MIRA INFORM REPORT

 

 

Report No. :

309114

Report Date :

27.02.2015

 

IDENTIFICATION DETAILS

 

Name :

CMS MAKINE SANAYI VE TICARET A.S.

 

 

Registered Office :

Ramazanoglu Mah. Sanayi Cad. No:54 Kurtkoy Pendik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.01.1995

 

 

Com. Reg. No.:

15246/8

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of glass processing machinery.

 

 

No. of Employees :

110

 

 

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 – 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

:

CMS MAKINE SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ramazanoglu Mah. Sanayi Cad. No:54 Kurtkoy Pendik Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "66" to "54" by the Municipality.

PHONE NUMBER

:

90-216-595 22 66

 

FAX NUMBER

:

90-216-595 22 65

 

WEB-ADDRESS

:

www.cmsmachine.com

E-MAIL

:

info@cmsmachine.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

2110536072

REGISTRATION NUMBER

:

15246/8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.01.1995

ESTABLISHMENT GAZETTE DATE/NO

:

09.01.1995/3699

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

PAID-IN CAPITAL

:

TL   6.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

30.06.2005 (Commercial Gazette Date /Number 07.07.2005/ 6341)

Previous Name

:

C M S Isi Cam Makinalari Sanayi Ithalat Ihracat ve Ticaret Ltd. Sti.

Changed On

:

30.06.2005 (Commercial Gazette Date /Number 07.07.2005/ 6341)

Previous Registered Capital

:

TL 4.500.000

Changed On

:

18.05.2010 (Commercial Gazette Date /Number 25.05.2010/ 7570)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Cemal Sunbul

97,34 %

Zarife Sunbul

2,02 %

Gursel Sunbul

0,32 %

Taylan Sunbul

0,32 %

 

 

BOARD OF DIRECTORS

:

Cemal Sunbul

Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of glass processing machinery.

 

NACE CODE

:

DK.29.56

 

SECTOR

:

Machinery

 

NUMBER OF EMPLOYEES

:

110

 

NET SALES

:

20.165.165 TL

(2008) 

15.767.769 TL

(2009) 

18.540.550 TL

(2010) 

27.320.780 TL

(2011) 

27.262.913 TL

(2012) 

5.245.107 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.

 

 

 

IMPORT COUNTRIES

:

Germany

Italy

 

MERCHANDISE IMPORTED

:

Electrical materials

Motor

 

EXPORT VALUE

:

13.694.715 TL

(2008)

10.370.475 TL

(2009)

12.395.018 TL

(2010)

16.682.199 TL

(2011)

14.118.795 TL

(2012)

2.137.585 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Russia

Ukraine

Australia

Saudi Arabia

Middle East Countries

U.A.E.

U.K.

Bulgaria

Romania

Spain

Netherlands

Moldova

Norway

Iran

Iraq

Kazakhstan

Lebanon

Portugal

 

MERCHANDISE  EXPORTED

:

Glass processing machinery

 

HEAD OFFICE ADDRESS

:

Ramazanoglu Mah. Sanayi Cad. No:54 Kurtkoy Pendik  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Kurtkoy Ramazanoglu Mah. Sanayi Cad. No:54 Pendik Istanbul/Turkey (owned) (8.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Dolayoba Branch

Hsbc Bank Tuzla Boya Vernik Organize Sanayi Branch

T. Halk Bankasi Dolayoba Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the last years which was resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

15.767.769

18.540.550

27.320.780

27.262.913

5.245.107

Profit (Loss) Before Tax

443.878

424.372

-1.243.543

251.707

452.403

Stockholders' Equity

6.143.795

6.154.304

4.775.317

5.023.166

5.475.569

Total Assets

23.379.099

32.245.415

38.801.570

36.255.491

32.968.056

Current Assets

12.551.371

21.858.089

28.098.261

26.054.093

23.214.316

Non-Current Assets

10.827.728

10.387.326

10.703.309

10.201.398

9.753.740

Current Liabilities

11.968.490

21.008.483

26.612.956

24.643.033

18.759.977

Long-Term Liabilities

5.266.814

5.082.628

7.413.297

6.589.292

8.732.510

Gross Profit (loss)

6.400.423

5.896.914

10.140.519

6.924.918

1.919.979

Operating Profit (loss)

1.850.769

697.495

3.246.514

692.184

655.081

Net Profit (loss)

337.933

320.068

-1.358.761

160.804

452.403

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.03.2013

Liquidity

Insufficient As of 31.03.2013

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

High Operating Profitability (01.01-31.03.2013)

High Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2013

General Financial Position

Unsatisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.01.2015)

0,33 %

2,3765

2,7885

3,6477

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.03.2013 )  TL

 

CURRENT ASSETS

12.551.371

0,54

21.858.089

0,68

28.098.261

0,72

26.054.093

0,72

23.214.316

0,70

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

244.213

0,01

2.311.345

0,07

339.853

0,01

7.540

0,00

6.129

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

5.682.111

0,24

9.532.784

0,30

13.089.534

0,34

19.570.277

0,54

16.332.527

0,50

Other Receivable

628.792

0,03

779.788

0,02

667.476

0,02

359.811

0,01

404.923

0,01

Inventories

3.955.384

0,17

6.604.335

0,20

9.460.560

0,24

4.173.487

0,12

4.654.172

0,14

Advances Given

782.750

0,03

967.726

0,03

2.574.437

0,07

1.423.305

0,04

950.426

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.258.121

0,05

1.662.111

0,05

1.966.401

0,05

519.673

0,01

866.139

0,03

NON-CURRENT ASSETS

10.827.728

0,46

10.387.326

0,32

10.703.309

0,28

10.201.398

0,28

9.753.740

0,30

Not Detailed Non-Current Assets

0

0,00

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

0

0,00

Financial Assets

480

0,00

480

0,00

480

0,00

11.936

0,00

11.936

0,00

Tangible Fixed Assets (net)

