MIRA INFORM REPORT

 

 

Report Date :

05.09.2013

 

IDENTIFICATION DETAILS

 

Name :

GUVEN CELIK MAKINA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Hadimkoy Beldesi Ataturk Sanayi Bolgesi Ibni Sina Cad. No:2 Arnavutkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.07.1988

 

 

Com. Reg. No.:

246899

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile machineries.

 

 

No. of Employees :

80

 

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

 

COMPANY IDENTIFICATION

 

 

NAME

:

GUVEN CELIK MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hadimkoy Beldesi Ataturk Sanayi Bolgesi Ibni Sina Cad. No:2 Arnavutkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-771 40 20

 

FAX NUMBER

:

90-212-771 40 10

 

WEB-ADDRESS

:

www.gcm.com.tr

E-MAIL

:

info@gcm.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyukcekmece

TAX NO

:

4510015445

REGISTRATION NUMBER

:

246899

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.07.1988

ESTABLISHMENT GAZETTE DATE /NO

:

15.07.1988/2062

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

HISTORY

:

Previous Registered Capital

:

TL 610.200

Changed On

:

07.04.2008 (Commercial Gazette Date /Number 10.04.2008/ 7039)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

03.02.2010 (Commercial Gazette Date /Number 08.02.2010/ 7496)

 

 

 

PREVIOUS SHAREHOLDERS

:

Harun Kadayifci

33,33 %

Metin Derince

33,33 %

Ahmet Koray Kutlu

33,33 %

 

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Harun Kadayifci

50 %

Ahmet Koray Kutlu

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Harun Kadayifci

 

Ahmet Koray Kutlu

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile machineries.

 

NACE CODE

:

DK.29.54

 

SECTOR

:

Machinery

 

TRADEMARKS OWNED

:

Guven Celik

 

NUMBER OF EMPLOYEES

:

80

 

NET SALES

:

7.535.691 TL

(2011) 

8.413.624 TL

(2012) 

6.230.149 TL

(01.01-30.06.2013) 

 

 

IMPORT COUNTRIES

:

Germany

Belgium

Italy

 

MERCHANDISE IMPORTED

:

Machinery parts

 

EXPORT VALUE

:

2.742.037 TL

(2011)

2.064.463 TL

(2012)

543.325 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Iran

Egypt

Russia

Ukraine

Bulgaria

Poland

Greece

New Zealand

India

Pakistan

Tunisia

Mexico

Uzbekistan

Germany

Romania

Bangladesh

France

Morocco

 

MERCHANDISE  EXPORTED

:

Textile machineries

 

HEAD OFFICE ADDRESS

:

Hadimkoy Beldesi Ataturk Sanayi Bolgesi Ibni Sina Cad. No:2 Arnavutkoy Istanbul / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Hadimkoy Beldesi Ataturk Sanayi Bolgesi Ibni Sina Cad. No:2 Catalca Istanbul/Turkey (owned) (5.200 sqm)

 

Branch Office  :  Yeni Yalova Buttim Is Merkezi E4 Blok  No:1342 Bursa/Turkey

 

Branch Office  :  Cinarli Mah. Ziya Pasa Bulvari 8. Sok. No:1 San Apt. Kat:1 Daire:3 Adana/Turkey

 

Production Plant  :   Usak/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012. There appears an upwards trend in 1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Hadimkoy Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

 

Net Sales

7.535.691

8.413.624

6.230.149

 

 

Profit (Loss) Before Tax

705.138

1.382.179

983.630

 

 

Stockholders' Equity

3.507.885

4.086.267

 

 

 

Total Assets

5.646.638

6.821.513

 

 

 

Current Assets

2.576.423

3.548.866

 

 

 

Non-Current Assets

3.070.215

3.272.647

 

 

 

Current Liabilities

2.070.152

2.701.629

 

 

 

Long-Term Liabilities

68.601

33.617

 

 

 

Gross Profit (loss)

2.738.510

2.943.343

1.912.269

 

 

Operating Profit (loss)

1.185.752

1.272.803

924.470

 

 

Net Profit (loss)

428.585

1.103.050

983.630

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2012

Liquidity

Good 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

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-30.06.2013)

High Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Good

 

 

 

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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

2.576.423

0,46

3.548.866

0,52

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

904.195

0,16

1.994.900

0,29

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

1.197.468

0,21

614.065

0,09

 

 

Other Receivable

14.138

0,00

87.426

0,01

 

 

Inventories

356.882

0,06

739.727

0,11

 

 

Advances Given

95.069

0,02

75.520

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

8.671

0,00

37.228

0,01

 

 

NON-CURRENT ASSETS

3.070.215

0,54

3.272.647

0,48

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

 

 

Financial Assets

8.000

0,00

8.000

0,00

 

 

Tangible Fixed Assets (net)

3.017.322

0,53

3.181.433

0,47

 

 

Intangible Assets

20.719

0,00

43.167

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

24.174

0,00

40.047

0,01

 

 

TOTAL ASSETS

5.646.638

1,00

6.821.513

1,00

 

 

CURRENT LIABILITIES

2.070.152

0,37

2.701.629

0,40

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

139.136

0,02

 

 

Accounts Payable

1.022.766

0,18

844.598

0,12

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

67.616

0,01

84.575

0,01

 

 

Advances from Customers

753.290

0,13

1.562.861

0,23

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

98.166

0,02

60.826

0,01

 

 

Provisions

128.314

0,02

9.633

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

68.601

0,01

33.617

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

68.601

0,01

33.617

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

3.507.885

0,62

4.086.267

0,60

 

 

Not Detailed Stockholders' Equity

3.507.885

0,62

4.086.267

0,60

 

 

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

5.646.638

1,00

6.821.513

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

 

(01.01-30.06.2013) TL

 

Net Sales

7.535.691

1,00

8.413.624

1,00

6.230.149

1,00

Cost of Goods Sold

4.797.181

0,64

5.470.281

0,65

4.317.880

0,69

Gross Profit

2.738.510

0,36

2.943.343

0,35

1.912.269

0,31

Operating Expenses

1.552.758

0,21

1.670.540

0,20

987.799

0,16

Operating Profit

1.185.752

0,16

1.272.803

0,15

924.470

0,15

Other Income

243.135

0,03

241.861

0,03

151.913

0,02

Other Expenses

720.900

0,10

118.099

0,01

87.944

0,01

Financial Expenses

2.849

0,00

14.386

0,00

4.809

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

705.138

0,09

1.382.179

0,16

983.630

0,16

Tax Payable

276.553

0,04

279.129

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

428.585

0,06

1.103.050

0,13

983.630

0,16

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,24

1,31

 

Acid-Test Ratio

1,02

1,00

 

Cash Ratio

0,44

0,74

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,06

0,11

 

Short-term Receivable/Total Assets

0,21

0,10

 

Tangible Assets/Total Assets

0,53

0,47

 

TURNOVER RATIOS

 

 

Inventory Turnover

13,44

7,39

 

Stockholders' Equity Turnover

2,15

2,06

 

Asset Turnover

1,33

1,23

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,62

0,60

 

Current Liabilities/Total Assets

0,37

0,40

 

Financial Leverage

0,38

0,40

 

Gearing Percentage

0,61

0,67

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,12

0,27

 

Operating Profit Margin

0,16

0,15

 

Net Profit Margin

0,06

0,13

 

Interest Cover

248,50

97,08

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

57,21

26,27

 

Average Payable Period (days)

76,75

55,58

 

WORKING CAPITAL

506271,00

847237,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.03

UK Pound

1

Rs.104.32

Euro

1

Rs.88.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.