MIRA INFORM REPORT

 

 

Report Date :

24.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MUZER MAKINA SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Torbali Mah. Umit Tuncag Cad. No:8 Torbali Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.05.2011

 

 

Com. Reg. No.:

4139

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer and trader of industrial machinery to be used for processing tobacco & tea

 

 

No of Employees :

70

 

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 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

 

 

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

MUZER MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Torbali Mah. Umit Tuncag Cad. No:8 Torbali Izmir / Turkey

PHONE NUMBER

:

90-232-853 13 05

 

FAX NUMBER

:

90-232-853 19 29

 

WEB-ADDRESS

:

www.muzermak.com

E-MAIL

:

info@muzermak.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Torbali

TAX NO

:

6260371693

REGISTRATION NUMBER

:

4139

REGISTERED OFFICE

:

Torbali Chamber of Commerce

DATE ESTABLISHED

:

18.05.2011

ESTABLISHMENT GAZETTE DATE /NO

:

31.05.2011/7826

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  1.500.000

HISTORY

:

Previous Shareholder

:

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

Changed On

:

10.05.2013 (Commercial Gazette Date /Number 16.05.2013/ 8321)

 

 

 

PREVIOUS SHAREHOLDERS

:

Zozef Muzmuz

99 %

Ozlem Muzmuz Zuaznabar

1 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zozef Muzmuz

100 %

 

 

DIRECTORS

:

Zozef Muzmuz

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

Firm is young but it is the successor of an old company.

 

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of industrial machinery to be used for processing tobacco & tea.

 

During the establishment of the subject limited company, the establishment under the name of "Muzer Makine Sanayi ve Ticaret Zozef Muzmuz" was transferred to the limited company with all of its assets and liabilities as capital share of Zozef Muzmuz. And also the business line of this establishment was also transferred to "MUZER MAKINA SANAYI VE TICARET LTD. STI.".

 

NACE CODE

:

DK.29.53

 

NUMBER OF EMPLOYEES

:

70

 

NET SALES

:

7.858.022 TL

(18.05-31.12.2011) 

5.525.568 TL

(2012) 

11.712 TL Thousand

(2013) 

 

 

IMPORT COUNTRIES

:

Germany

U.S.A.

India

Italy

Poland

China

 

MERCHANDISE IMPORTED

:

Spare parts of machinery

 

EXPORT VALUE

:

4.981.720 TL

(18.05-31.12.2011)

2.573.824 TL

(2012)

6.189.995 TL

(2013)

 

 

EXPORT COUNTRIES

:

Bulgaria

Germany

Afghanistan

South Korea

Greece

Pakistan

Lebanon

 

MERCHANDISE  EXPORTED

:

Machinery

 

HEAD OFFICE ADDRESS

:

Torbali Mah. Umit Tuncag Cad. No:8 Torbali Izmir / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Torbali Mah. Umit Tuncag Cad. No:8 Torbali Izmir/Turkey (owned) (6.758 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Tekstil Bankasi Izmir Branch

Turk Ekonomi Bankasi Izmir Branch

Yapi ve Kredi Bankasi Pasakopru 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

:

 

(18.05-31.12.2011) TL

(2012) TL

(2013) TL Thousand

 

 

Net Sales

7.858.022

5.525.568

11.712

 

 

Profit (Loss) Before Tax

521.551

202.036

475

 

 

Stockholders' Equity

1.689.447

1.739.372

2.299

 

 

Total Assets

11.791.170

8.984.185

10.566

 

 

Current Assets

10.167.097

7.684.202

9.515

 

 

Non-Current Assets

1.624.073

1.299.983

1.051

 

 

Current Liabilities

9.313.061

7.244.813

7.254

 

 

Long-Term Liabilities

788.662

0

1.013

 

 

Gross Profit (loss)

1.874.699

2.086.296

2.511

 

 

Operating Profit (loss)

1.172.947

1.081.083

1.359

 

 

Net Profit (loss)

413.246

152.791

416

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

Insufficient 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

High Operating Profitability (18.05-31.12.2011)

Good Net Profitability (18.05-31.12.2011)

High Operating Profitability  in 2012

In Order Net Profitability  in 2012

High Operating Profitability  in 2013

Good Net Profitability  in 2013

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Passable

 

