MIRA INFORM REPORT

 

 

Report Date :

19.09.2013

 

IDENTIFICATION DETAILS

 

Name :

JAIN SULAMA SISTEMLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Krizantem Sokak N:60  Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

15.09.2008

 

 

Com. Reg. No.:

678035

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of irrigation systems.

 

 

No. of Employees :

75

 

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 – 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

:

JAIN SULAMA SISTEMLERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Krizantem Sokak N:60  Levent Istanbul / Turkey

PHONE NUMBER

:

90-212-269 85 85

 

FAX NUMBER

:

90-212-269 76 66

 

WEB-ADDRESS

:

www.jains.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Besiktas

TAX NO

:

4840740946

REGISTRATION NUMBER

:

678035

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.09.2008

ESTABLISHMENT GAZETTE DATE /NO

:

19.09.2008/7153

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   28.673.070

PAID-IN CAPITAL

:

TL   28.673.070

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

06.08.2010 (Commercial Gazette Date /Number 12.08.2010/ 7627)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

25.07.2012 (Commercial Gazette Date /Number 31.07.2012/ 8123)

Previous Address

:

Krizantem Sokak No:40 Levent Istanbul

Changed On

:

05.11.2009 (Commercial Gazette Date /Number 13.11.2009/ 7438)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Jain Overseas BV

99,99 %

Atul Bhavarlal Jain

 

Ajit Bhavarlal Jain

 

Anil Bhavarlal Jain

 

Others

 

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

 

Jain Overseas B.V. (representative: Anil Bhavarlal Jain)

Chairman

Anil Bhavarlal Jain

Vice-Chairman

Ajit Bhavarlal Jain

Member

Abdurrahman Gungor

Member

Atul Bhavarlal Jain

Member

 

 

DIRECTORS

:

Can Adamoglu

 

Yaprak Gungor Adamoglu

 

Abdurrahman Gungor

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of irrigation systems.

 

 The company which was established on 15.09.2008, started active operation in January 2009 and it also started manufacturing in 2010.

 

NACE CODE

:

DH.25.21

 

NUMBER OF EMPLOYEES

:

75

 

 

NET SALES

:

38.064.298 TL

(01.04.2011-31.03.2012) 

33.495.085 TL

(01.04.2012-31.03.2013) 

14.772.374 TL

(01.04-30.06.2013) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm was changed in 2011. The financial period of the firm is now from 1st of April to 31th of March. 

 

IMPORT COUNTRIES

:

India

Israel

Bulgaria

U.S.A.

Switzerland

Italy

Spain

 

MERCHANDISE IMPORTED

:

Irrigating equipments

Machinery

Raw materials

 

EXPORT VALUE

:

4.093.839 TL

(01.04.2011-31.03.2012)

3.357.484 TL

(01.04.2012-31.03.2013)

846.937 TL

(01.04-30.06.2013)

 

 

EXPORT COUNTRIES

:

Russia

Northern Cyprus Turkish Republic

Mexico

Middle East Countries

India

Brazil

 

MERCHANDISE  EXPORTED

:

Irrigating equipments

 

HEAD OFFICE ADDRESS

:

Krizantem Sokak N:60  Levent Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Mersin Serbest Bolge Mersin/Turkey

 

Production Plant  :  Haci Omer Sabanci Organize Sanayi Bolgesi Ataturk Bulvari No:48 Adana/Turkey (owned)

 

 

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gayrettepe Ticari Branch

Anadolubank Karakoy Branch

Garanti Bankasi Gayrettepe Branch

ING Bank Caglayan Branch

Yapi ve Kredi Bankasi Perpa Branch

Ziraat Bankasi Levent 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

:

 

(01.04.2011-31.03.2012) TL

(01.04.2012-31.03.2013) TL

(01.04-30.06.2013) TL

 

 

Net Sales

38.064.298

33.495.085

14.772.374

 

 

Profit (Loss) Before Tax

-6.657.395

-6.080.716

-2.040.928

 

 

Stockholders' Equity

14.034.373

15.124.456

 

 

 

Total Assets

56.379.165

58.404.324

 

 

 

Current Assets

45.470.442

48.255.692

 

 

 

Non-Current Assets

10.908.723

10.148.632

 

 

 

Current Liabilities

34.534.364

41.199.863

 

 

 

Long-Term Liabilities

7.810.428

2.080.005

 

 

 

Gross Profit (loss)

6.221.216

5.882.546

2.406.644

 

 

Operating Profit (loss)

-589.874

-71.430

380.629

 

 

Net Profit (loss)

