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Report No. : |
327471 |
|
Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATES INSAAT SANAYII TAAHHUT TICARET A.S. |
|
|
|
|
Registered Office : |
Kayalibag Mah. Seyhan Cad. No:17/A Seyhan Adana |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.07.1968 |
|
|
|
|
Com. Reg. No.: |
6198 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale Trade of Hose, Work Safety Products and Hardware Materials. |
|
|
|
|
No. of Employees : |
115 |
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 will bring 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. Growth has dropped to roughly 2-4% in 2013-14.
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 2014, reflecting Turkey's robust growth even in the face of economic
turmoil in Europe, the source of most of Turkey's foreign direct investment.
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 |
|
NAME |
: |
ATES INSAAT SANAYII TAAHHUT TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Kayalibag Mah. Seyhan Cad. No:17/A Seyhan Adana / Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The door number was changed from "31" to "17/A" by
the municipality. |
|
PHONE NUMBER |
: |
90-212-771 12 12 (Branch/Warehouse) 90-322-352 78 80 (Head Office/Warehouse) |
|
FAX NUMBER |
: |
90-212-771 12 19 (Branch/Warehouse) 90-322-351 92 78 (Head Office/Warehouse) |
|
WEB-ADDRESS |
: |
www.ates-insaat.com |
|
E-MAIL |
: |
info@ates-insaat.com |
|
TAX OFFICE |
: |
Seyhan |
|
TAX NO |
: |
1010014005 |
|
REGISTRATION NUMBER |
: |
6198 |
|
REGISTERED OFFICE |
: |
Adana Chamber of Commerce |
|
DATE ESTABLISHED |
: |
08.07.1968 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 50.000.000 |
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|
PAID-IN CAPITAL |
: |
TL 50.000.000 |
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|
HISTORY |
: |
|
|
SHAREHOLDERS |
: |
|
||||||||||||||||||
|
BOARD OF DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Wholesale trade of hose, work safety products and hardware materials. |
|
NACE CODE |
: |
G .51.90 |
|
SECTOR |
: |
Commerce |
|
TRADEMARKS TRADED |
: |
Ender Fireflex Sel Starline |
|
NUMBER OF EMPLOYEES |
: |
115 |
|
NET SALES |
: |
|
||||||||||
|
REMARKS ON NET SALES |
: |
The sales figures of 2011, 2012 and 2013 are declared by the company.
There is no certification for these figures. |
||||||||||
|
REMARKS ON CAPACITY |
: |
None |
||||||||||
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REMARKS ON PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China Pakistan India Italy |
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MERCHANDISE IMPORTED |
: |
Hose Work safety products |
||||||||||
|
EXPORT COUNTRIES |
: |
Bulgaria Iraq Libya Egypt Kyrgyzstan Russia Israel Azerbaijan Germany |
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|
MERCHANDISE EXPORTED |
: |
Hardware |
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HEAD OFFICE ADDRESS |
: |
Kayalibag Mah. Seyhan Cad. No:17/A Seyhan Adana / Turkey |
||||||||||
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BRANCHES |
: |
Warehouse: Yenimahalle Incirlik
Bulvari No:38 Yuregir Adana/Turkey Head Office/Warehouse:
Kayalibag Mah. Seyhan Cad. No:17/A Seyhan Adana/Turkey (owned) Branch Office: Hadimkoy Ataturk
Organize Sanayi Bolgesi 75. Yil Cad. No:5 Arnavutkoy Istanbul/Turkey |
||||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2014. |
|
SIZE OF BUSINESS |
: |
Giant |
|
MAIN DEALING BANKS |
: |
Garanti Bankasi Adana Ticari Branch ING Bank Adana Ticari Branch Kuveyt Turk Katilim Bankasi Adana Ticari Branch Yapi ve Kredi Bankasi Adana Ticari Branch |
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|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
|
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REMARKS ON KEY FINANCIAL ELEMENTS |
: |
The key financial figures of 2013 are declared by the subject. There
is no certification for these figures. |
|
Capitalization |
Fair As of 31.12.2014 |
|
Liquidity |
High As of 31.12.2014 |
|
Remarks On Liquidity |
The unfavorable gap between average collection and average payable
period has an adverse effect on liquidity. |
|
Profitability |
High Operating Profitability in
2014 High Net Profitability in 2014 |
|
Gap between average collection and payable periods |
Unfavorable in 2014 |
|
General Financial Position |
Satisfactory |
|
|
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 |
|
( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
|
(01.01-31.05.2015) |
5,22 % |
2,5346 |
2,8509 |
3,8736 |
|
|
( 31.12.2014 ) TL Thousand |
|
|
CURRENT ASSETS |
155.503 |
0,96 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
57.866 |
0,36 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
49.077 |
0,30 |
|
Other Receivable |
0 |
0,00 |
|
Inventories |
45.088 |
0,28 |
|
Advances Given |
3.236 |
0,02 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
236 |
0,00 |
|
NON-CURRENT ASSETS |
5.710 |
0,04 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
6 |
0,00 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
5.494 |
0,03 |
|
Intangible Assets |
7 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
203 |
0,00 |
|
TOTAL ASSETS |
161.213 |
1,00 |
|
CURRENT LIABILITIES |
25.500 |
0,16 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
140 |
0,00 |
|
Accounts Payable |
23.157 |
0,14 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
1 |
0,00 |
|
Advances from Customers |
666 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
155 |
0,00 |
|
Provisions |
1.381 |
0,01 |
|
Other Current Liabilities |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
78.572 |
0,49 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
78.572 |
0,49 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
57.141 |
0,35 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
50.000 |
0,31 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
|
Net Profit (loss) |
7.141 |
0,04 |
|
TOTAL LIABILITIES AND EQUITY |
161.213 |
1,00 |
|
REMARKS ON FINANCIAL STATEMENT |
: |
The details of the balance sheet of 2014 are not available. |
|
|
(2014)
TL Thousand |
|
|
Net Sales |
85.146 |
1,00 |
|
Cost of Goods Sold |
62.187 |
0,73 |
|
Gross Profit |
22.959 |
0,27 |
|
Operating Expenses |
10.699 |
0,13 |
|
Operating Profit |
12.260 |
0,14 |
|
Other Income |
17.076 |
0,20 |
|
Other Expenses |
7.551 |
0,09 |
|
Financial Expenses |
12.832 |
0,15 |
|
Minority Interests |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
|
Profit (loss) Before Tax |
8.953 |
0,11 |
|
Tax Payable |
1.812 |
0,02 |
|
Postponed Tax Gain |
0 |
0,00 |
|
Net Profit (loss) |
7.141 |
0,08 |
|
|
(2014) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
6,10 |
|
Acid-Test Ratio |
4,19 |
|
Cash Ratio |
2,27 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,28 |
|
Short-term Receivable/Total Assets |
0,30 |
|
Tangible Assets/Total Assets |
0,03 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
1,38 |
|
Stockholders' Equity Turnover |
1,49 |
|
Asset Turnover |
0,53 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,35 |
|
Current Liabilities/Total Assets |
0,16 |
|
Financial Leverage |
0,65 |
|
Gearing Percentage |
1,82 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
0,12 |
|
Operating Profit Margin |
0,14 |
|
Net Profit Margin |
0,08 |
|
Interest Cover |
1,70 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
207,52 |
|
Average Payable Period (days) |
134,06 |
|
WORKING CAPITAL |
130003,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.100.99 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.