MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

 

 

Tel. No.:

+90(312) 447 94 44

Fax No.:

+90(312) 448 16 19

 

IDENTIFICATION DETAILS

 

Name :

NTF INSAAT TICARET LTD. STI.

 

 

Registered Office :

Kiz Kulesi Sok. No: 12 Gaziosmanpasa Cankaya Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014 (Income Statements)

31.12.2013 (Balance Sheets)

 

 

Year of Establishments :

1995

 

 

Com. Reg. No.:

119264

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Engaged in Construction of Dams Hydraulic Power Plants, Small Dams, Pumping Stations, Irrigation and Drainage Networks Domestic Water Supply Pipelines, Waste Water Tunnels By Tbm Galleries, Excavation and Filling Works Infrastructure Facilities, High Way, High Way Tunnels, Bridges, Viaducs and Aquaducts Industry Facilities as well as Ports

 

 

No of Employees :

50

 

 

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 but Correct

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

NOTES                                     : Full name of the firm was missing at your inquiry.

 

COMPANY IDENTIFICATION

 

 

NAME

:

NTF INSAAT TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kiz Kulesi Sok. No: 12 Gaziosmanpasa Cankaya Ankara / Turkey

PHONE NUMBER

:

90-312-447 94 44

 

FAX NUMBER

:

90-312-446 00 93

 

WEB-ADDRESS

:

www.ntf.com

E-MAIL

:

info@ntf.com

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Cumhuriyet

TAX NO

:

6320008612

REGISTRATION NUMBER

:

119264

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1995

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   64.000.000

PAID-IN CAPITAL

:

TL   64.000.000

HISTORY

:

Previous Registered Capital

:

TL 35.000.000

Changed On

:

30.12.2013 (Commercial Gazette Date /Number 03.01.2014/ 8478)

Previous Address

:

Kizkulesi Sok. No:12 Gaziosmanpasa Cankaya Ankara

Changed On

:

29.12.2009 (Commercial Gazette Date /Number 04.01.2010/ 7471)

Previous Address

:

Yasam Cad. Ak Plaza No:7 Kat:2 Sogutozu Yenimahalle Ankara

Changed On

:

26.08.2010 (Commercial Gazette Date /Number 01.09.2010/ 7640)

Previous Address

:

Yasam Cad. Ak Plaza No:7 Kat:13 Daire:43 Yenimahalle Ankara

Changed On

:

10.01.2012 (Commercial Gazette Date /Number 13.01.2012/ 7983)

Previous Shareholder

:

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

Changed On

:

05.01.2012 (Commercial Gazette Date /Number 10.01.2012/ 7980)

Other Changes

:

The subject was firstly established in Adana in 1995 and registered at Adana Commercial Registry with registration number “29514”. Then it moved to Ankara in 1996 and registered at Ankara Commercial Registry with registration number “119264”.

Changed On

:

 (Commercial Gazette Date /Number 11.06.1996/ 4056)

 

 

 

PREVIOUS SHAREHOLDERS

:

Firat Eren

91 %

Nil Eren

9 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Eren Insaat Ticaret ve Sanayi Ltd. Sti.

91 %

Nil Eren

9 %

 

 

SISTER COMPANIES

:

EREN INSAAT TICARET VE SANAYI LTD. STI.

FD SONDAJ ZEMIN ETUDU VE INSAAT TICARET LTD. STI.

FME HAVA TASIMACILIGI TURIZM SANAYI VE TICARET LTD. STI.

ONK ELEKTRIK URETIM SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

FME HAVA TASIMACILIGI TURIZM SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Yasar Eren

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Engaged in Construction of Dams Hydraulic Power Plants, Small Dams, Pumping Stations, Irrigation and Drainage Networks Domestic Water Supply Pipelines, Waste Water Tunnels By Tbm Galleries, Excavation and Filling Works Infrastructure Facilities, High Way, High Way Tunnels, Bridges, Viaducs and Aquaducts Industry Facilities as well as Ports

 

 

 

UNDERTAKEN PROJECTS

:

Name of Project :Construction of highway - Place Of Project :Trabzon

 

Name of Project :Construction of Sadak Dam - Place Of Project :Gumushane-Turkey

 

Name of Project :Construction of Yenisehir Cicekozu Pond - Place Of Project :Bursa-Turkey

 

NACE CODE

:

F .45.21

 

SECTOR

:

Construction

 

NUMBER OF EMPLOYEES

:

50

 

REMARKS ON NUMBER OF EMPLOYEES

:

The subject also uses subcontractors.