6.068.873

0,26

7.775.767

0,24

8.942.576

0,23

8.285.672

0,23

8.078.959

0,25

Intangible Assets

3.875.393

0,17

2.406.971

0,07

1.709.327

0,04

1.679.534

0,05

1.642.658

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

882.982

0,04

204.108

0,01

50.926

0,00

224.256

0,01

20.187

0,00

TOTAL ASSETS

23.379.099

1,00

32.245.415

1,00

38.801.570

1,00

36.255.491

1,00

32.968.056

1,00

CURRENT LIABILITIES

11.968.490

0,51

21.008.483

0,65

26.612.956

0,69

24.643.033

0,68

18.759.977

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.924.324

0,17

9.660.237

0,30

11.338.229

0,29

13.502.857

0,37

10.011.610

0,30

Accounts Payable

3.655.796

0,16

6.547.937

0,20

8.390.232

0,22

4.923.927

0,14

5.024.622

0,15

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

398.249

0,02

444.528

0,01

573.417

0,01

556.677

0,02

740.462

0,02

Advances from Customers

3.398.313

0,15

3.901.985

0,12

5.733.258

0,15

5.393.429

0,15

2.579.211

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

595.731

0,03

453.796

0,01

630.534

0,02

282.159

0,01

420.088

0,01

Provisions

-3.923

0,00

0

0,00

-52.714

0,00

-16.016

0,00

-16.016

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

5.266.814

0,23

5.082.628

0,16

7.413.297

0,19

6.589.292

0,18

8.732.510

0,26

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.266.814

0,23

5.082.628

0,16

7.413.297

0,19

6.589.292

0,18

8.732.510

0,26

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.143.795

0,26

6.154.304

0,19

4.775.317

0,12

5.023.166

0,14

5.475.569

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.125.000

0,18

5.625.000

0,17

5.912.955

0,15

6.000.000

0,17

6.000.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.680.862

0,07

209.236

0,01

221.123

0,01

221.123

0,01

381.927

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-1.358.761

-0,04

-1.358.761

-0,04

Net Profit (loss)

337.933

0,01

320.068

0,01

-1.358.761

-0,04

160.804

0,00

452.403

0,01

TOTAL LIABILITIES AND EQUITY

23.379.099

1,00

32.245.415

1,00

38.801.570

1,00

36.255.491

1,00

32.968.056

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 241.823 is "Doubtful Trade Receivables"  and -TL 200.146  is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                    

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables404.923, Other Receivable Total:404.923.  

 

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

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

15.767.769

1,00

18.540.550

1,00

27.320.780

1,00

27.262.913

1,00

5.245.107

1,00

Cost of Goods Sold

9.367.346

0,59

12.643.636

0,68

17.180.261

0,63

20.337.995

0,75

3.325.128

0,63

Gross Profit

6.400.423

0,41

5.896.914

0,32

10.140.519

0,37

6.924.918

0,25

1.919.979

0,37

Operating Expenses

4.549.654

0,29

5.199.419

0,28

6.894.005

0,25

6.232.734

0,23

1.264.898

0,24

Operating Profit

1.850.769

0,12

697.495

0,04

3.246.514

0,12

692.184

0,03

655.081

0,12

Other Income

1.300.670

0,08

1.720.887

0,09

2.532.252

0,09

3.291.508

0,12

752.527

0,14

Other Expenses

1.756.601

0,11

1.312.870

0,07

5.808.950

0,21

1.881.196

0,07

610.035

0,12

Financial Expenses

950.960

0,06

681.140

0,04

1.213.359

0,04

1.850.789

0,07

345.170

0,07

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

443.878

0,03

424.372

0,02

-1.243.543

-0,05

251.707

0,01

452.403

0,09

Tax Payable

105.945

0,01

104.304

0,01

115.218

0,00

90.903

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

337.933

0,02

320.068

0,02

-1.358.761

-0,05

160.804

0,01

452.403

0,09

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(01.01-31.03.2013)

LIQUIDITY RATIOS

 

Current Ratio

1,05

1,04

1,06

1,06

1,24

Acid-Test Ratio

0,55

0,60

0,53

0,81

0,89

Cash Ratio

0,02

0,11

0,01

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

0,20

0,24

0,12

0,14

Short-term Receivable/Total Assets

0,27

0,32

0,35

0,55

0,51

Tangible Assets/Total Assets

0,26

0,24

0,23

0,23

0,25

TURNOVER RATIOS

 

Inventory Turnover

2,37

1,91

1,82

4,87

0,71

Stockholders' Equity Turnover

2,57

3,01

5,72

5,43

0,96

Asset Turnover

0,67

0,57

0,70

0,75

0,16

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,26

0,19

0,12

0,14

0,17

Current Liabilities/Total Assets

0,51

0,65

0,69

0,68

0,57

Financial Leverage

0,74

0,81

0,88

0,86

0,83

Gearing Percentage

2,81

4,24

7,13

6,22

5,02

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

0,05

-0,28

0,03

0,08

Operating Profit Margin

0,12

0,04

0,12

0,03

0,12

Net Profit Margin

0,02

0,02

-0,05

0,01

0,09

Interest Cover

1,47

1,62

-0,02

1,14

2,31

COLLECTION-PAYMENT

 

Average Collection Period (days)

129,73

185,10

172,48

258,42

1120,99

Average Payable Period (days)

140,50

186,44

175,81

87,16

544,00

WORKING CAPITAL

582881,00

849606,00

1485305,00

1411060,00

4454339,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.96.24

Euro

1

Rs.70.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

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.