|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENTA MUHENDISLIK ARITMA TAAHHUT SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Kore Sehitleri Cad. No:55/4 Zincirlikuyu Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.06.1994 |
|
|
|
|
Com. Reg. No.: |
315096 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Preparing project and contracting of
water and waste-water treatment systems |
|
|
|
|
No. of Employees : |
25 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
|
|
||
|
NAME |
: |
ENTA MUHENDISLIK ARITMA TAAHHUT SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Kore Sehitleri Cad. No:55/4 Zincirlikuyu Istanbul / Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The door number was changed from “No:45/4” to “No:55/4” by the Municipality. |
|
PHONE NUMBER |
: |
90-212-266 94 00 |
|
FAX NUMBER |
: |
90-212-267 49 96 |
|
WEB-ADDRESS |
: |
www.enta.com.tr |
|
|
: |
info@enta.com.tr |
|
|
|||||||||||||||||||||||
|
TAX OFFICE |
: |
Zincirlikuyu |
|||||||||||||||||||||
|
TAX NO |
: |
3360000884 |
|||||||||||||||||||||
|
REGISTRATION NUMBER |
: |
315096 |
|||||||||||||||||||||
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|||||||||||||||||||||
|
DATE ESTABLISHED |
: |
08.06.1994 |
|||||||||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
15.06.1994/3552 |
|||||||||||||||||||||
|
LEGAL FORM |
: |
Limited Company |
|||||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 600.000 |
|||||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 600.000 |
|||||||||||||||||||||
|
HISTORY |
: |
|
|||||||||||||||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|||||||||||||||||||||
|
|
||||||||
|
SHAREHOLDERS |
: |
|
||||||
|
|
|
|
||||||
|
SISTER COMPANIES |
: |
GEOBOS ZEMIN GUCLENDIRME SISTEMLERI INSAAT MUHENDISLIK TAAHHUT VE TICARET LTD. STI. INCA MUHENDISLIK LTD. STI. INSA YAPI INSAAT LTD. STI. INSA YAPI SANAYI VE TICARET LTD. STI. |
||||||
|
DIRECTORS |
: |
|
||||||
|
|
||
|
BUSINESS ACTIVITIES |
: |
Preparing project and contracting of water and waste-water treatment systems. |
|
NACE CODE |
: |
F .45.24 |
|
NUMBER OF EMPLOYEES |
: |
25 |
|
NET SALES |
: |
|
||||||||||
|
REMARKS ON NET SALES |
: |
In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data. |
||||||||||
|
PRODUCTION |
: |
None |
||||||||||
|
IMPORT VALUE |
: |
|
||||||||||
|
EXPORT VALUE |
: |
|
||||||||||
|
EXPORT COUNTRIES |
: |
Azerbaijan Kazakhstan Cyprus Russia Iraq Pakistan Lithuania |
||||||||||
|
MERCHANDISE EXPORTED |
: |
Parts of air pumps Parts of filtering machines Water purifying filters |
||||||||||
|
HEAD OFFICE ADDRESS |
: |
Kore Sehitleri Cad. No:55/4 Zincirlikuyu Istanbul / Turkey (rented) (200 sqm) |
|
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 |
: |
Moderate |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MAIN DEALING BANKS |
: |
Denizbank Zincirlikuyu Branch Tekstilbank Maslak Branch Yapi ve Kredi Bankasi Yeditepe Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capitalization |
Fair As of 31.12.2011 |
|
Remarks on Capitalization |
A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness. |
|
Profitability |
Profitable in 2011 |
|
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 profitable from its projects. |
|
General Financial Position |
Fair |
|
Remarks on General Financial Position |
Recent financial figures are not available the firm declines to provide fresh financial data. |
|
|
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 |
|
( 01.01-30.06.2012) |
1,95 % |
1,8028 |
2,3463 |
2,8462 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8029 |
2,3233 |
2,8527 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 01.01-31.03.2014) |
5,52 % |
2,1961 |
3,0116 |
3,6488 |
|
|
( 31.12.2009 ) TL |
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
1.536.956 |
0,89 |
1.832.264 |
0,92 |
1.526.936 |
0,89 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
279.630 |
0,16 |
777.076 |
0,39 |
41.171 |
0,02 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
386.318 |
0,22 |
274.548 |
0,14 |
269.267 |
0,16 |
|
Other Receivable |
257.566 |
0,15 |
16.491 |
0,01 |
109.036 |
0,06 |
|
Inventories |
0 |
0,00 |
57.067 |
0,03 |
0 |
0,00 |
|
Advances Given |
0 |
0,00 |
257.246 |
0,13 |
58.684 |
0,03 |
|
Accumulated Construction Expense |
400.263 |
0,23 |
175.635 |
