MIRA INFORM REPORT

 

 

Report Date :

24.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MS MOTOR SERVICE ISTANBUL DIS TICARET VE PAZARLAMA A.S.

 

 

Registered Office :

Buyukdere Cad. Noramin Is Merkezi Kat:1/111-112 Maslak  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.01.1996

 

 

Com. Reg. No.:

341667

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of automotive spare parts.

 

 

No. of Employees

23

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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 3-4% 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

:

MS MOTOR SERVICE ISTANBUL DIS TICARET VE PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Noramin Is Merkezi Kat:1/111-112 Maslak  Istanbul / Turkey

PHONE NUMBER

:

90-212-285 42 65 (Head Office)

90-212-786 62 82 (Warehouse)

 

FAX NUMBER

:

90-212-285 42 68 (Head Office)

 

WEB-ADDRESS

:

www.ms-motor-service.com.tr

E-MAIL

:

info@tr.kspg.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Maslak 

TAX NO

:

5750053489

REGISTRATION NUMBER

:

341667

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

15.01.1996

ESTABLISHMENT GAZETTE DATE /NO

:

22.01.1996/3962

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.007.400

PAID-IN CAPITAL

:

TL   2.007.400

HISTORY

:

Previous Name

:

Kolbenschmidt Istanbul Dis Ticaret ve Pazarlama A.S.

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 01.01.2008/ 6968)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

MS Motor Service International GmbH

51 %

Ahmet Demiroren

 

Erdogan Demiroren

 

Parsat Piston Dagitim Ticaret ve Sanayi A.S.

 

Huseyin Bilgin Demiroren

 

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the shareholder "MS Motor Service International GmbH" is a company located in Germany.

 

GROUP PARENT COMPANY

:

DEMIROREN HOLDING A.S.

 

 

SISTER COMPANIES

:

ATA EGITIM TICARET A.S.

AZIM PETROL TICARET VE SANAYI A.S.

D MERMER SANAYI A.S.

DEMIROREN AGIR METAL SANAYI A.S.

DEMIROREN AXPO ENERJI TOPTAN TICARET A.S.

DEMIROREN DIGITAL DAGITIM A.S.

DEMIROREN EGL GAZ TOPTAN TICARET A.S.

DEMIROREN ENERJI MADENCILIK SANAYI VE TICARET A.S.

DEMIROREN HOLDING A.S.

DEMIROREN JEOTERMAL ENERJI SANAYI VE TICARETA.S.

DEMIROREN OTOMOTIV PARCALARI TICARET VE SANAYI A.S.

ESKIDJI INSAAT VE TICARET A.S.

GK MADENCILIK NAKLIYAT SANAYI VE TICARET A.S.

GUNES GAZ ULUSLARARASI NAKLIYAT TICARET VE SANAYI A.S.

ISTANBUL UMUM SIGORTA A.S.

KAAN AKARYAKIT SANAYI VE TICARET A.S.

KEMER YAPI VE TURIZM A.S.

KEMER YAYINCILIK PAZARLAMA SANAYI VE TICARET A.S.

KG MADENCILIK TURIZM INSAAT SANAYI VE TICARET A.S.

KOLAYLIK OTO TICARET VE SANAYI A.S.

LIDYA MAKINA SANAYI VE INSAAT TAAHHUT TICARET A.S.

LIDYA YAPI SANAYI VE TICARET A.S.

LIKITGAZ DAGITIM VE ENDUSTRI A.S.

MAKRO ENERJI YATIRIM VE YONETIM A.S.

MARMARA GIDA DEMIROREN HAM YAG SANAYI A.S.

MILAN PETROL SANAYI VE TICARET A.S.

MILANGAZ LPG DAGITIM TICARET VE SANAYI A.S.

MILANGAZ PETROL TICARET VE SANAYI A.S.

MILLIYET GAZETECILIK VE YAYINCILIK A.S.

OTO KOLAYLIK TICARET VE SANAYI A.S.

PARSAT PISTON DAGITIM TICARET VE SANAYI A.S.

SU-TUR SUN TURIZM SANAYI A.S.

TAKSIM GAYRIMEKUL YATIRIMI GELISTIRME VE ISLETMECILIK A.S.

VATAN GAZETECILIK A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Hans Jorg Rolle

Chairman

Bilgin Erdogan Demiroren

Member

Horst Binnig

Member

Huseyin Bilgin Demiroren

Member

Rafet Mut

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of automotive spare parts.