-6.657.395

-6.080.716

-2.040.928

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.03.2013

Liquidity

Insufficient As of 31.03.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

Operating Loss (01.04.2011-31.03.2012)

Net Loss (01.04.2011-31.03.2012)

Operating Loss (01.04.2012-31.03.2013)

Net Loss (01.04.2012-31.03.2013)

Fair Operating Profitability (01.04-30.06.2013)

Net Loss (01.04-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.04.2012-31.03.2013

General Financial Position

Not 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

 

BALANCE SHEETS

 

 

 ( 31.03.2012 )  TL

 

 ( 31.03.2013 )  TL

 

CURRENT ASSETS

45.470.442

0,81

48.255.692

0,83

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

210.423

0,00

84.341

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

21.167.644

0,38

21.979.275

0,38

Other Receivable

0

0,00

0

0,00

Inventories

15.944.483

0,28

15.736.994

0,27

Advances Given

3.580.016

0,06

3.922.081

0,07

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

4.567.876

0,08

6.533.001

0,11

NON-CURRENT ASSETS

10.908.723

0,19

10.148.632

0,17

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

8.122

0,00

8.122

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.832.255

0,19

10.062.420

0,17

Intangible Assets

34.646

0,00

78.090

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

33.700

0,00

0

0,00

TOTAL ASSETS

56.379.165

1,00

58.404.324

1,00

CURRENT LIABILITIES

34.534.364

0,61

41.199.863

0,71

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

13.177.280

0,23

26.135.402

0,45

Accounts Payable

16.274.690

0,29

10.669.830

0,18

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

197.748

0,00

223.814

0,00

Advances from Customers

3.882.853

0,07

2.786.331

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

569.038

0,01

1.175.332

0,02

Provisions

432.755

0,01

209.154

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

7.810.428

0,14

2.080.005

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

5.771.593

0,10

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

2.038.835

0,04

2.080.005

0,04

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

14.034.373

0,25

15.124.456

0,26

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

15.000.000

0,27

28.673.070

0,49

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

13.673.070

0,24

7.170.800

0,12

Accumulated Losses(-)

-7.981.302

-0,14

-14.638.698

-0,25

Net Profit (loss)

-6.657.395

-0,12

-6.080.716

-0,10

TOTAL LIABILITIES AND EQUITY

56.379.165

1,00

58.404.324

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

 

 

(01.04.2011-31.03.2012) TL

 

(01.04.2012-31.03.2013) TL

 

(01.04-30.06.2013) TL

 

Net Sales

38.064.298

1,00

33.495.085

1,00

14.772.374

1,00

Cost of Goods Sold

31.843.082

0,84

27.612.539

0,82

12.365.730

0,84

Gross Profit

6.221.216

0,16

5.882.546

0,18

2.406.644

0,16

Operating Expenses

6.811.090

0,18

5.953.976

0,18

2.026.015

0,14

Operating Profit

-589.874

-0,02

-71.430

0,00

380.629

0,03

Other Income

5.953.044

0,16

2.197.881

0,07

497.079

0,03

Other Expenses

1.801.767

0,05

2.147.725

0,06

450.845

0,03

Financial Expenses

10.218.798

0,27

6.059.442

0,18

2.467.791

0,17

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

-6.657.395

-0,17

-6.080.716

-0,18

-2.040.928

-0,14

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-6.657.395

-0,17

-6.080.716

-0,18

-2.040.928

-0,14

 

 

FINANCIAL RATIOS

 

 

(01.04.2011-31.03.2012)

(01.04.2012-31.03.2013)

LIQUIDITY RATIOS

 

 

Current Ratio

1,32

1,17

Acid-Test Ratio

0,62

0,54

Cash Ratio

0,01

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,27

Short-term Receivable/Total Assets

0,38

0,38

Tangible Assets/Total Assets

0,19

0,17

TURNOVER RATIOS

 

 

Inventory Turnover

2,00

1,75

Stockholders' Equity Turnover

2,71

2,21

Asset Turnover

0,68

0,57

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,26

Current Liabilities/Total Assets

0,61

0,71

Financial Leverage

0,75

0,74

Gearing Percentage

3,02

2,86

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,47

-0,40

Operating Profit Margin

-0,02

0,00

Net Profit Margin

-0,17

-0,18

Interest Cover

0,35

0,00

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

200,27

236,32

Average Payable Period (days)

183,99

139,11

WORKING CAPITAL

10936078,00

7055829,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.14

UK Pound

1

Rs.100.48

Euro

1

Rs.84.37

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.