MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SAHIN MOTOR YATAKLARI SANAYI VE TICARET A.S.

 

 

Registered Office :

Cumhuriyet Mah. 2252 Sok. No:1 Gebze  Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.03.1977

 

 

Com. Reg. No.:

1875

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of engine bearings.

 

 

No. of Employees :

45

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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

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% 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

:

SAHIN MOTOR YATAKLARI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. 2252 Sok. No:1 Gebze  Kocaeli / Turkey

PHONE NUMBER

:

90-262-653 33 61

90-262-653 64 94

 

FAX NUMBER

:

90-262-653 31 01

 

WEB-ADDRESS

:

www.sahin.com.tr

E-MAIL

:

info@sahin.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulucinar

TAX NO

:

7970012794

REGISTRATION NUMBER

:

1875

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

31.03.1977

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.000.000

PAID-IN CAPITAL

:

TL   7.000.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

25.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Emine Cigdem Kurtkaya

20,63 %

Erol Aysu

16 %

Aysu Holding A.S.

14 %

Birsen Civelekoglu

 

Talat Ragip Hitay

 

Celal Kurtkaya

 

Elgiz Perera

 

Aysular Ticaret ve Sanayi A.S.

 

Mustafa Kemal Ozas

 

Osman Cagalikoc

 

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

The subject has 20 shareholders.

 

 

SISTER COMPANIES

:

AYSU HOLDING A.S.

 

AYSULAR TICARET VE SANAYI A.S.

 

EKSEL BIMETAL VE DOKUMCULUK SANAYI VE TICARET A.S.

 

UCGEN OTOMOTIV URUNLERI PAZARLAMA SANAYI VE TICARET A.S.

 

 

SUBSIDIARIES

:

EKSEL BIMETAL VE DOKUMCULUK SANAYI VE TICARET A.S. 

( 28 % )

 

UCGEN OTOMOTIV URUNLERI PAZARLAMA SANAYI VE TICARET A.S.  ( 45 % )

 

BOARD OF DIRECTORS

:

Erol Aysu

Chairman

Osman Cagalikoc

Vice-Chairman

Oktay Barlass

Member

Selen Aysu

Member

Hasan Ozas

Member

 

 

DIRECTORS

:

Rasim Akyali                                                                                                                                                                                                                                                                                   

General Manager

Guldaniye Avci                                                                                                                                                                                                                                                                                   

Finance Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of engine bearings.

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Sahin

 

NUMBER OF EMPLOYEES

:

45

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees does not include the subcontractors.

 

 

NET SALES

:

8.656.433 TL

(2006) 

7.755.112 TL

(2007) 

8.422.792 TL

(2008) 

8.635.261 TL

(2009) 

10.796.226 TL

(2010) 

16.643.142 TL

(2011) 

16.919.934 TL

(2012) 

13.177 TL Thousand

(01.01-30.09.2013) 

 

 

IMPORT VALUE

:

1.840.000 EUR

(01.10-31.12.2010)

2.516.000 EUR

(2011)

1.005.670 EUR

(2012)

 

 

IMPORT COUNTRIES

:

Russia

Australia

Italy

Germany

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

2.055.023 TL

(2006)

1.296.426 TL

(2007)

1.712.501 TL

(2008)

2.273.742 TL

(2009)

2.795.364 TL

(2010)

5.389.942 TL

(2011)

4.369.469 TL

(2012)

2.845.532 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Romania

Bangladesh

Yemen

Ethiopia

Egypt

Tunisia

Algeria

Serbia

Slovenia

Uzbekistan

Hungary

Greece

Germany

Belgium

Bulgaria

France

Palestine

 

MERCHANDISE  EXPORTED

:

Bearing housings

Engine bearings

Pallets

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. 2252 Sok. No:1 Gebze   Kocaeli / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  Cumhuriyet Mah. 2252 Sok. No: 1 Gebze Kocaeli/Turkey (owned) (21.000 sqm)

           

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2012. There appears a slowdown at business volume in real terms in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gebze Ticari Branch

Alternatif Bank Cadde Bostan Branch

T. Is Bankasi Gebze Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.09.2013) TL Thousand

Net Sales

8.635.261

10.796.226

16.643.142

16.919.934

13.177

Profit (Loss) Before Tax

1.750.871

2.390.161

5.571.040

3.918.516

2.875

Stockholders' Equity

7.812.770

9.530.775

13.514.287

15.947.298

 

Total Assets

9.821.736

11.475.198

15.837.975

18.155.629

 

Current Assets

8.021.888

9.672.645

13.415.983

15.180.974

 

Non-Current Assets

1.799.848

1.802.553

2.421.992

2.974.655

 

Current Liabilities

1.808.966

1.944.423

2.323.688

2.208.331

 

Long-Term Liabilities

200.000

0

0

0

 

Gross Profit (loss)

3.439.488

4.818.423

8.413.018

7.138.828

5.728

Operating Profit (loss)

1.555.365

2.354.169

5.568.741

3.876.835

3.000

Net Profit (loss)

1.750.871

1.968.005

4.483.513

3.133.012

2.875

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High 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 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-30.09.2013)

High Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 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

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 (31.12.2009)  TL

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)  TL

 

