MIRA INFORM REPORT

 

 

Report No. :

306011

Report Date :

06.02.2015

           

IDENTIFICATION DETAILS

 

Name :

OM MUHENDISLIK MAKINA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Y.Dudullu Organize Sanayi Bolgesi 2. Cad. No:2 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

28.02.1991

 

 

Com. Reg. No.:

273295

 

 

Legal Form :

Limited Company

 

 

Line of Business :

·         Engaged as Manufacturer and trader of parts of Heavy Construction Equipment’s such as; Excavator Buckets, Excavator Attachments, Loader Buckets, Loader Attachments, Log Grapple & Side Dump Bucket

·         Subject are also servicing to Marble, Mining and Construction Industries by Producing Attachments for the Earthmoving Machines. 

·         Subject is also manufacturing Quick Couplers, Breaker Tines, Forks and Rippers for all types of loaders and excavators.

 

 

No of Employees :

86

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

:

OM MUHENDISLIK MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Y.Dudullu Organize Sanayi Bolgesi 2. Cad. No:2 Umraniye Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "No:4" to "No:2" by the municipality.

PHONE NUMBER

:

90-216-365 58 91

 

FAX NUMBER

:

90-216-365 60 40

 

WEB-ADDRESS

:

www.ommuhendislik.com.tr

E-MAIL

:

info@ommuhendislik.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

6420009554

REGISTRATION NUMBER

:

273295

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.02.1991

ESTABLISHMENT GAZETTE DATE/NO

:

05.03.1991/2729

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   114.000

PAID-IN CAPITAL

:

TL   114.000

HISTORY

:

Previous Address

:

Y.Dudullu Organize Sanayi Bolgesi 6454 Parsel 33 Ada Umraniye Istanbul

Changed On

:

13.07.2005 (Commercial Gazette Date /Number 20.07.2005/ 6350)

Previous Address

:

Y.Dudullu Organize Sanayi Bolgesi 2. Cad. No:2 Umraniye Istanbul

Changed On

:

06.08.2013 (Commercial Gazette Date /Number 13.08.2013/ 8382)

Previous Address

:

Barbaros Mah. Dereboyu Cad. Ardic Sok. Varyap Meridian A Blok Kat:6/69 Atasehir - Istanbul

Changed On

:

04.02.2014 (Commercial Gazette Date /Number 10.02.2014/ 8504)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Oguz Diken

95 %

Aysin Diken

5 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Oguz Diken                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

·         Engaged as Manufacturer and trader of parts of Heavy Construction Equipment’s such as; Excavator Buckets, Excavator Attachments, Loader Buckets, Loader Attachments, Log Grapple & Side Dump Bucket

·         Subject are also servicing to Marble, Mining and Construction Industries by Producing Attachments for the Earthmoving Machines. 

·         Subject is also manufacturing Quick Couplers, Breaker Tines, Forks and Rippers for all types of loaders and excavators.

NACE CODE

:

DK.29.52

 

NUMBER OF EMPLOYEES

:

86

 

NET SALES

:

11.565.928 TL

(2005) 

17.446.564 TL

(2006) 

28.067.347 TL

(2007) 

23.218.177 TL

(2008) 

8.357.942 TL

(2009) 

21.227.815 TL

(2010) 

30.073.797 TL

(2011) 

23.995 TL Thousand

(2012) 

22.315 TL Thousand

(2013) 

17.847 TL Thousand

(01.01-30.09.2014) 

 

 

IMPORT COUNTRIES

:

Germany

Sweden

 

MERCHANDISE IMPORTED

:

Metal sheet

 

EXPORT VALUE

:

436.849 TL

(2005)

932.624 TL

(2006)

4.598.364 TL

(2007)

1.025.545 TL

(2008)

765.076 TL

(2009)

1.187.936 TL

(2010)

1.701.866 TL

(2011)

6.899.291 TL

(2012)

9.169.856 TL

(2013)

7.433 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Greece

Ukraine

Northern Cyprus Turkish Republic

Iran

Afghanistan

India

Egypt

Macedonia Republic

Azerbaijan

Russia

Czech Republic

Saudi Arabia

U.A.E.

 

MERCHANDISE  EXPORTED

:

Buckets

Cranks

Grabs

Reciprocating pumps

Shafts

Shovels

 

HEAD OFFICE ADDRESS

:

Y.Dudullu Organize Sanayi Bolgesi 2. Cad. No:2 Umraniye  Istanbul / Turkey

 

BRANCHES

:

Branch Office  :   Denizli/Turkey

 

Branch Office  :   Bursa/Turkey

 

Production Plant  :  Makinacilar Sanayi Bolgesi 5. Cad. No:15 Dilovasi Kocaeli/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013. Trend of business appears to be steady in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Des 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

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

21.227.815

30.073.797

23.995

22.315

17.847

Profit (Loss) Before Tax

1.546.874

3.309.503

4.222

3.958

1.126

Stockholders' Equity

9.146.723

13.857.650

17.186

20.350

 

Total Assets

21.518.214

27.095.243

30.429

33.303

 

Current Assets

16.149.303

19.563.694

16.854

17.614

 

Non-Current Assets

5.368.911

7.531.549

13.575

15.689

 

Current Liabilities

11.801.735

12.667.837

8.694

11.174

 

Long-Term Liabilities

569.756

569.756

4.549

1.779

 

Gross Profit (loss)

3.831.089

5.017.967

7.657

7.862

3.965

Operating Profit (loss)

1.475.484

1.772.734

4.004

3.810

909

Net Profit (loss)

1.235.391

2.615.927

3.330

3.162

1.126

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

In Order Operating Profitability (01.01-30.09.2014)

