MIRA INFORM REPORT

 

 

Report Date :

15.02.2014

 

IDENTIFICATION DETAILS

 

Name :

ETIS INDUSTRIAL METAL PLATING PLANTS PROD LTD

 

 

Registered Office :

Hasanaga Organize Sanayi Bolgesi 8. Cad. No:9 Nilufer Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.12.2003

 

 

Com. Reg. No.:

55248

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Design, manufacturing, assembly and installation of automatic – semi automatic metal plating plants.  The firm also deals with metal plating.

 

 

No. of Employees :

40

 

 

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 – December 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

:

ETIS ENDUSTRIYEL METAL KAPLAMA TESISLERI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hasanaga Organize Sanayi Bolgesi 8. Cad. No:9 Nilufer Bursa / Turkey

PHONE NUMBER

:

90-224-483 35 35

90-224-483 36 31

 

FAX NUMBER

:

90-224-483 36 33

 

WEB-ADDRESS

:

www.etis.com.tr

E-MAIL

:

etis@etis.com.tr

 

REMARKS

:

The name stated at your inquiry is the name of "ETIS ENDUSTRIYEL METAL KAPLAMA TESISLERI SANAYI VE TICARET LTD. STI." in English.

 

Address at your inquiry is not the registered head office but another premise.

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

3810317199

REGISTRATION NUMBER

:

55248

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

 

DATE ESTABLISHED

:

31.12.2003

ESTABLISHMENT GAZETTE DATE/NO

:

05.02.2004/5980

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  5.000.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

22.05.2012 (Commercial Gazette Date /Number 31.05.2012/ 8080)

Previous Address

:

Gorukle Sanayi Bolgesi Izmir Yolu 22. Km Gorukle - Bursa

Changed On

:

10.07.2013 (Commercial Gazette Date /Number 16.07.2013/ 8364)

Previous Address

:

Gorukle Sanayi Bolgesi Behramkale Cad. No:16 Nilufer - Bursa

Changed On

:

27.11.2013 (Commercial Gazette Date /Number 05.12.2013/ 8458)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ibrahim Dogangun

70 %

Ahmet Bozkurt

30 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ibrahim Dogangun

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Design, manufacturing, assembly and installation of automatic – semi automatic metal plating plants.  The firm also deals with metal plating.

 

NACE CODE

:

DJ.28.51

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

4.672.980 TL

(2010) 

3.958.467 TL

(2011) 

8.476 TL Thousand

(2012) 

5.233 TL Thousand

(01.01-30.09.2013) 

 

 

 

IMPORT COUNTRIES

:

Germany

Czech Republic

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

656.277 TL

(2010)

1.327.142 TL

(2011)

6.095 TL Thousand

(2012)

3.088 TL Thousand

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Germany

India

Ukraine

 

MERCHANDISE  EXPORTED

:

Metal plating systems

 

HEAD OFFICE ADDRESS

:

Hasanaga Organize Sanayi Bolgesi 8. Cad. No:9 Nilufer  Bursa / Turkey

 

BRANCHES

:

Processing Plant  :  Gorukle Sanayi Bolgesi Behramkale Cad. No:16 Nilufer Bursa/Turkey

 

Head Office/Processing Plant  :  Hasanaga Organize Sanayi Bolgesi 8. Cad. No:9 Nilufer Bursa/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Besevler Sanayi Branch

Garanti Bankasi Organize Sanayi Bolgesi Branch

T. Halk Bankasi Kucuk Sanayi 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

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

 

Net Sales

4.672.980

3.958.467

8.476

5.233

 

Profit (Loss) Before Tax

736.723

-376.107

301

104

 

Stockholders' Equity

2.254.915

1.878.808

2.493

 

 

Total Assets

5.335.206

8.571.524

7.183

 

 

Current Assets

3.122.150

4.170.944

2.398

 

 

Non-Current Assets

2.213.056

4.400.580

4.785

 

 

Current Liabilities

3.080.291

6.692.716

3.175

 

 

Long-Term Liabilities

0

0

1.515

 

 

Gross Profit (loss)

1.323.026

379.063

1.354

895

 

Operating Profit (loss)

792.715

-98.359

486

336

 