NET SALES

:

754.693 TL Thousand

(2012) 

14.739 TL Thousand

(2013) 

1.376 TL Thousand

(01.01-30.09.2014) 

 

 

IMPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-30.11.2014)

 

 

EXPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-30.11.2014)

 

 

HEAD OFFICE ADDRESS

:

Kiz Kulesi Sok. No: 12 Gaziosmanpasa Cankaya Ankara / Turkey

 

 

 

TREND OF BUSINESS

:

The net sales appears to be fluctuating but  this is a normal case for firms operating on project basis  as firms operating on project basis  can not register their income at the income statement unless the project has been totally completed.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Ulus Branch

Yapi ve Kredi Bankasi Baskent Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in this year some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

 

 

 

Net Sales

14.739

1.376

 

 

 

Profit (Loss) Before Tax

-3.072

-828

 

 

 

Stockholders' Equity

71.048

 

 

 

 

Total Assets

434.589

 

 

 

 

Current Assets

349.846

 

 

 

 

Non-Current Assets

84.743

 

 

 

 

Current Liabilities

236.430

 

 

 

 

Long-Term Liabilities

127.111

 

 

 

 

Gross Profit (loss)

-5.978

1.376

 

 

 

Operating Profit (loss)

-6.385

1.257

 

 

 

Net Profit (loss)

-3.072

-828

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness and loans from shareholders.

 

Profitability

Not Profitable  in 2013

 

Remarks on Profitability

The income statement does not point out the real profitability of firms operating on project basis as such firms can not register their income at the income statement unless the project has been totally completed. The real indicator of profitability of firms operating on project basis is the gap between the “accumulated construction income+ advances from customers” and “accumulated construction expense”. 

 

This gap reveals that, the firm was not profitable from its projects.

 

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

349.846

0,81

 

 

Not Detailed Current Assets

0

0,00

 

 

Cash and Banks

1.062

0,00

 

 

Marketable Securities

0

0,00

 

 

Account Receivable

28.243

0,06

 

 

Other Receivable

1.018

0,00

 

 

Inventories

10.148

0,02

 

 

Advances Given

10.322

0,02

 

 

Accumulated Construction Expense

290.114

0,67

 

 

Other Current Assets

8.939

0,02

 

 

NON-CURRENT ASSETS

84.743

0,19

 

 

Not Detailed Non-Current Assets

0

0,00

 

 

Long-term Receivable

55

0,00

 

 

Financial Assets

29.859

0,07

 

 

Tangible Fixed Assets (net)

24.454

0,06

 

 

Intangible Assets

23.097

0,05

 

 

Deferred Tax Assets

0

0,00

 

 

Other Non-Current Assets

7.278

0,02

 

 

TOTAL ASSETS

434.589

1,00

 

 

CURRENT LIABILITIES

236.430

0,54

 

 

Not Detailed Current Liabilities

0

0,00

 

 

Financial Loans

2.834

0,01

 

 

Accounts Payable

11.359

0,03

 

 

Loans from Shareholders

0

0,00

 

 

Other Short-term Payable

3.003

0,01

 

 

Advances from Customers

14.171

0,03

 

 

Accumulated Construction Income

203.263

0,47

 

 

Taxes Payable

1.711

0,00

 

 

Provisions

0

0,00

 

 

Other Current Liabilities

89

0,00

 

 

LONG-TERM LIABILITIES

127.111

0,29

 

 

Not Detailed Long-term Liabilities

0

0,00

 

 

Financial Loans

27.742

0,06

 

 

Securities Issued

0

0,00

 

 

Long-term Payable

44.412

0,10

 

 

Loans from Shareholders

22.743

0,05

 

 

Other Long-term Liabilities

7.743

0,02

 

 

Provisions

24.471

0,06

 

 

STOCKHOLDERS' EQUITY

71.048

0,16

 

 

Not Detailed Stockholders' Equity

0

0,00

 

 

Paid-in Capital

64.000

0,15

 

 

Cross Shareholding Adjustment of Capital

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

 

 

Reserves

100.801

0,23

 

 

Revaluation Fund

0

0,00

 

 

Accumulated Losses(-)

-90.681

-0,21

 

 

Net Profit (loss)

-3.072

-0,01

 

 

TOTAL LIABILITIES AND EQUITY

434.589

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:1.018,Other Receivable Total:1.018 

 

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 589 of the other income is due to "Other Extraordinary Income" .

 

At the last income statement TL thousand 2.690 of the other expenses is due to "Other Extraordinary Expenses and Losses" .                   

 

 

INCOME STATEMENTS

 

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

14.739

1,00

1.376

1,00

Cost of Goods Sold

20.717

1,41

0

0,00

Gross Profit

-5.978

-0,41

1.376

1,00

Operating Expenses

407

0,03

119

0,09

Operating Profit

-6.385

-0,43

1.257

0,91

Other Income

6.378

0,43

813

0,59

Other Expenses

2.926

0,20

2.701

1,96

Financial Expenses

139

0,01

197

0,14

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-3.072

-0,21

-828

-0,60

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-3.072

-0,21

-828

-0,60

 

 

FINANCIAL RATIOS

 

 

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,48

 

Acid-Test Ratio

0,13

 

Cash Ratio

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

 

Short-term Receivable/Total Assets

0,07

 

Tangible Assets/Total Assets

0,06

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,04

 

Stockholders' Equity Turnover

0,21

 

Asset Turnover

0,03

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,16

 

Current Liabilities/Total Assets

0,54

 

Financial Leverage

0,84

 

Gearing Percentage

5,12

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,04

 

Operating Profit Margin

-0,43

 

Net Profit Margin

-0,21

 

Interest Cover

-21,10

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

691,18

 

Average Payable Period (days)

969,13

 

WORKING CAPITAL

113416,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.30

Euro

1

Rs.79.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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.