0,09 |
454.053 |
0,27 |
|
Other Current Assets |
213.179 |
0,12 |
274.201 |
0,14 |
594.725 |
0,35 |
|
NON-CURRENT ASSETS |
181.176 |
0,11 |
167.056 |
0,08 |
185.336 |
0,11 |
|
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) |
169.393 |
0,10 |
157.150 |
0,08 |
176.258 |
0,10 |
|
Intangible Assets |
11.783 |
0,01 |
9.906 |
0,00 |
9.078 |
0,01 |
|
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 |
1.718.132 |
1,00 |
1.999.320 |
1,00 |
1.712.272 |
1,00 |
|
CURRENT LIABILITIES |
905.542 |
0,53 |
1.129.663 |
0,57 |
1.339.877 |
0,78 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
120.003 |
0,07 |
48.997 |
0,02 |
0 |
0,00 |
|
Accounts Payable |
397.943 |
0,23 |
745.384 |
0,37 |
510.094 |
0,30 |
|
Loans from Shareholders |
859 |
0,00 |
12.497 |
0,01 |
0 |
0,00 |
|
Other Short-term Payable |
9.721 |
0,01 |
12.778 |
0,01 |
53.984 |
0,03 |
|
Advances from Customers |
0 |
0,00 |
0 |
0,00 |
293.936 |
0,17 |
|
Accumulated Construction Income |
354.000 |
0,21 |
296.350 |
0,15 |
453.924 |
0,27 |
|
Taxes Payable |
20.840 |
0,01 |
13.657 |
0,01 |
27.939 |
0,02 |
|
Provisions |
499 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
1.677 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
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 |
812.590 |
0,47 |
869.657 |
0,43 |
372.395 |
0,22 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
500.000 |
0,29 |
600.000 |
0,30 |
600.000 |
0,35 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
11.345 |
0,01 |
11.345 |
0,01 |
11.345 |
0,01 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
299.291 |
0,17 |
259.022 |
0,13 |
298.623 |
0,17 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
-57.777 |
-0,03 |
-40.311 |
-0,02 |
-40.311 |
-0,02 |
|
Net Profit (loss) |
59.731 |
0,03 |
39.601 |
0,02 |
-497.262 |
-0,29 |
|
TOTAL LIABILITIES AND EQUITY |
1.718.132 |
1,00 |
1.999.320 |
1,00 |
1.712.272 |
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. |
INCOME STATEMENTS |
||||||||
|
|
(2009) TL |
|
(2010) TL |
|
(2011) TL |
|
(01.01-30.06.2012) TL |
|
|
Net Sales |
2.884.439 |
1,00 |
1.740.135 |
1,00 |
3.161.939 |
1,00 |
1.837.942 |
1,00 |
|
Cost of Goods Sold |
2.076.520 |
0,72 |
942.037 |
0,54 |
2.228.658 |
0,70 |
1.425.442 |
0,78 |
|
Gross Profit |
807.919 |
0,28 |
798.098 |
0,46 |
933.281 |
0,30 |
412.500 |
0,22 |
|
Operating Expenses |
599.394 |
0,21 |
660.479 |
0,38 |
831.597 |
0,26 |
563.688 |
0,31 |
|
Operating Profit |
208.525 |
0,07 |
137.619 |
0,08 |
101.684 |
0,03 |
-151.188 |
-0,08 |
|
Other Income |
55.615 |
0,02 |
16.729 |
0,01 |
52.673 |
0,02 |
48.766 |
0,03 |
|
Other Expenses |
137.845 |
0,05 |
46.474 |
0,03 |
609.561 |
0,19 |
69.592 |
0,04 |
|
Financial Expenses |
46.256 |
0,02 |
53.225 |
0,03 |
19.134 |
0,01 |
4.847 |
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 |
80.039 |
0,03 |
54.649 |
0,03 |
-474.338 |
-0,15 |
-176.861 |
-0,10 |
|
Tax Payable |
20.308 |
0,01 |
15.048 |
0,01 |
22.924 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
59.731 |
0,02 |
39.601 |
0,02 |
-497.262 |
-0,16 |
-176.861 |
-0,10 |
|
|
(2009) |
(2010) |
(2011) |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,70 |
1,62 |
1,14 |
|
Acid-Test Ratio |
1,02 |
0,95 |
0,31 |
|
Cash Ratio |
0,31 |
0,69 |
0,03 |
|
ASSET STRUCTURE RATIOS |
|
|
|
|
Inventory/Total Assets |
0,00 |
0,03 |
0,00 |
|
Short-term Receivable/Total Assets |
0,37 |
0,15 |
0,22 |
|
Tangible Assets/Total Assets |
0,10 |
0,08 |
0,10 |
|
TURNOVER RATIOS |
|
|
|
|
Inventory Turnover |
|
16,51 |
|
|
Stockholders' Equity Turnover |
3,55 |
2,00 |
8,49 |
|
Asset Turnover |
1,68 |
0,87 |
1,85 |
|
FINANCIAL STRUCTURE |
|
|
|
|
Stockholders' Equity/Total Assets |
0,47 |
0,43 |
0,22 |
|
Current Liabilities/Total Assets |
0,53 |
0,57 |
0,78 |
|
Financial Leverage |
0,53 |
0,57 |
0,78 |
|
Gearing Percentage |
1,11 |
1,30 |
3,60 |
|
PROFITABILITY RATIOS |
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
0,05 |
-1,34 |
|
Operating Profit Margin |
0,07 |
0,08 |
0,03 |
|
Net Profit Margin |
0,02 |
0,02 |
-0,16 |
|
Interest Cover |
2,73 |
2,03 |
-23,79 |
|
COLLECTION-PAYMENT |
|
|
|
|
Average Collection Period (days) |
48,22 |
56,80 |
30,66 |
|
Average Payable Period (days) |
68,99 |
284,85 |
82,40 |
|
WORKING CAPITAL |
631414,00 |
702601,00 |
187059,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.