|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOREL YAPI MIMARLIK VE INSAAT LTD. STI. |
|
|
|
|
Registered Office : |
Kizilirmak Sokak No:12/7 Kavaklidere Cankaya Ankara |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.06.2008 |
|
|
|
|
Com. Reg. No.: |
254433 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
The subject deals with construction mainly in abroad. The subject also
deals with manufacture and trade of fabric in Azerbaijan. |
|
|
|
|
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 – March 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
|
NAME |
: |
BOREL YAPI MIMARLIK VE INSAAT LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Kizilirmak Sokak No:12/7 Kavaklidere Cankaya Ankara / Turkey |
|
PHONE NUMBER |
: |
90-312-425 27 97 90-312-425 27 98 |
|
FAX NUMBER |
: |
90-312-425 27 87 |
|
TAX OFFICE |
: |
Cumhuriyet |
|||||||||||||||
|
TAX NO |
: |
1800430221 |
|||||||||||||||
|
REGISTRATION NUMBER |
: |
254433 |
|||||||||||||||
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
|||||||||||||||
|
DATE ESTABLISHED |
: |
05.06.2008 |
|||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
10.06.2008/7080 |
|||||||||||||||
|
LEGAL FORM |
: |
Limited Company |
|||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 200.000 |
|||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 200.000 |
|||||||||||||||
|
HISTORY |
: |
|
|||||||||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
SISTER COMPANIES |
: |
BES CIZGI ULUSLARARASI TASIMACILIK SANAYI VE DIS TICARET LTD. STI. |
||||||
|
SUBSIDIARIES |
: |
None |
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
The subject deals with construction mainly in abroad. The subject also
deals with manufacture and trade of fabric in Azerbaijan. The firm has declared that, it started manufacturing of fabric in
Azerbaijan in September 2012. The subject has 2 factories in Azerbaijan. |
||||||||||||
|
NACE CODE |
: |
F .45.21 |
||||||||||||
|
NUMBER OF EMPLOYEES |
: |
9 |
||||||||||||
|
REMARKS ON NUMBER OF EMPLOYEES |
: |
The subject also uses subcontractors. |
||||||||||||
|
NET SALES |
: |
|
||||||||||||
|
REMARKS ON NET SALES |
: |
As the firm’s business activities are mainly in abroad, the financial
figures of business activities in abroad are not kept at the statements in Turkey.
The figures of business activities in abroad are kept at the of its branches
in abroad. |
||||||||||||
|
IMPORT COUNTRIES |
: |
European Countries |
||||||||||||
|
MERCHANDISE IMPORTED |
: |
Construction materials Machinery |
||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||
|
EXPORT COUNTRIES |
: |
Azerbaijan |
||||||||||||
|
MERCHANDISE EXPORTED |
: |
Construction materials for its investment Machinery for its investment |
||||||||||||
|
HEAD OFFICE ADDRESS |
: |
Kizilirmak Sokak No:12/7 Kavaklidere Cankaya Ankara / Turkey |
||||||||||||
|
BRANCHES |
: |
Branch Office : /Azerbaijan Branch Office : /Ukraine |
|
TREND OF BUSINESS |
: |
Fluctuating |
|
SIZE OF BUSINESS |
: |
Large |
|
MAIN DEALING BANKS |
: |
Turkland Bank Bakanliklar Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Not in order As of 31.12.2013 |
