MIRA INFORM REPORT

 

 

Report No. :

489657

Report Date :

07.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SAHINLER METAL MAKINA ENDUSTRI A.S.

 

 

Registered Office :

Balkan Mah. Mumin Gencoglu Cad. Sahinler Metal Mak. Idari Bina B. Sit. Sahinler Metal Idari Bina Apt. No:14 Nilufer 16240 Bursa

 

 

Country :

Turkey

 

 

Date of Incorporation :

14.01.1980

 

 

Com. Reg. No.:

20766

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Metal Sheet and Profile Bending Machines.

 

 

No. of Employees :

225

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

NOTES

 

Address at the inquiry was changed by the authority/municipality.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

SAHINLER METAL MAKINA ENDUSTRI A.S.

HEAD OFFICE ADDRESS

Balkan Mah. Mumin Gencoglu Cad. Sahinler Metal Mak. Idari Bina B. Sit. Sahinler Metal Idari Bina Apt. No:14 Nilufer 16240 Bursa / Turkey

REMARKS ON HEAD OFFICE ADDRESS

The address was changed from Izmir Yolu 22. Km Mumin Gencoglu Cad. No:16 to Balkan Mah. Mumin Gencoglu Cad. Sahinler Metal Mak. Idari Bina B. Sit. Sahinler Metal Idari Bina Apt. No:14  by the municipality. 

PHONE NUMBER

90-224-470 01 58

 

FAX NUMBER

90-224-470 07 70

 

WEB-ADDRESS

www.sahinlermetal.com

E-MAIL

info@sahinlermetal.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Ertugrulgazi

TAX NO

7980004677

REGISTRATION NUMBER

20766

REGISTERED OFFICE

Bursa Chamber of Commerce and Industry

COMMERCIAL REGISTRY

Bursa Commercial Registry

DATE ESTABLISHED

14.01.1980

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   240.000

PAID-IN CAPITAL

TL   240.000

HISTORY

Previous Address   :  

Izmir Yolu 22. Km Mumin Gencoglu Cad. No:16 16285 Merkez Bursa    / Changed on : 02.10.2017/(Commercial Gazette Date /Number 09.10.2017 /9425)

 

 

OWNERSHIP/ MANAGEMENT

 

 

 

SHAREHOLDERS

Orhan Sahin

27,30 %

Nurten Yilmaz

16,80 %

Ayten Sahin

16,80 %

Others

 

 

BOARD OF DIRECTORS

 

Orhan Sahin ( Chairman )

Ayten Sahin ( Vice-Chairman )

Nevin Mandiracilar ( Member )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Manufacture and trade of metal sheet and profile bending machines.

 

NACE CODE

DK.29.24

 

SECTOR

Metal

 

NUMBER OF EMPLOYEES

225

 

NET SALES

54.538.356 TL

(2015) 

38.500.000 TL

(01.01-30.09.2016) 

 

NOTES ON NET SALES

The sales figures are  declared by the company. There is no certification for these figures.                                                                                                                       

 

IMPORT COUNTRIES

Italy

China

Germany

MERCHANDISE IMPORTED

Steel

Supplementary materials

 

EXPORT VALUE

14.641.348 USD

(2015)

 

EXPORT COUNTRIES

Germany

Australia

U.S.A.

U.A.E.

Saudi Arabia

Morocco

Russia

Austria

Free Zone

Egypt

Azerbaijan

Albania

Poland

Lithuania

Estonia

Spain

Portugal

Thailand

 

MERCHANDISE  EXPORTED

Drilling machines

Pipe cutters

 

HEAD OFFICE ADDRESS

Balkan Mah. Mumin Gencoglu Cad. Sahinler Metal Mak. Idari Bina B. Sit. Sahinler Metal Idari Bina Apt. No:14 Nilufer  Bursa / Turkey ( owned )

 

BRANCHES

Head Office/Factory  :  Balkan Mah. Mumin Gencoglu Cad. Sahinler Metal Mak. Idari Bina B. Sit. Sahinler Metal Idari Bina Apt. No:14 Nilufer Bursa/Turkey ( owned )  

 

 

TREND OF BUSINESS

There appears a decline at business volume in nominal terms in the first 9 months of 2016.

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Garanti Bankasi Bursa Organize Sanayi Branch

Yapi ve Kredi Bankasi Fomara Branch

 

PAYMENT BEHAVIOUR

 

No Complaints.

 

KEY FINANCIAL ELEMENTS

 

(2012)                                                                                TL

(2013)                                                                                TL

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Net Sales

 

 

 

54.538.356

 

Profit (Loss) Before Tax

8.946.443

6.667.376

9.890.286

10.799.292

13.506.118

Stockholders' Equity

 

 

 

32.545.246

 

Total Assets

 

 

 

48.588.644

 

NOTES ON KEY FINANCIAL ELEMENTS

Some of the key financial figures are declared by the company. There is no certification for these figures.                                                                                                                                                 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The firm is profitable.                                                                                     The firm has a modest amount of capital. The liability of the shareholders is limited to the capital.

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 01.01-30.09.2016)

3,79 %

2,9323

3,2588

4,0899

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.27

UK Pound

1

INR 89.72

Euro

1

INR 79.52

TRY

1

INR 17.00

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.