Good Net Profitability (01.01-30.09.2014)

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

16.149.303

0,75

19.563.694

0,72

16.854

0,55

17.614

0,53

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

6.532.167

0,30

6.619.440

0,24

4.050

0,13

4.293

0,13

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

6.804.097

0,32

11.734.390

0,43

11.220

0,37

8.923

0,27

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

852.356

0,04

152.455

0,01

0

0,00

1.817

0,05

 

 

Advances Given

1.854.919

0,09

921.618

0,03

925

0,03

1.125

0,03

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

105.764

0,00

135.791

0,01

659

0,02

1.456

0,04

 

 

NON-CURRENT ASSETS

5.368.911

0,25

7.531.549

0,28

13.575

0,45

15.689

0,47

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

4.226.173

0,20

6.530.086

0,24

10.256

0,34

12.419

0,37

 

 

Intangible Assets

1.142.738

0,05

1.001.463

0,04

3.319

0,11

3.270

0,10

 

 

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

21.518.214

1,00

27.095.243

1,00

30.429

1,00

33.303

1,00

 

 

CURRENT LIABILITIES

11.801.735

0,55

12.667.837

0,47

8.694

0,29

11.174

0,34

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

4.568.899

0,21

4.336.728

0,16

4.231

0,14

4.424

0,13

 

 

Accounts Payable

4.177.022

0,19

3.990.384

0,15

2.836

0,09

5.128

0,15

 

 

Loans from Shareholders

2.518.432

0,12

3.428.706

0,13

881

0,03

869

0,03

 

 

Other Short-term Payable

114.322

0,01

135.600

0,01

94

0,00

93

0,00

 

 

Advances from Customers

197.623

0,01

338.924

0,01

388

0,01

523

0,02

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

217.865

0,01

436.832

0,02

181

0,01

136

0,00

 

 

Provisions

0

0,00

0

0,00

73

0,00

0

0,00

 

 

Other Current Liabilities

7.572

0,00

663

0,00

10

0,00

1

0,00

 

 

LONG-TERM LIABILITIES

569.756

0,03

569.756

0,02

4.549

0,15

1.779

0,05

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

1.479

0,05

1.779

0,05

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

569.756

0,03

569.756

0,02

570

0,02

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

2.500

0,08

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

9.146.723

0,43

13.857.650

0,51

17.186

0,56

20.350

0,61

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

114.000

0,01

114.000

0,00

114

0,00

114

0,00

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

108.092

0,01

108.091

0,00

108

0,00

108

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

7.689.240

0,36

8.924.632

0,33

11.539

0,38

14.871

0,45

 

 

Revaluation Fund

0

0,00

2.095.000

0,08

2.095

0,07

2.095

0,06

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

1.235.391

0,06

2.615.927

0,10

3.330

0,11

3.162

0,09

 

 

TOTAL LIABILITIES AND EQUITY

21.518.214

1,00

27.095.243

1,00

30.429

1,00

33.303

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

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

21.227.815

1,00

30.073.797

1,00

23.995

1,00

22.315

1,00

17.847

1,00

Cost of Goods Sold

17.396.726

0,82

25.055.830

0,83

16.338

0,68

14.453

0,65

13.882

0,78

Gross Profit

3.831.089

0,18

5.017.967

0,17

7.657

0,32

7.862

0,35

3.965

0,22

Operating Expenses

2.355.605

0,11

3.245.233

0,11

3.653

0,15

4.052

0,18

3.056

0,17

Operating Profit

1.475.484

0,07

1.772.734

0,06

4.004

0,17

3.810

0,17

909

0,05

Other Income

1.237.373

0,06

3.307.430

0,11

766

0,03

870

0,04

576

0,03

Other Expenses

1.078.415

0,05

1.590.592

0,05

217

0,01

450

0,02

117

0,01

Financial Expenses

87.568

0,00

180.069

0,01

331

0,01

272

0,01

242

0,01

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

1.546.874

0,07

3.309.503

0,11

4.222

0,18

3.958

0,18

1.126

0,06

Tax Payable

311.483

0,01

693.576

0,02

892

0,04

796

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.235.391

0,06

2.615.927

0,09

3.330

0,14

3.162

0,14

1.126

0,06

 

 

FINANCIAL RATIOS

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,37

1,54

1,94

1,58

 

Acid-Test Ratio

1,13

1,45

1,76

1,18

 

Cash Ratio

0,55

0,52

0,47

0,38

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,01

0,00

0,05

 

Short-term Receivable/Total Assets

0,32

0,43

0,37

0,27

 

Tangible Assets/Total Assets

0,20

0,24

0,34

0,37

 

TURNOVER RATIOS

 

 

Inventory Turnover

20,41

164,35

 

7,95

 

Stockholders' Equity Turnover

2,32

2,17

1,40

1,10

 

Asset Turnover

0,99

1,11

0,79

0,67

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,43

0,51

0,56

0,61

 

Current Liabilities/Total Assets

0,55

0,47

0,29

0,34

 

Financial Leverage

0,57

0,49

0,44

0,39

 

Gearing Percentage

1,35

0,96

0,77

0,64

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,19

0,19

0,16

 

Operating Profit Margin

0,07

0,06

0,17

0,17

 

Net Profit Margin

0,06

0,09

0,14

0,14

 

Interest Cover

18,66

19,38

13,76

15,55

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

115,39

140,47

168,34

143,95

 

Average Payable Period (days)

98,23

65,52

75,05

127,73

 

WORKING CAPITAL

4347568,00

6895857,00

8160,00

6440,00

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.94.07

Euro

1

Rs.70.19

 

INFORMATION DETAILS

 

Analysis Done by :

Ras

 

 

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

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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.