MIRA INFORM REPORT

 

 

Report Date :

03.12.2014

 

IDENTIFICATION DETAILS

 

Name :

CANLAR MAKINA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ulas Mah. Motoryerleri Kume Evler No:6 Ergene 2 Osb Ergene Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

5179

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile machineries and spare parts.

 

 

No of Employees :

108

 

 

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 :

Good

Payment Behaviour :

Regular

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

CANLAR MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ulas Mah. Motoryerleri Kume Evler No:6 Ergene 2 Osb Ergene Tekirdag / Turkey

PHONE NUMBER

:

90-282-655 64 70

 

FAX NUMBER

:

90-282-655 64 34

 

WEB-ADDRESS

:

www.canlarmakina.com.tr

E-MAIL

:

info@canlarmakina.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Corlu

TAX NO

:

2010052341

REGISTRATION NUMBER

:

5179

REGISTERED OFFICE

:

Corlu Chamber of Commerce and Industry

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE/NO

:

01.10.1997/4388

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   14.800.000

PAID-IN CAPITAL

:

TL   14.800.000

HISTORY

:

Previous Registered Capital

:

TL 4.100.000

Changed On

:

13.06.2008 (Commercial Gazette Date /Number 18.06.2008/ 7086)

Previous Registered Capital

:

TL 4.500.000

Changed On

:

14.09.2010 (Commercial Gazette Date /Number 23.09.2010/ 7654)

Previous Address

:

Motoryerleri Mevkii Ulas CorluTekirdag

Changed On

:

27.05.2014 (Commercial Gazette Date /Number 04.06.2014/ 8583)

Merger

:

The subject took over and merged with “T.A.C. Makina Sanayi ve Ticaret Ltd. Sti.”

Changed On

:

13.06.2008 (Commercial Gazette Date /Number 18.06.2008/ 7086)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ali Cakici

50 %

Mumin Ayan

50 %

 

 

SISTER COMPANIES

:

CANLAR OTOMASYON SANAYI VE TICARET LTD. STI.

 

HALE MAKINA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ali Cakici                                                                                                                                                                                                                                                                                   

 

Mumin Ayan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile machineries and spare parts.

 

NACE CODE

:

DK.29.54

 

TRADEMARKS OWNED

:

Canlar

 

NUMBER OF EMPLOYEES

:

108

 

NET SALES

:

19.489.945 TL

(2006) 

18.157.162 TL

(2007) 

17.072.825 TL

(2008) 

11.119.169 TL

(2009) 

16.020.424 TL

(2010) 

9.265.311 TL

(2011) 

23.497 TL Thousand

(2012) 

33.222 TL Thousand

(2013) 

15.617 TL Thousand

(01.01-30.06.2014) 

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

Italy

Canada

 

MERCHANDISE IMPORTED

:

Pipes

Spare parts

 

EXPORT VALUE

:

4.451.402 TL

(2006)

6.038.880 TL

(2007)

2.986.390 TL

(2008)

703.965 TL

(2009)

4.205.116 TL

(2010)

2.202.174 TL

(2011)

8.532 TL Thousand

(2012)

14.376 TL Thousand

(2013)

5.564 TL Thousand

(01.01-30.06.2014)

 

 

EXPORT COUNTRIES

:

Bangladesh

Philippines

India

Iran

Syria

Peru

Ecuador

Egypt

Uzbekistan

 

MERCHANDISE  EXPORTED

:

Textile machinery

 

HEAD OFFICE ADDRESS

:

Ulas Mah. Motoryerleri Kume Evler No:6 Ergene 2 Osb Ergene  Tekirdag / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Ulas Mah. Motoryerleri Kume Evler No:6 Ergene 2 Osb Ergene Tekirdag/Turkey   

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Corlu Branch

Garanti Bankasi Corlu 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

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.06.2014) TL Thousand

Net Sales

16.020.424

9.265.311

23.497

33.222

15.617

Profit (Loss) Before Tax

6.462.246

3.261.523

5.636

14.833

5.495

Stockholders' Equity

21.465.768

19.418.060

23.921

35.751

 

Total Assets

29.503.280

35.184.399

38.955

52.411

 

Current Assets

25.477.730

28.933.151

31.350

43.722

 

Non-Current Assets

4.025.550

6.251.248

7.605

8.689

 

Current Liabilities

8.037.512

15.766.339

15.034

16.380

 

Long-Term Liabilities

0

0

0

280

 

Gross Profit (loss)

6.470.849

3.375.905

8.882

14.572

7.595

Operating Profit (loss)

4.975.151

910.759

5.633

10.413

5.499

Net Profit (loss)

5.159.287

2.411.487

4.504

11.829

5.495

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

 

Liquidity

High As of 31.12.2013

 

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability (01.01-30.06.2014)

High Net Profitability (01.01-30.06.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-31.10.2014)

8,22 %

2,1739

2,9177

3,6143

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

25.477.730

0,86

28.933.151

0,82

31.350

0,80

43.722

0,83

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

12.716.862

0,43

7.212.012

0,20

7.837

0,20

22.453

0,43

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

7.945.796

0,27

8.239.770

0,23

10.565

0,27

12.762

0,24

 

 

Other Receivable

150.566

0,01

69.300

0,00

857

0,02

963

0,02

 