|
Liquidity |
Good As of 31.12.2013 |
|
Remarks On Liquidity |
The favorable gap between average collection and average payable
period has a positive effect on liquidity. |
|
Profitability |
Operating Loss in 2010 Net Loss in 2010 High Operating Profitability in
2011 High Net Profitability in 2011 Low Operating Profitability in
2012 Fair Net Profitability in 2012 In Order Operating Profitability
in 2013 In Order Net Profitability in
2013 |
|
Gap between average collection and payable periods |
Favorable in 2013 |
|
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 |
|
( 01.01-31.05.2014) |
5,06 % |
2,1665 |
2,9715 |
3,6133 |
|
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
( 31.12.2012 ) TL |
|
( 31.12.2013 ) TL Thousand |
|
|
CURRENT ASSETS |
511.542 |
0,72 |
11.282.459 |
0,99 |
1.876.934 |
0,96 |
48.189 |
0,99 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
490.529 |
0,69 |
4.617.820 |
0,40 |
75.812 |
0,04 |
31.693 |
0,65 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
0 |
0,00 |
0 |
0,00 |
880.580 |
0,45 |
77 |
0,00 |
|
Other Receivable |
4.939 |
0,01 |
55.301 |
0,00 |
400.214 |
0,20 |
849 |
0,02 |
|
Inventories |
6.807 |
0,01 |
110.779 |
0,01 |
53.311 |
0,03 |
1.759 |
0,04 |
|
Advances Given |
0 |
0,00 |
6.022.375 |
0,53 |
397.367 |
0,20 |
13.703 |
0,28 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
9.267 |
0,01 |
476.184 |
0,04 |
69.650 |
0,04 |
108 |
0,00 |
|
NON-CURRENT ASSETS |
194.494 |
0,28 |
151.182 |
0,01 |
78.040 |
0,04 |
411 |
0,01 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
10 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
150.042 |
0,21 |
100.098 |
0,01 |
76.313 |
0,04 |
337 |
0,01 |
|
Intangible Assets |
552 |
0,00 |
276 |
0,00 |
0 |
0,00 |
2 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
43.900 |
0,06 |
50.808 |
0,00 |
1.727 |
0,00 |
62 |
0,00 |
|
TOTAL ASSETS |
706.036 |
1,00 |
11.433.641 |
1,00 |
1.954.974 |
1,00 |
48.600 |
1,00 |
|
CURRENT LIABILITIES |
605.917 |
0,86 |
11.138.629 |
0,97 |
1.001.281 |
0,51 |
47.010 |
0,97 |
|
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 |
16.074 |
0,02 |
1.961 |
0,00 |
422.185 |
0,22 |
2.126 |
0,04 |
|
Loans from Shareholders |
108.184 |
0,15 |
0 |
0,00 |
522.305 |
0,27 |
200 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
481.659 |
0,68 |
11.100.252 |
0,97 |
0 |
0,00 |
44.589 |
0,92 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
0 |
0,00 |
626 |
0,00 |
1.917 |
0,00 |
4 |
0,00 |
|
Provisions |
0 |
0,00 |
19.100 |
0,00 |
54.874 |
0,03 |
88 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
16.690 |
0,00 |
0 |
0,00 |
3 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
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 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
100.119 |
0,14 |
295.012 |
0,03 |
953.693 |
0,49 |
1.590 |
0,03 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
5.000 |
0,01 |
200.000 |
0,02 |
200.000 |
0,10 |
200 |
0,00 |
|
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 |
131.132 |
0,19 |
37.013 |
0,00 |
131.025 |
0,07 |
790 |
