEAD OFFICE ADDRESS |
: |
Ibrahimaga Mah. Acibadem Cad. Ibrahimaga Kon. A2 Blok D:4 Kadikoy Istanbul / Turkey ( owned ) |
||||||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2012. |
|
SIZE OF BUSINESS |
: |
Lower-Moderate |
|
MAIN DEALING BANKS |
: |
Alternatif Bank Kartal Branch Denizbank Sahrayi Cedit Branch Garanti Bankasi Kadikoy Branch ING Bank Atasehir Branch T. Halk Bankasi Maltepe Branch Yapi ve Kredi Bankasi Kadikoy 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 |
: |
|
|
Capitalization |
Satisfactory As of 31.12.2011 |
|
Liquidity |
High As of 31.12.2011 |
|
Remarks On Liquidity |
The unfavorable gap between average collection and average payable
period has an adverse effect on liquidity. |
|
Profitability |
Good Operating Profitability in
2008 Good Net Profitability in 2008 High Operating Profitability in
2009 Low Net Profitability in 2009 Good Operating Profitability in
2010 Low Net Profitability in 2010 In Order Operating Profitability
in 2011 Low Net Profitability in 2011 Good Operating Profitability in
2012 Fair Net Profitability in 2012 |
|
Gap between average collection and payable periods |
Unfavorable in 2011 |
|
General Financial Position |
In Order |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
(01.01-30.04.2013) |
-0,01 % |
1,7920 |
2,3566 |
2,7927 |
|
|
( 31.12.2008 ) TL |
|
( 31.12.2009 ) TL |
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
1.168.189 |
0,97 |
973.335 |
0,97 |
1.290.364 |
0,91 |
1.409.027 |
0,96 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
143.349 |
0,12 |
135.362 |
0,13 |
311.146 |
0,22 |
75.421 |
0,05 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
638.971 |
0,53 |
299.577 |
0,30 |
326.532 |
0,23 |
512.566 |
0,35 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
247.491 |
0,21 |
223.700 |
0,22 |
485.326 |
0,34 |
229.242 |
0,16 |
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
76.870 |
0,05 |
450.000 |
0,31 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
138.378 |
0,12 |
314.696 |
0,31 |
90.490 |
0,06 |
141.798 |
0,10 |
|
NON-CURRENT ASSETS |
31.919 |
0,03 |
35.083 |
0,03 |
134.755 |
0,09 |
55.093 |
0,04 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
21.844 |
0,02 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
31.679 |
0,03 |
34.843 |
0,03 |
20.906 |
0,01 |
18.725 |
0,01 |
|
Intangible Assets |
240 |
0,00 |
240 |
0,00 |
240 |
0,00 |
240 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
91.765 |
0,06 |
36.128 |
0,02 |
|
TOTAL ASSETS |
1.200.108 |
1,00 |
1.008.418 |
1,00 |
1.425.119 |
1,00 |
1.464.120 |
1,00 |
|
CURRENT LIABILITIES |
667.464 |
0,56 |
454.919 |
0,45 |
865.457 |
0,61 |
195.026 |
0,13 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
422.763 |
0,35 |
374.437 |
0,37 |
858.405 |
0,60 |
148.442 |
0,10 |
|
Accounts Payable |
224.912 |
0,19 |
10.608 |
0,01 |
0 |
0,00 |
38.758 |
0,03 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
2.716 |
0,00 |
16.788 |
0,02 |
0 |
0,00 |
106 |
0,00 |
|
Advances from Customers |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
17.073 |
0,01 |
53.086 |
0,05 |
7.052 |
0,00 |
7.720 |
0,01 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
10.692 |
0,01 |
22.454 |
0,02 |
0 |
0,00 |
674.839 |
0,46 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
674.839 |
0,46 |
|
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 |
10.692 |
0,01 |
22.454 |
0,02 |
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 |
