MIRA INFORM REPORT

 

 

Report No. :

355378

Report Date :

19.12.2015

           

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) :

31.12.2014

 

 

Date of Incorporation :

08.06.1994

 

 

Com. Reg. No.:

315096

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Preparing project and contracting of water and waste-water treatment systems

 

 

No. of Employee :

25

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

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

E-MAIL

:

info@enta.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

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   1.200.000

PAID-IN CAPITAL

:

TL   1.200.000

HISTORY

:

Previous Name

:

Enta Muhendislik Taahhut Sanayi ve Ticaret Ltd. Sti.

Changed On

:

21.11.2002 (Commercial Gazette Date /Number 26.11.2002/ 5685)

Previous Registered Capital

:

TL 500.000

Changed On

:

26.01.2010 (Commercial Gazette Date /Number 29.01.2010/ 7490)

Previous Registered Capital

:

TL 600.000

Changed On

:

22.12.2014 (Commercial Gazette Date /Number 26.12.2014/ 8724)

Previous Shareholder

:

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

Changed On

:

06.05.2013 (Commercial Gazette Date /Number 10.05.2013/ 8317)

 

 

 

PREVIOUS SHAREHOLDERS

:

Uzi Sezer

40 %

Mehmet Tayfun Yurdaer

40 %

Mehmet Yuceyurt

20 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Uzi Sezer

33,35 %

Mehmet Tayfun Yurdaer

33,35 %

Mehmet Yuceyurt

33,30 %

 

 

SISTER COMPANIES

:

GEOBOS ZEMIN GUCLENDIRME SISTEMLERI INSAAT MUHENDISLIK TAAHHUT VE TICARET LTD. STI.

 

INCA MUHENDISLIK LTD. STI.

 

UTM OTOMOTIV SANAYI VE TICARET A.S.

 

DIRECTORS

:

Uzi Sezer

 

Mehmet Tayfun Yurdaer

 

Mehmet Yuceyurt

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Preparing project and contracting of water and waste-water treatment systems. 

 

NACE CODE

:

F .45.24

 

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

14.790 TL Thousand

(2013) 

11.908 TL Thousand

(2014) 

6.013 TL Thousand

(01.01-30.09.2015) 

 

 

REMARKS ON PRODUCTION

:

None

 

EXPORT VALUE

:

3.513 TL Thousand

(2013)

2.654 TL Thousand

(2014)

2.456 TL Thousand

(01.01-30.09.2015)

 

 

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

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Zincirlikuyu Branch

Tekstilbank Maslak Branch

Yapi ve Kredi Bankasi Yeditepe Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

 

 

Net Sales

14.790

11.908

6.013

 

 

Profit (Loss) Before Tax

1.779

2.028

1.827

 

 

Stockholders' Equity

1.799

4.018

 

 

 

Total Assets

7.272

10.437

 

 

 

Current Assets

6.952

10.122

 

 

 

Non-Current Assets

320

315

 

 

 

Current Liabilities

5.473

6.419

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

3.488

1.967

1.414

 

 

Operating Profit (loss)

2.253

1.967

1.410

 

 

Net Profit (loss)

1.419

1.619

1.459

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2014

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness indicating  not too high  indebtedness to third parties.

 

Profitability

Not Profitable  in 2014

 

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 not profitable from its projects.

 

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

6.952

0,96

10.122

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.141

0,29

584

0,06

Marketable Securities

0

0,00

1.353

0,13

Account Receivable

2.979

0,41

1.804

0,17

Other Receivable

2

0,00

0

0,00

Inventories

9

0,00

130

0,01

Advances Given

123

0,02

537

0,05

Accumulated Construction Expense

1.561

0,21

4.412

0,42

Other Current Assets

137

0,02

1.302

0,12

NON-CURRENT ASSETS

320

0,04

315

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

283

0,04

284

0,03

Intangible Assets

37

0,01

31

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

7.272

1,00

10.437

1,00

CURRENT LIABILITIES

5.473

0,75

6.419

0,62

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

58

0,01

14

0,00

Accounts Payable

1.600

0,22

2.086

0,20

Loans from Shareholders

7

0,00

0

0,00

Other Short-term Payable

110

0,02

54

0,01

Advances from Customers

531

0,07

749

0,07

Accumulated Construction Income

2.891

0,40

3.404

0,33

Taxes Payable

276

0,04

112

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.799

0,25

4.018

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

600

0,08

1.200

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

11

0,00

11

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

306

0,04

1.725

0,17

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-537

-0,07

-537

-0,05

Net Profit (loss)

1.419

0,20

1.619

0,16

TOTAL LIABILITIES AND EQUITY

7.272

1,00

10.437

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 858 is "Doubtful Trade Receivables" and -TL thousand 858 is "Provision for 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

 

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

14.790

1,00

11.908

1,00

6.013

1,00

Cost of Goods Sold

11.302

0,76

9.941

0,83

4.599

0,76

Gross Profit

3.488

0,24

1.967

0,17

1.414

0,24

Operating Expenses

1.235

0,08

0

0,00

4

0,00

Operating Profit

2.253

0,15

1.967

0,17

1.410

0,23

Other Income

413

0,03

439

0,04

653

0,11

Other Expenses

855

0,06

359

0,03

222

0,04

Financial Expenses

32

0,00

19

0,00

14

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

1.779

0,12

2.028

0,17

1.827

0,30

Tax Payable

360

0,02

409

0,03

368

0,06

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.419

0,10

1.619

0,14

1.459

0,24

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,27

1,58

 

Acid-Test Ratio

0,94

0,58

 

Cash Ratio

0,39

0,30

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,01

 

Short-term Receivable/Total Assets

0,41

0,17

 

Tangible Assets/Total Assets

0,04

0,03

 

TURNOVER RATIOS

 

 

Inventory Turnover

1255,78

76,47

 

Stockholders' Equity Turnover

8,22

2,96

 

Asset Turnover

2,03

1,14

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,38

 

Current Liabilities/Total Assets

0,75

0,62

 

Financial Leverage

0,75

0,62

 

Gearing Percentage

3,04

1,60

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,79

0,40

 

Operating Profit Margin

0,15

0,17

 

Net Profit Margin

0,10

0,14

 

Interest Cover

56,59

107,74

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,51

54,54

 

Average Payable Period (days)

50,96

75,54

 

WORKING CAPITAL

1479,00

3703,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.14

TRY

1

Rs.22.80

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

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.