0,02 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
-36.013 |
0,00 |
-36.013 |
-0,02 |
-36 |
0,00 |
|
Net Profit (loss) |
-36.013 |
-0,05 |
94.012 |
0,01 |
658.681 |
0,34 |
636 |
0,01 |
|
TOTAL LIABILITIES AND EQUITY |
706.036 |
1,00 |
11.433.641 |
1,00 |
1.954.974 |
1,00 |
48.600 |
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:849, Other Receivable
Total:849 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 4.726 of the other income is
due to "Profit from Foreign Currency Exchange". At the last income statement TL thousand 5.293 of the other expenses
is due to "Loss from Foreign Currency Exchange" . |
|
|
(2010) TL |
|
(2011) TL |
|
(2012) TL |
|
(2013) TL
Thousand |
|
|
Net Sales |
252.878 |
1,00 |
593.191 |
1,00 |
38.847.947 |
1,00 |
21.271 |
1,00 |
|
Cost of Goods Sold |
221.557 |
0,88 |
375.857 |
0,63 |
35.968.074 |
0,93 |
17.883 |
0,84 |
|
Gross Profit |
31.321 |
0,12 |
217.334 |
0,37 |
2.879.873 |
0,07 |
3.388 |
0,16 |
|
Operating Expenses |
94.654 |
0,37 |
84.745 |
0,14 |
2.520.374 |
0,06 |
2.351 |
0,11 |
|
Operating Profit |
-63.333 |
-0,25 |
132.589 |
0,22 |
359.499 |
0,01 |
1.037 |
0,05 |
|
Other Income |
181.505 |
0,72 |
586.072 |
0,99 |
1.525.638 |
0,04 |
5.087 |
0,24 |
|
Other Expenses |
144.414 |
0,57 |
599.116 |
1,01 |
1.056.282 |
0,03 |
5.322 |
0,25 |
|
Financial Expenses |
9.771 |
0,04 |
0 |
0,00 |
0 |
0,00 |
0 |
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 |
-36.013 |
-0,14 |
119.545 |
0,20 |
828.855 |
0,02 |
802 |
0,04 |
|
Tax Payable |
0 |
0,00 |
25.533 |
0,04 |
170.174 |
0,00 |
166 |
0,01 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-36.013 |
-0,14 |
94.012 |
0,16 |
658.681 |
0,02 |
636 |
0,03 |
|
|
(2010) |
(2011) |
(2012) |
(2013) |
|
LIQUIDITY RATIOS |
|
|||
|
Current Ratio |
0,84 |
1,01 |
1,87 |
1,03 |
|
Acid-Test Ratio |
0,82 |
0,42 |
1,35 |
0,69 |
|
Cash Ratio |
0,81 |
0,41 |
0,08 |
0,67 |
|
ASSET STRUCTURE RATIOS |
|
|||
|
Inventory/Total Assets |
0,01 |
0,01 |
0,03 |
0,04 |
|
Short-term Receivable/Total Assets |
0,01 |
0,00 |
0,66 |
0,02 |
|
Tangible Assets/Total Assets |
0,21 |
0,01 |
0,04 |
0,01 |
|
TURNOVER RATIOS |
|
|||
|
Inventory Turnover |
32,55 |
3,39 |
674,68 |
10,17 |
|
Stockholders' Equity Turnover |
2,53 |
2,01 |
40,73 |
13,38 |
|
Asset Turnover |
0,36 |
0,05 |
19,87 |
0,44 |
|
FINANCIAL STRUCTURE |
|
|||
|
Stockholders' Equity/Total Assets |
0,14 |
0,03 |
0,49 |
0,03 |
|
Current Liabilities/Total Assets |
0,86 |
0,97 |
0,51 |
0,97 |
|
Financial Leverage |
0,86 |
0,97 |
0,51 |
0,97 |
|
Gearing Percentage |
6,05 |
37,76 |
1,05 |
29,57 |
|
PROFITABILITY RATIOS |
|
|||
|
Net Profit/Stockholders' Eq. |
-0,36 |
0,32 |
0,69 |
0,40 |
|
Operating Profit Margin |
-0,25 |
0,22 |
0,01 |
0,05 |
|
Net Profit Margin |
-0,14 |
0,16 |
0,02 |
0,03 |
|
Interest Cover |
-2,69 |
|
|
|
|
COLLECTION-PAYMENT |
|
|||
|
Average Collection Period (days) |
0,00 |
0,00 |
8,16 |
1,47 |
|
Average Payable Period (days) |
26,12 |
1,88 |
4,23 |
42,80 |
|
WORKING CAPITAL |
-94375,00 |
143830,00 |
875653,00 |
1179,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.30 |
|
UK Pound |
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.