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

23

 

NET SALES

:

12.554.319 TL

(2011) 

12.097.037 TL

(2012) 

2.179.466 TL

(01.01-31.03.2013) 

 

 

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.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Germany

Poland

Czech Republic

 

MERCHANDISE IMPORTED

:

Automotive spare parts

 

EXPORT VALUE

:

99.523 TL

(2011)

78.531 TL

(2012)

14.800 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

European Countries

 

MERCHANDISE  EXPORTED

:

Automotive spare parts

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Noramin Is Merkezi Kat:1/111-112 Maslak  Istanbul / Turkey

 

 

 

BRANCHES

:

Warehouse  :  Istanbul Trakya Serbest Bolgesi Gonca Sok. 5-8 Blok. Kat:2 No:2-3-4 Catalca Istanbul/Turkey (rented)

 

Warehouse  :  Universite Mah. Firuzkoy Cad.Sarigul Sok. No:14 Avcılar Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Maslak Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

 

Net Sales

12.554.319

12.097.037

2.179.466

 

 

Profit (Loss) Before Tax

1.055.242

724.298

-78.113

 

 

Stockholders' Equity

10.681.534

8.732.726

 

 

 

Total Assets

13.983.905

11.808.248

 

 

 

Current Assets

13.831.374

11.657.080

 

 

 

Non-Current Assets

152.531

151.168

 

 

 

Current Liabilities

2.859.471

2.587.490

 

 

 

Long-Term Liabilities

442.900

488.032

 

 

 

Gross Profit (loss)

2.805.514

2.903.280

506.430

 

 

Operating Profit (loss)

-66.606

-176.622

-230.753

 

 

Net Profit (loss)

875.304

551.562

-78.113

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2012

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

Operating Loss  in 2011

High Net Profitability  in 2011

Operating Loss  in 2012

Good Net Profitability  in 2012

Operating Loss (01.01-31.03.2013)

Net Loss (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

13.831.374

0,99

11.657.080

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.025.201

0,14

529.866

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

7.313.612

0,52

5.941.518

0,50

Other Receivable

1.157.859

0,08

1.648.108

0,14

Inventories

3.261.583

0,23

3.470.536

0,29

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

73.119

0,01

67.052

0,01

NON-CURRENT ASSETS

152.531

0,01

151.168

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

563

0,00

563

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

142.850

0,01

138.713

0,01

Intangible Assets

8.817

0,00

11.892

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

301

0,00

0

0,00

TOTAL ASSETS

13.983.905

1,00

11.808.248

1,00

CURRENT LIABILITIES

2.859.471

0,20

2.587.490

0,22

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

2.394.930

0,17

1.818.464

0,15

Loans from Shareholders

185.367

0,01

592.684

0,05

Other Short-term Payable

3.795

0,00

17.374

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

193.138

0,01

119.520

0,01

Provisions

82.241

0,01

39.448

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

442.900

0,03

488.032

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

442.900

0,03

488.032

0,04

STOCKHOLDERS' EQUITY

10.681.534

0,76

8.732.726

0,74

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.007.400

0,14

2.007.400

0,17

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

7.798.830

0,56

6.173.764

0,52

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

875.304

0,06

551.562

0,05

TOTAL LIABILITIES AND EQUITY

13.983.905

1,00

11.808.248

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 206.894 of the other income is due to "Other Ordinary Income" .                                                                                 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

12.554.319

1,00

12.097.037

1,00

2.179.466

1,00

Cost of Goods Sold

9.748.805

0,78

9.193.757

0,76

1.673.036

0,77

Gross Profit

2.805.514

0,22

2.903.280

0,24

506.430

0,23

Operating Expenses

2.872.120

0,23

3.079.902

0,25

737.183

0,34

Operating Profit

-66.606

-0,01

-176.622

-0,01

-230.753

-0,11

Other Income

1.971.239

0,16

1.459.918

0,12

247.439

0,11

Other Expenses

831.859

0,07

540.574

0,04

90.678

0,04

Financial Expenses

17.532

0,00

18.424

0,00

4.121

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.055.242

0,08

724.298

0,06

-78.113

-0,04

Tax Payable

179.938

0,01

172.736

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

875.304

0,07

551.562

0,05

-78.113

-0,04

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

4,84

4,51

Acid-Test Ratio

3,67

3,14

Cash Ratio

0,71

0,20

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,29

Short-term Receivable/Total Assets

0,61

0,64

Tangible Assets/Total Assets

0,01

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

2,99

2,65

Stockholders' Equity Turnover

1,18

1,39

Asset Turnover

0,90

1,02

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,76

0,74

Current Liabilities/Total Assets

0,20

0,22

Financial Leverage

0,24

0,26

Gearing Percentage

0,31

0,35

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,06

Operating Profit Margin

-0,01

-0,01

Net Profit Margin

0,07

0,05

Interest Cover

61,19

40,31

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

209,74

176,83

Average Payable Period (days)

88,44

71,21

WORKING CAPITAL

10971903,00

9069590,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.80

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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.