MIRA INFORM REPORT

 

 

Report Date :

24.04.2014

 

IDENTIFICATION DETAILS

 

Name :

TEMSAN IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Organize Sanayi Bolgesi 7. Cad. No:10 Merkez Kahramanmaras

 

 

Country :

Turkey

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

01.09.2006

 

 

Com. Reg. No.:

8519

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of air conditioner and spare parts

 

 

No of Employees :

9

 

 

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 :

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 – September 30, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

:

TEMSAN IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 7. Cad. No:10 Merkez Kahramanmaras / Turkey

PHONE NUMBER

:

90-344-236 44 00

 

FAX NUMBER

:

90-344-257 94 32

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Aslanbey

TAX NO

:

8380419124

REGISTRATION NUMBER

:

8519

REGISTERED OFFICE

:

Kahramanmaras Chamber of Commerce and Industry

DATE ESTABLISHED

:

01.09.2006

ESTABLISHMENT GAZETTE DATE/NO

:

20.09.2006/6646

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

05.03.2010 (Commercial Gazette Date /Number 21.04.2010/ 7548)

Previous Address

:

Yeni San. Sit. 30. Cad. No:97 Merkez Kahramanmaras

Changed On

:

02.11.2011 (Commercial Gazette Date /Number 22.11.2011/ 7945)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Cem Kesim

50 %

Can Kesim

50 %

 

 

SISTER COMPANIES

:

TEMSAN MAKINA VE TEKSTIL SANAYI TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Cem Kesim

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of air conditioner and spare parts.

 

 

NACE CODE

:

G .51.90

 

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

9

 

 

NET SALES

:

2.736.834 TL

(2009) 

4.381.571 TL

(2010) 

13.569 TL Thousand

(2011) 

11.894 TL Thousand

(2012) 

11.909 TL Thousand

(2013) 

 

 

 

CAPACITY

:

None

 

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-31.03.2014)

 

 

 

EXPORT VALUE

:

2.736.834 TL

(2009)

4.377.775 TL

(2010)

13.279.545 TL

(2011)

11.889.465 TL

(2012)

11.906.859 TL

(2013)

 

 

 

EXPORT COUNTRIES

:

Uzbekistan

Egypt

Syria

Russia

Turkmenistan

Switzerland

 

 

MERCHANDISE  EXPORTED

:

Air conditioner

Spare parts

 

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 7. Cad. No:10 Merkez  Kahramanmaras / Turkey 

 

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Istasyon Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL Thousand

(2012) TL Thousand

(2013) TL Thousand

Net Sales

4.381.571

13.569

11.894

11.909

Profit (Loss) Before Tax

65.774

223

-40

-218

Stockholders' Equity

193.247

365

326

 

Total Assets

6.565.973

7.441

4.693

 

Current Assets

6.565.973

7.441

4.693

 

Non-Current Assets

0

0

0

 

Current Liabilities

6.372.726

7.076

4.367

 

Long-Term Liabilities

0

0

0

 

Gross Profit (loss)

111.376

506

328

981

Operating Profit (loss)

-43.910

121

81

168

Net Profit (loss)

51.695

172

-40

-218

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Not in order

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Good As of 31.12.2012

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  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Net Loss  in 2012

Low Operating Profitability  in 2013

Net Loss  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL Thousand

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

6.565.973

1,00

7.441

1,00

4.693

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

500.951

0,08

907

0,12

212

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

2.197.206

0,33

5.222

0,70

2.438

0,52

Other Receivable

246.925

0,04

1.089

0,15

686

0,15

Inventories

205.851

0,03

124

0,02

27

0,01

Advances Given

3.376.622

0,51

56

0,01

1.275

0,27

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

38.418

0,01

43

0,01

55

0,01

NON-CURRENT ASSETS

0

0,00

0

0,00

0

0,00

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)

0

0,00

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

6.565.973

1,00

7.441

1,00

4.693

1,00

CURRENT LIABILITIES

6.372.726

0,97

7.076

0,95

4.367

0,93

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

64.346

0,01

567

0,08

25

0,01

Loans from Shareholders

0

0,00

0

0,00

13

0,00

Other Short-term Payable

0

0,00

0

0,00

5

0,00

Advances from Customers

6.290.837

0,96

6.241

0,84

4.254

0,91

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

3.464

0,00

27

0,00

18

0,00

Provisions

14.079

0,00

37

0,00

0

0,00

Other Current Liabilities

0

0,00

204

0,03

52

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

193.247

0,03

365

0,05

326

0,07

Not Detailed Stockholders' Equity

0

0,00

365

0,05

0

0,00

Paid-in Capital

129.394

0,02

0

0,00

130

0,03

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

56.202

0,01

0

0,00

280

0,06

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-44.044

-0,01

0

0,00

-44

-0,01

Net Profit (loss)

51.695

0,01

0

0,00

-40

-0,01

TOTAL LIABILITIES AND EQUITY

6.565.973

1,00

7.441

1,00

4.693

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.                                                                                                              

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables"  at the last balance sheet.                                                                                    

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:686, Other Receivable Total:686.                                                                                                                                        

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                              

 

At the last income statement TL thousand 1.160 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                   

At the last income statement TL thousand 1.498 of the other expenses is due to "Loss from Foreign Currency Exchange"                                      

 

 

INCOME STATEMENTS

 

(2010) TL

 

(2011) TL Thousand

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

4.381.571

1,00

13.569

1,00

11.894

1,00

11.909

1,00

Cost of Goods Sold

4.270.195

0,97

13.063

0,96

11.566

0,97

10.928

0,92

Gross Profit

111.376

0,03

506

0,04

328

0,03

981

0,08

Operating Expenses

155.286

0,04

385

0,03

247

0,02

813

0,07

Operating Profit

-43.91

-0,01

121

0,01

81

0,01

168

0,01

Other Income

397.581

0,09

763

0,06

335

0,03

1.16

0,10

Other Expenses

282.897

0,06

646

0,05

446

0,04

1.498

0,13

Financial Expenses

5

0,00

15

0,00

10

0,00

48

0,00

Minority Interests

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

Profit (loss) Before Tax

65.774

0,02

223

0,02

-40

0,00

-218

-0,02

Tax Payable

14.079

0,00

51

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

51.695

0,01

172

0,01

-40

0,00

-218

-0,02

 

 

FINANCIAL RATIOS

 

-2010

-2011

-2012

LIQUIDITY RATIOS

 

 

Current Ratio

1,03

1,05

1,07

Acid-Test Ratio

0,46

1,02

0,76

Cash Ratio

0,08

0,13

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,03

0,02

0,01

Short-term Receivable/Total Assets

0,37

0,85

0,67

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

20,74

105,35

428,37

Stockholders' Equity Turnover

22,67

37,18

36,48

Asset Turnover

0,67

1,82

2,53

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,03

0,05

0,07

Current Liabilities/Total Assets

0,97

0,95

0,93

Financial Leverage

0,97

0,95

0,93

Gearing Percentage

32,98

19,39

13,40

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,27

0,47

-0,12

Operating Profit Margin

-0,01

0,01

0,01

Net Profit Margin

0,01

0,01

0,00

Interest Cover

14,15

15,87

-3,00

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

180,53

138,55

73,79

Average Payable Period (days)

5,42

15,63

0,78

WORKING CAPITAL

193247,00

365,00

326,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.06

UK Pound

1

Rs. 102.76

Euro

1

Rs. 84.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.