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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492183

Report Date :

20.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

PAKSAN MAKINA SANAYI VE TICARET A.S.

 

 

Registered Office :

Bandirma Bursa Karayolu 10.Km No:258 Bandirma 10200 Balikesir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

21.05.1984

 

 

Com. Reg. No.:

5740

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Agricultural Machinery.

 

 

No. of Employees :

110  

 

 

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 :

Good

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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

Full name of the firm was missing at your inquiry.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

PAKSAN MAKINA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

Bandirma Bursa Karayolu 10.Km No:258 Bandirma 10200 Balikesir / Turkey

PHONE NUMBER

90-266-733 90 90

 

FAX NUMBER

90-266-90 99

 

WEB-ADDRESS

www.paksanmakina.com.tr

E-MAIL

paksan@paksanmakina.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

 

TAX OFFICE

Bandirma

TAX NO

7190035798

 

REGISTRATION NUMBER

5740

REGISTERED OFFICE

Bandirma Chamber of Commerce

COMMERCIAL REGISTRY

Bandirma Commercial Registry

DATE ESTABLISHED

21.05.1984

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   30.000.000

NOTES ON REGISTERED CAPITAL

The registered capital has been decided to be increased but the legal procedure has not been completed.                                                                                                                      

REMARKS ON REGISTERED CAPITAL

According to the decision taken at General Assembly Meeting dated on 14.02.2018, the registered capital is decided to be increased from TL 30.000.000 to TL 45.000.000. However, it has not been registered at Commercial registry yet, the legal procedure is still going on.

PAID-IN CAPITAL

TL   30.000.000

HISTORY

Previous Registered Capital   :  

TL 8.500.000    / Changed on : 04.03.2013/(Commercial Gazette Date /Number 13.03.2013 /8277)

Previous Registered Capital   :  

TL 11.500.000    / Changed on : 28.03.2014/(Commercial Gazette Date /Number 10.04.2014 /8547)

Previous Registered Capital   :  

TL 15.000.000    / Changed on : 26.05.2017/(Commercial Gazette Date /Number 06.06.2017 /9341)

Previous Address   :  

600 Evler Mah. Agir Sanayi Sitesi Bolgesi Bandirma Balikesir    / Changed on : 12.04.2010/(Commercial Gazette Date /Number 21.04.2010 /7548)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ozhan Pak Makina Yatirim Ortakligi A.S.

58,85 %

Mehmet Ulbe

18,37 %

Cumhur Baydemir

4,59 %

Reyhan Baydemir

4,59 %

Duygu Dasdemir

4,59 %

Others

 

 

 

 

- Name Of Shareholder:

 

Ozhan Pak Makina Yatirim Ortakligi A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

6940318395

Registration Number Of Shareholder:

10532

 

BOARD OF DIRECTORS

 

Mehmet Ulbe ( Chairman )

Yavuz Gonulal ( Vice-Chairman )

Suleyman Serdar Can ( Member )

 

 

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

Manufacture and Trade of Agricultural Machinery.

 

NACE CODE

DK.29.30

 

SECTOR

Machinery

 

NUMBER OF EMPLOYEES

110

 

NET SALES

24.312 TL Thousand

(2012) 

36.728 TL Thousand

(2013) 

39.106 TL Thousand

(2014) 

34.778.845 TL

(2015) 

24.027.327 TL

(01.01-30.09.2016) 

34.404.373 TL

(01.10.2016-30.09.2017) 

 

REMARKS ON NET SALES

The financial period of the firm is from the 1st of October to the 30th of September.

 

The subject changed its financial period on 01.10.2016.

 

IMPORT COUNTRIES

Italy

Germany

China

 

MERCHANDISE IMPORTED

Ball and roller bearing

Pipe

 

EXPORT VALUE

106 TL Thousand

(2012)

237 TL Thousand

(2013)

1.695 TL Thousand

(2014)

3.059.676 TL

(2015)

1.832.779 TL

(01.01-30.09.2016)

727.644 TL

(01.10.2016-30.09.2017)

 

 

 

EXPORT COUNTRIES

China

Algeria

Libya

Colombia

Romania

Macedonia Republic

Venezuela

Georgia

 

MERCHANDISE  EXPORTED

Machines

 

HEAD OFFICE ADDRESS

Bandirma Bursa Karayolu 10.Km No:258 Bandirma  Balikesir / Turkey

 

BRANCHES

Head Office/Production Plant  :  Bandirma Bursa Karayolu 10.Km No:258 Bandirma 10200 Balikesir/Turkey ( owned )  

           

 

SIZE OF BUSINESS

Large

 

 

FINANCE

 

 

 

 

MAIN DEALING BANKS

T.C. Ziraat Bankasi 17 Eylul-Bandirma Branch

Yapi ve Kredi Bankasi Bandirma Branch

T. Halk Bankasi 17 Eylul-Bandirma 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

 

(01.01-30.09.2016)                                                                                TL

(01.10.2016-30.09.2017)                                                                                TL

Net Sales

24.027.327

34.404.373

Profit (Loss) Before Tax

3.639.766

415.007

Stockholders' Equity

35.102.534

35.122.187

Total Assets

47.915.818

51.024.020

Current Assets

41.142.170

45.002.714

Non-Current Assets

6.773.648

6.021.306

Current Liabilities

12.154.593

14.159.744

Long-Term Liabilities

658.691

1.742.089

Gross Profit (loss)