521.952 |
0,43 |
531.045 |
0,53 |
559.662 |
0,39 |
594.255 |
0,41 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
44.947 |
0,04 |
50.000 |
0,05 |
50.000 |
0,04 |
50.000 |
0,03 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
31.614 |
0,03 |
31.614 |
0,03 |
31.614 |
0,02 |
31.614 |
0,02 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
349.957 |
0,29 |
445.391 |
0,44 |
449.431 |
0,32 |
478.048 |
0,33 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
95.434 |
0,08 |
4.040 |
0,00 |
28.617 |
0,02 |
34.593 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
1.200.108 |
1,00 |
1.008.418 |
1,00 |
1.425.119 |
1,00 |
1.464.120 |
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. |
|
|
(2008) TL |
|
(2009) TL |
|
(2010) TL |
|
(2011) TL |
|
(2012) TL |
|
|
Net Sales |
2.651.261 |
1,00 |
1.739.115 |
1,00 |
1.970.597 |
1,00 |
3.713.620 |
1,00 |
4.367.614 |
1,00 |
|
Cost of Goods Sold |
1.532.860 |
0,58 |
847.990 |
0,49 |
1.129.139 |
0,57 |
2.530.897 |
0,68 |
2.707.347 |
0,62 |
|
Gross Profit |
1.118.401 |
0,42 |
891.125 |
0,51 |
841.458 |
0,43 |
1.182.723 |
0,32 |
1.660.267 |
0,38 |
|
Operating Expenses |
899.721 |
0,34 |
625.579 |
0,36 |
677.658 |
0,34 |
979.209 |
0,26 |
1.254.815 |
0,29 |
|
Operating Profit |
218.680 |
0,08 |
265.546 |
0,15 |
163.800 |
0,08 |
203.514 |
0,05 |
405.452 |
0,09 |
|
Other Income |
925 |
0,00 |
8.319 |
0,00 |
261.843 |
0,13 |
45.014 |
0,01 |
21.921 |
0,01 |
|
Other Expenses |
100.282 |
0,04 |
164.097 |
0,09 |
68.131 |
0,03 |
40.150 |
0,01 |
6.553 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
104.717 |
0,06 |
321.741 |
0,16 |
163.823 |
0,04 |
321.213 |
0,07 |
|
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 |
119.323 |
0,05 |
5.051 |
0,00 |
35.771 |
0,02 |
44.555 |
0,01 |
99.607 |
0,02 |
|
Tax Payable |
23.889 |
0,01 |
1.011 |
0,00 |
7.154 |
0,00 |
9.962 |
0,00 |
21.506 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
95.434 |
0,04 |
4.040 |
0,00 |
28.617 |
0,01 |
34.593 |
0,01 |
78.101 |
0,02 |
|
|
(2008) |
(2009) |
(2010) |
(2011) |
|
|
LIQUIDITY RATIOS |
|
|
|||
|
Current Ratio |
1,75 |
2,14 |
1,49 |
7,22 |
|
|
Acid-Test Ratio |
1,17 |
0,96 |
0,74 |
3,01 |
|
|
Cash Ratio |
0,21 |
0,30 |
0,36 |
0,39 |
|
|
ASSET STRUCTURE RATIOS |
|
|
|||
|
Inventory/Total Assets |
0,21 |
0,22 |
0,34 |
0,16 |
|
|
Short-term Receivable/Total Assets |
0,53 |
0,30 |
0,23 |
0,35 |
|
|
Tangible Assets/Total Assets |
0,03 |
0,03 |
0,01 |
0,01 |
|
|
TURNOVER RATIOS |
|
|
|||
|
Inventory Turnover |
6,19 |
3,79 |
2,33 |
11,04 |
|
|
Stockholders' Equity Turnover |
5,08 |
3,27 |
3,52 |
6,25 |
|
|
Asset Turnover |
2,21 |
1,72 |
1,38 |
2,54 |
|
|
FINANCIAL STRUCTURE |
|
|
|||
|
Stockholders' Equity/Total Assets |
0,43 |
0,53 |
0,39 |
0,41 |
|
|
Current Liabilities/Total Assets |
0,56 |
0,45 |
0,61 |
0,13 |
|
|
Financial Leverage |
0,57 |
0,47 |
0,61 |
0,59 |
|
|
Gearing Percentage |
1,30 |
0,90 |
1,55 |
1,46 |
|
|
PROFITABILITY RATIOS |
|
|
|||
|
Net Profit/Stockholders' Eq. |
0,18 |
0,01 |
0,05 |
0,06 |
|
|
Operating Profit Margin |
0,08 |
0,15 |
0,08 |
0,05 |
|
|
Net Profit Margin |
0,04 |
0,00 |
0,01 |
0,01 |
|
|
Interest Cover |
|
1,05 |
1,11 |
1,27 |
|
|
COLLECTION-PAYMENT |
|
|
|||
|
Average Collection Period (days) |
86,76 |
62,01 |
63,64 |
49,69 |
|
|
Average Payable Period (days) |
52,82 |
4,50 |
0,00 |
5,51 |
|
|
WORKING CAPITAL |
500725,00 |
518416,00 |
424907,00 |
1214001,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.