CURRENT ASSETS

8.021.888

0,82

9.672.645

0,84

13.415.983

0,85

15.180.974

0,84

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

858.514

0,09

1.165.590

0,10

66.349

0,00

384.893

0,02

Marketable Securities

1.148.000

0,12

1.262.000

0,11

1.846.000

0,12

2.037.000

0,11

Account Receivable

1.254.121

0,13

1.463.972

0,13

3.372.483

0,21

3.239.547

0,18

Other Receivable

1.223

0,00

0

0,00

2.751

0,00

7.145

0,00

Inventories

4.530.385

0,46

5.402.648

0,47

7.726.058

0,49

8.969.567

0,49

Advances Given

188.252

0,02

311.862

0,03

241.308

0,02

466.255

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

41.393

0,00

66.573

0,01

161.034

0,01

76.567

0,00

NON-CURRENT ASSETS

1.799.848

0,18

1.802.553

0,16

2.421.992

0,15

2.974.655

0,16

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

142

0,00

4.494

0,00

4.494

0,00

4.559

0,00

Financial Assets

692.562

0,07

692.562

0,06

867.562

0,05

1.392.562

0,08

Tangible Fixed Assets (net)

1.056.941

0,11

1.055.888

0,09

1.499.472

0,09

1.450.258

0,08

Intangible Assets

50.203

0,01

49.609

0,00

50.464

0,00

127.276

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

9.821.736

1,00

11.475.198

1,00

15.837.975

1,00

18.155.629

1,00

CURRENT LIABILITIES

1.808.966

0,18

1.944.423

0,17

2.323.688

0,15

2.208.331

0,12

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

689.306

0,07

239.040

0,02

0

0,00

44.836

0,00

Accounts Payable

597.279

0,06

1.192.838

0,10

1.488.313

0,09

1.147.068

0,06

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

96.226

0,01

56.587

0,00

62.507

0,00

95.343

0,01

Advances from Customers

259.863

0,03

267.150

0,02

348.286

0,02

612.599

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

155.793

0,02

187.202

0,02

424.081

0,03

308.485

0,02

Provisions

0

0,00

0

0,00

501

0,00

0

0,00

Other Current Liabilities

10.499

0,00

1.606

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

200.000

0,02

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

200.000

0,02

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

7.812.770

0,80

9.530.775

0,83

13.514.287

0,85

15.947.298

0,88

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

7.000.000

0,71

7.000.000

0,61

7.000.000

0,44

7.000.000

0,39

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

1.131.612

0,12

881.612

0,08

2.030.774

0,13

5.814.286

0,32

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-2.069.713

-0,21

-318.842

-0,03

0

0,00

0

0,00

Net Profit (loss)

1.750.871

0,18

1.968.005

0,17

4.483.513

0,28

3.133.012

0,17

TOTAL LIABILITIES AND EQUITY

9.821.736

1,00

11.475.198

1,00

15.837.975

1,00

18.155.629

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 180 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement, TL thousand 146 of the other income is due to "Other Ordinary Income" . 

 

At the last income statement TL thousand 256 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

At the last income statement TL thousand 197 of the other expenses is due to "Provision Expenses" .

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

8.635.261

1,00

10.796.226

1,00

16.643.142

1,00

16.919.934

1,00

13.177

1,00

Cost of Goods Sold

5.195.773

0,60

5.977.803

0,55

8.230.124

0,49

9.781.106

0,58

7.449

0,57

Gross Profit

3.439.488

0,40

4.818.423

0,45

8.413.018

0,51

7.138.828

0,42

5.728

0,43

Operating Expenses

1.884.123

0,22

2.464.254

0,23

2.844.277

0,17

3.261.993

0,19

2.728

0,21

Operating Profit

1.555.365

0,18

2.354.169

0,22

5.568.741

0,33

3.876.835

0,23

3.000

0,23

Other Income

793.513

0,09

463.746

0,04

596.330

0,04

368.914

0,02

493

0,04

Other Expenses

253.596

0,03

371.855

0,03

581.307

0,03

324.864

0,02

616

0,05

Financial Expenses

344.411

0,04

55.899

0,01

12.724

0,00

2.369

0,00

2

0,00

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

1.750.871

0,20

2.390.161

0,22

5.571.040

0,33

3.918.516

0,23

2.875

0,22

Tax Payable

0

0,00

422.156

0,04

1.087.527

0,07

785.504

0,05

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.750.871

0,20

1.968.005

0,18

4.483.513

0,27

3.133.012

0,19

2.875

0,22

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

4,43

4,97

5,77

6,87

Acid-Test Ratio

1,80

2,00

2,28

2,57

Cash Ratio

1,11

1,25

0,82

1,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,46

0,47

0,49

0,49

Short-term Receivable/Total Assets

0,13

0,13

0,21

0,18

Tangible Assets/Total Assets

0,11

0,09

0,09

0,08

TURNOVER RATIOS

 

 

Inventory Turnover

1,15

1,11

1,07

1,09

Stockholders' Equity Turnover

1,11

1,13

1,23

1,06

Asset Turnover

0,88

0,94

1,05

0,93

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,80

0,83

0,85

0,88

Current Liabilities/Total Assets

0,18

0,17

0,15

0,12

Financial Leverage

0,20

0,17

0,15

0,12

Gearing Percentage

0,26

0,20

0,17

0,14

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,22

0,21

0,33

0,20

Operating Profit Margin

0,18

0,22

0,33

0,23

Net Profit Margin

0,20

0,18

0,27

0,19

Interest Cover

6,08

43,76

438,84

1655,08

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

52,29

48,97

73,05

69,02

Average Payable Period (days)

41,38

71,84

65,10

42,22

WORKING CAPITAL

6212922,00

7728222,00

11092295,00

12972643,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.34

 

INFORMATION DETAILS

 

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

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NB

New Business

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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.