8.858.327

8.143.549

Operating Profit (loss)

3.504.988

686.151

Net Profit (loss)

2.945.533

319.652

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

High As of 30.09.2017

Liquidity

Satisfactory As of 30.09.2017

Profitability

High Operating Profitability (01.01-30.09.2016)

High Net Profitability (01.01-30.09.2016)

Low Operating Profitability (01.10.2016-30.09.2017)

Low Net Profitability (01.10.2016-30.09.2017)

 

Gap between average collection and payable periods

Unfavorable in 01.10.2016 - 30.09.2017

General Financial Position

In Order

 

 

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

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

LAST FINANCIAL STATEMENT DETAILS

 The financial period of the firm is special accounting period.                                                                                                                       

 

 

BALANCE SHEETS

 

 

30.09.2016  ( Interim Period )  TL

 

30.09.2017  ( Full Year  )  TL

 

CURRENT ASSETS

41.142.170

0,86

45.002.714

0,88

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

558.481

0,01

645.113

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

21.380.448

0,45

23.358.692

0,46

Other Receivable

336.096

0,01

398.211

0,01

Inventories

15.772.578

0,33

16.288.553

0,32

Advances Given

518.106

0,01

266.795

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.576.461

0,05

4.045.350

0,08

NON-CURRENT ASSETS

6.773.648

0,14

6.021.306

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

51

0,00

51

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

6.692.871

0,14

5.817.465

0,11

Intangible Assets

62.472

0,00

99.585

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

18.254

0,00

104.205

0,00

TOTAL ASSETS

47.915.818

1,00

51.024.020

1,00

CURRENT LIABILITIES

12.154.593

0,25

14.159.744

0,28

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.451.794

0,03

2.900.325

0,06

Accounts Payable

3.752.333

0,08

7.940.833

0,16

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

615.711

0,01

531.509

0,01

Advances from Customers

5.703.806

0,12

1.780.452

0,03

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

504.644

0,01

525.261

0,01

Provisions

-62.115

0,00

-18.250

0,00

Other Current Liabilities

188.420

0,00

499.614

0,01

LONG-TERM LIABILITIES

658.691

0,01

1.742.089

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

640.651

0,01

1.633.801

0,03

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

18.040

0,00

108.288

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

35.102.534

0,73

35.122.187

0,69

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

15.000.000

0,31

30.000.000

0,59

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

16.940.405

0,35

4.802.535

0,09

Revaluation Fund

216.596

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

2.945.533

0,06

319.652

0,01

TOTAL LIABILITIES AND EQUITY

47.915.818

1,00

51.024.020

1,00

 

 

INCOME STATEMENTS

 

 

(01.01-30.09.2016)  ( Interim Period )  TL

 

(01.10.2016-30.09.2017)  ( Full Year  )  TL

 

Net Sales

24.027.327

1,00

34.404.373

1,00

Cost of Goods Sold

15.169.000

0,63

26.260.824

0,76

Gross Profit

8.858.327

0,37

8.143.549

0,24

Operating Expenses

5.353.339

0,22

7.457.398

0,22

Operating Profit

3.504.988

0,15

686.151

0,02

Other Income

1.774.227

0,07

1.079.184

0,03

Other Expenses

1.570.725

0,07

910.865

0,03

Financial Expenses

68.724

0,00

439.463

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

3.639.766

0,15

415.007

0,01

Tax Payable

694.233

0,03

95.355

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

2.945.533

0,12

319.652

0,01

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL

Cash

16.736

Banks

628.377

Doubtful Trade Receivables

101.523

Provision for Doubtful Trade Receivables

-101.523

Other Miscellaneous Receivables (in Other Receivable)

398.211

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

 

 

FINANCIAL RATIOS

 

 

(01.01-30.09.2016)

(01.10.2016-30.09.2017)

LIQUIDITY RATIOS

 

Current Ratio

3,38

3,18

Acid-Test Ratio

1,83

1,72

Cash Ratio

0,05

0,05

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,33

0,32

Short-term Receivable/Total Assets

0,45

0,47

Tangible Assets/Total Assets

0,14

0,11

TURNOVER RATIOS

 

Inventory Turnover

0,96

1,61

Stockholders' Equity Turnover

0,68

0,98

Asset Turnover

0,50

0,67

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,73

0,69

Current Liabilities/Total Assets

0,25

0,28

Financial Leverage

0,27

0,31

Gearing Percentage

0,37

0,45

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,01

Operating Profit Margin

0,15

0,02

Net Profit Margin

0,12

0,01

Interest Cover

53,96

1,94

COLLECTION-PAYMENT

 

Average Collection Period (days)

320,34

244,42

Average Payable Period (days)

89,05

108,86

WORKING CAPITAL

28987577,00

30842970,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.90

UK Pound

1

INR 90.31

Euro

1

INR 80.17

TL

1

INR 17.13

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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)

 

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.