 

Inventories

2.900.950

0,10

9.907.388

0,28

9.246

0,24

5.680

0,11

 

 

Advances Given

1.080.934

0,04

1.329.890

0,04

785

0,02

173

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

682.622

0,02

2.174.791

0,06

2.060

0,05

1.691

0,03

 

 

NON-CURRENT ASSETS

4.025.550

0,14

6.251.248

0,18

7.605

0,20

8.689

0,17

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

418

0,00

418

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

3.991.979

0,14

6.204.093

0,18

7.552

0,19

8.652

0,17

 

 

Intangible Assets

14.424

0,00

21.667

0,00

26

0,00

13

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

18.729

0,00

25.070

0,00

27

0,00

24

0,00

 

 

TOTAL ASSETS

29.503.280

1,00

35.184.399

1,00

38.955

1,00

52.411

1,00

 

 

CURRENT LIABILITIES

8.037.512

0,27

15.766.339

0,45

15.034

0,39

16.380

0,31

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accounts Payable

2.174.261

0,07

3.301.556

0,09

3.600

0,09

3.932

0,08

 

 

Loans from Shareholders

75.908

0,00

0

0,00

4

0,00

68

0,00

 

 

Other Short-term Payable

63.572

0,00

111.951

0,00

151

0,00

178

0,00

 

 

Advances from Customers

4.797.861

0,16

11.545.472

0,33

10.651

0,27

11.257

0,21

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

37.200

0,00

796.262

0,02

115

0,00

131

0,00

 

 

Provisions

876.161

0,03

0

0,00

490

0,01

792

0,02

 

 

Other Current Liabilities

12.549

0,00

11.098

0,00

23

0,00

22

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

280

0,01

 

 

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

0

0,00

 

 

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

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

280

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

21.465.768

0,73

19.418.060

0,55

23.921

0,61

35.751

0,68

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

14.774.005

0,50

14.800.000

0,42

14.800

0,38

14.800

0,28

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

1.523.652

0,05

2.197.749

0,06

4.608

0,12

9.113

0,17

 

 

Revaluation Fund

8.824

0,00

8.824

0,00

9

0,00

9

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

5.159.287

0,17

2.411.487

0,07

4.504

0,12

11.829

0,23

 

 

TOTAL LIABILITIES AND EQUITY

29.503.280

1,00

35.184.399

1,00

38.955

1,00

52.411

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 279 is "Doubtful Trade Receivables" and -TL thousand 279 is "Provision for 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:963,Other Receivable Total:963     

 

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 762 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL thousand 1.015 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.06.2014) TL Thousand

 

Net Sales

16.020.424

1,00

9.265.311

1,00

23.497

1,00

33.222

1,00

15.617

1,00

Cost of Goods Sold

9.549.575

0,60

5.889.406

0,64

14.615

0,62

18.650

0,56

8.022

0,51

Gross Profit

6.470.849

0,40

3.375.905

0,36

8.882

0,38

14.572

0,44

7.595

0,49

Operating Expenses

1.495.698

0,09

2.465.146

0,27

3.249

0,14

4.159

0,13

2.096

0,13

Operating Profit

4.975.151

0,31

910.759

0,10

5.633

0,24

10.413

0,31

5.499

0,35

Other Income

3.588.163

0,22

4.083.291

0,44

939

0,04

5.264

0,16

1.017

0,07

Other Expenses

2.099.175

0,13

1.729.921

0,19

931

0,04

837

0,03

1.017

0,07

Financial Expenses

1.893

0,00

2.606

0,00

5

0,00

7

0,00

4

0,00

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

6.462.246

0,40

3.261.523

0,35

5.636

0,24

14.833

0,45

5.495

0,35

Tax Payable

1.302.959

0,08

850.036

0,09

1.132

0,05

3.004

0,09

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.159.287

0,32

2.411.487

0,26

4.504

0,19

11.829

0,36

5.495

0,35

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

3,17

1,84

2,09

2,67

 

Acid-Test Ratio

2,59

0,98

1,28

2,21

 

Cash Ratio

1,58

0,46

0,52

1,37

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,28

0,24

0,11

 

Short-term Receivable/Total Assets

0,27

0,24

0,29

0,26

 

Tangible Assets/Total Assets

0,14

0,18

0,19

0,17

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,29

0,59

1,58

3,28

 

Stockholders' Equity Turnover

0,75

0,48

0,98

0,93

 

Asset Turnover

0,54

0,26

0,60

0,63

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,73

0,55

0,61

0,68

 

Current Liabilities/Total Assets

0,27

0,45

0,39

0,31

 

Financial Leverage

0,27

0,45

0,39

0,32

 

Gearing Percentage

0,37

0,81

0,63

0,47

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,24

0,12

0,19

0,33

 

Operating Profit Margin

0,31

0,10

0,24

0,31

 

Net Profit Margin

0,32

0,26

0,19

0,36

 

Interest Cover

3414,76

1252,54

1128,20

2120,00

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

178,56

320,17

161,87

138,29

 

Average Payable Period (days)

81,97

201,81

88,68

75,90

 

WORKING CAPITAL

17440218,00

13166812,00

16316,00

27342,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.97.39

Euro

1

Rs.77.21                               

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

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

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NB

                                       New Business

 

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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.