 

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

 ( 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

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

10.167.097

0,86

7.684.202

0,86

9.515

0,90

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

269.695

0,02

261.791

0,03

1.527

0,14

Marketable Securities

39.492

0,00

70

0,00

88

0,01

Account Receivable

6.234.890

0,53

1.906.860

0,21

1.081

0,10

Other Receivable

363.012

0,03

27.860

0,00

0

0,00

Inventories

2.593.328

0,22

4.947.915

0,55

4.979

0,47

Advances Given

533.913

0,05

385.941

0,04

1.075

0,10

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

132.767

0,01

153.765

0,02

765

0,07

NON-CURRENT ASSETS

1.624.073

0,14

1.299.983

0,14

1.051

0,10

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

2.900

0,00

2.900

0,00

3

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.485.919

0,13

1.240.253

0,14

1.046

0,10

Intangible Assets

81.519

0,01

41.139

0,00

2

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

53.735

0,00

15.691

0,00

0

0,00

TOTAL ASSETS

11.791.170

1,00

8.984.185

1,00

10.566

1,00

CURRENT LIABILITIES

9.313.061

0,79

7.244.813

0,81

7.254

0,69

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

7.143.162

0,61

5.625.382

0,63

4.652

0,44

Accounts Payable

1.295.814

0,11

1.359.479

0,15

1.045

0,10

Loans from Shareholders

0

0,00

1.389

0,00

2

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

711.930

0,06

118.855

0,01

1.403

0,13

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

112.609

0,01

139.708

0,02

152

0,01

Provisions

49.546

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

788.662

0,07

0

0,00

1.013

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

788.662

0,07

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

1.013

0,10

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

1.689.447

0,14

1.739.372

0,19

2.299

0,22

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.276.201

0,11

1.276.201

0,14

1.420

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

310.380

0,03

463

0,04

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)

413.246

0,04

152.791

0,02

416

0,04

TOTAL LIABILITIES AND EQUITY

11.791.170

1,00

8.984.185

1,00

10.566

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.

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

 

INCOME STATEMENTS

 

 

(18.05-31.12.2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

7.858.022

1,00

5.525.568

1,00

11.712

1,00

Cost of Goods Sold

5.983.323

0,76

3.439.272

0,62

9.201

0,79

Gross Profit

1.874.699

0,24

2.086.296

0,38

2.511

0,21

Operating Expenses

701.752

0,09

1.005.213

0,18

1.152

0,10

Operating Profit

1.172.947

0,15

1.081.083

0,20

1.359

0,12

Other Income

225.812

0,03

159.854

0,03

101

0,01

Other Expenses

569.075

0,07

341.044

0,06

342

0,03

Financial Expenses

308.133

0,04

697.857

0,13

643

0,05

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

521.551

0,07

202.036

0,04

475

0,04

Tax Payable

108.305

0,01

49.245

0,01

59

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

413.246

0,05

152.791

0,03

416

0,04

 

FINANCIAL RATIOS

 

 

(18.05-31.12.2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,09

1,06

1,31

Acid-Test Ratio

0,74

0,30

0,37

Cash Ratio

0,03

0,04

0,22

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,22

0,55

0,47

Short-term Receivable/Total Assets

0,56

0,22

0,10

Tangible Assets/Total Assets

0,13

0,14

0,10

TURNOVER RATIOS

 

Inventory Turnover

2,31

0,70

1,85

Stockholders' Equity Turnover

4,65

3,18

5,09

Asset Turnover

0,67

0,62

1,11

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,14

0,19

0,22

Current Liabilities/Total Assets

0,79

0,81

0,69

Financial Leverage

0,86

0,81

0,78

Gearing Percentage

5,98

4,17

3,60

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,24

0,09

0,18

Operating Profit Margin

0,15

0,20

0,12

Net Profit Margin

0,05

0,03

0,04

Interest Cover

2,69

1,29

1,74

COLLECTION-PAYMENT

 

Average Collection Period (days)

285,77

124,42

33,32

Average Payable Period (days)

77,97

142,30

80,52

WORKING CAPITAL

854036,00

439389,00

2261,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.81

 

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.