Net Profit (loss)

587.042

-376.107

281

104

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

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

Operating Loss  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability (01.01-30.09.2013)

Fair Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

3.122.150

0,59

4.170.944

0,49

2.398

0,33

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

600.010

0,11

1.446.275

0,17

342

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.108.131

0,21

872.495

0,10

1.130

0,16

Other Receivable

119.784

0,02

0

0,00

0

0,00

Inventories

860.525

0,16

742.066

0,09

316

0,04

Advances Given

269.882

0,05

589.070

0,07

230

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

163.818

0,03

521.038

0,06

380

0,05

NON-CURRENT ASSETS

2.213.056

0,41

4.400.580

0,51

4.785

0,67

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)

2.181.429

0,41

4.356.513

0,51

4.732

0,66

Intangible Assets

31.627

0,01

44.067

0,01

35

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

18

0,00

TOTAL ASSETS

5.335.206

1,00

8.571.524

1,00

7.183

1,00

CURRENT LIABILITIES

3.080.291

0,58

6.692.716

0,78

3.175

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.157.379

0,22

2.230.160

0,26

1.767

0,25

Accounts Payable

342.534

0,06

1.228.192

0,14

545

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

25.665

0,00

63.969

0,01

55

0,01

Advances from Customers

1.522.684

0,29

3.135.405

0,37

749

0,10

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

32.029

0,01

52.555

0,01

58

0,01

Provisions

0

0,00

-17.565

0,00

1

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

1.515

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

1.515

0,21

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

2.254.915

0,42

1.878.808

0,22

2.493

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

2.493

0,35

Paid-in Capital

100.000

0,02

100.000

0,01

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

7.053

0,00

7.053

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

1.560.820

0,29

2.147.862

0,25

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

587.042

0,11

-376.107

-0,04

0

0,00

TOTAL LIABILITIES AND EQUITY

5.335.206

1,00

8.571.524

1,00

7.183

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.

 

At the last income statement, TL thousand 182 of the other income is due to "Other Extraordinary Income".

 

At the last income statement TL thousand 227 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

4.672.980

1,00

3.958.467

1,00

8.476

1,00

5.233

1,00

Cost of Goods Sold

3.349.954

0,72

3.579.404

0,90

7.122

0,84

4.338

0,83

Gross Profit

1.323.026

0,28

379.063

0,10

1.354

0,16

895

0,17

Operating Expenses

530.311

0,11

477.422

0,12

868

0,10

559

0,11

Operating Profit

792.715

0,17

-98.359

-0,02

486

0,06

336

0,06

Other Income

87.268

0,02

390.295

0,10

77

0,01

201

0,04

Other Expenses

99.812

0,02

609.664

0,15

52

0,01

249

0,05

Financial Expenses

43.448

0,01

58.379

0,01

210

0,02

184

0,04

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

736.723

0,16

-376.107

-0,10

301

0,04

104

0,02

Tax Payable

149.681

0,03

0

0,00

20

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

587.042

0,13

-376.107

-0,10

281

0,03

104

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,01

0,62

0,76

Acid-Test Ratio

0,59

0,35

0,46

Cash Ratio

0,19

0,22

0,11

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,09

0,04

Short-term Receivable/Total Assets

0,23

0,10

0,16

Tangible Assets/Total Assets

0,41

0,51

0,66

TURNOVER RATIOS

 

 

Inventory Turnover

3,89

4,82

22,54

Stockholders' Equity Turnover

2,07

2,11

3,40

Asset Turnover

0,88

0,46

1,18

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,22

0,35

Current Liabilities/Total Assets

0,58

0,78

0,44

Financial Leverage

0,58

0,78

0,65

Gearing Percentage

1,37

3,56

1,88

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,26

-0,20

0,11

Operating Profit Margin

0,17

-0,02

0,06

Net Profit Margin

0,13

-0,10

0,03

Interest Cover

17,96

-5,44

2,43

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,37

79,35

47,99

Average Payable Period (days)

36,81

123,53

27,55

WORKING CAPITAL

41859,00

-2521772,00

-777,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.27

UK Pound

1

Rs.103.66

Euro

1

Rs.84.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.