|
|
|
MIRA INFORM REPORT
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Report No. : |
497007 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
I-MAK REDUKTOR VARYATOR SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Demirkapi Keresteciler Sitesi Riza Uzun Sok. No:5 Eyup 34050 Istanbul |
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|
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Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
28.03.1979 |
|
|
|
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Com. Reg. No.: |
162548 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture
and trade of reducer. |
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|
|
|
No. of Employees : |
170 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
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 |
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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.
The growth of Turkish GDP since 2016 has revealed the 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 |
I-MAK
REDUKTOR VARYATOR SANAYI VE TICARET A.S. |
|
HEAD
OFFICE ADDRESS |
Demirkapi
Keresteciler Sitesi Riza Uzun Sok. No:5 Eyup 34050 Istanbul / Turkey |
|
PHONE
NUMBER |
90-212-567
87 32 |
|
FAX
NUMBER |
90-212-612
61 17 |
|
WEB-ADDRESS |
www.imakreduktor.com |
|
E-MAIL |
imak@imakreduktor.com |
LEGAL
STATUS AND HISTORY
|
TAX
OFFICE |
Marmara
Kurumlar |
||||
|
TAX
NO |
4690005450 |
||||
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REGISTRATION
NUMBER |
162548 |
||||
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REGISTERED
OFFICE |
Istanbul
Chamber of Commerce |
||||
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COMMERCIAL
REGISTRY |
Istanbul
Commercial Registry |
||||
|
DATE
ESTABLISHED |
28.03.1979 |
||||
|
LEGAL
FORM |
Joint
Stock Company |
||||
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TYPE
OF COMPANY |
Private |
||||
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REGISTERED
CAPITAL |
TL 3.350.000 |
||||
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PAID-IN
CAPITAL |
TL 3.350.000 |
||||
|
HISTORY |
|
OWNERSHIP
/ MANAGEMENT
|
SHAREHOLDERS |
|
||||||||||||||||||||
|
BOARD
OF DIRECTORS |
Turan
Varol ( Chairman ) Fatih
Mehmet Ozdemir ( Member ) Sabri
Omer Varol ( Member ) Necip
Hallac ( Member ) |
||||||||||||||||||||
|
DIRECTORS |
Fatih
Mehmet Ozdemir ( General Manager ) Sabri
Omer Varol ( Deputy General Manager ) Necip
Hallac ( Deputy General Manager ) |
OPERATIONS
|
BUSINESS
ACTIVITIES |
Manufacture
and trade of reducer. |
||||||
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NACE
CODE |
DK.29.14 |
||||||
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NUMBER
OF EMPLOYEES |
170 |
||||||
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NET
SALES |
|
||||||
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IMPORT
COUNTRIES |
Germany China |
||||||
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MERCHANDISE
IMPORTED |
Machinery
Machinery
spare parts |
||||||
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EXPORT
VALUE |
|
||||||
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EXPORT
COUNTRIES |
Iran Syria Egypt Bulgaria Spain Italy Netherlands U.A.E. |
||||||
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MERCHANDISE EXPORTED |
Reducer |
||||||
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HEAD
OFFICE ADDRESS |
Demirkapi
Keresteciler Sitesi Riza Uzun Sok. No:5 Eyup
Istanbul / Turkey |
||||||
|
BRANCHES |
Factory : Seyhli
Mah. Sanayi Cad. No:1 Pendik Istanbul/Turkey
|
|
TREND
OF BUSINESS |
There
was a slowdown at business volume in real terms in 2016. There was an upwards
trend in 2017. |
|
SIZE
OF BUSINESS |
Large |
FINANCE
|
MAIN
DEALING BANKS |
T.
Is Bankasi Kurtkoy Branch T.
Garanti Bankasi Kurtkoy Branch Akbank Kurtkoy Branch |
||||||||||||||||||||||||||||||||||||||||||||
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CREDIT
FACILITIES |
The
subject company is making use of credit facilities. |
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PAYMENT
BEHAVIOUR |
No Complaints. |
||||||||||||||||||||||||||||||||||||||||||||
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KEY
FINANCIAL ELEMENTS |
|
COMMENT
ON FINANCIAL POSITION
|
Capitalization |
Good
As of 31.12.2016 |
|
Liquidity |
High
As of 31.12.2016 |
|
Remarks
On Liquidity |
The
unfavorable gap between average collection and average payable period has an
adverse effect on liquidity. |
|
Profitability
|
Good
Operating Profitability in 2015 Good
Net Profitability in 2015 In
Order Operating Profitability in 2016 Fair
Net Profitability in 2016 In
Order Operating Profitability in 2017 In
Order Net Profitability in 2017 |
|
Gap
between average collection and payable periods |
Unfavorable
in 2016 |
|
General
Financial Position |
Good |
CREDIT
OPINION WITHOUT OBLIGATION
|
|
Incr.
in producers’ price index |
Average
USD/TL |
Average
EUR/TL |
Average
GBP/ TL |
|
( 2015 ) |
5,71
% |
2,7230 |
3,0254 |
4,1661 |
|
( 2016 ) |
9,94
% |
3,0292 |
3,3349 |
4,1006 |
|
( 2017 ) |
15,47
% |
3,6337 |
4,1120 |
4,7059 |
|
( 01.01-31.01.2018) |
0,99
% |
3,7698 |
4,6025 |
5,2223 |
BALANCE
SHEETS
|
|
31.12.2015 ( Full Year
) TL Thousand |
|
31.12.2016 ( Full Year
) TL Thousand |
|
|
CURRENT
ASSETS |
15.978 |
0,72 |
29.242 |
0,82 |
|
Not
Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash
and Banks |
1.397 |
0,06 |
1.903 |
0,05 |
|
Marketable
Securities |
0 |
0,00 |
0 |
0,00 |
|
Account
Receivable |
12.816 |
0,58 |
21.734 |
0,61 |
|
Other
Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
1.572 |
0,07 |
5.115 |
0,14 |
|
Advances
Given |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other
Current Assets |
193 |
0,01 |
490 |
0,01 |
|
NON-CURRENT
ASSETS |
6.191 |
0,28 |
6.507 |
0,18 |
|
Not
Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Receivable |
0 |
0,00 |
0 |
0,00 |
|
Financial
Assets |
0 |
0,00 |
0 |
0,00 |
|
Tangible
Fixed Assets (net) |
6.174 |
0,28 |
6.489 |
0,18 |
|
Intangible
Assets |
17 |
0,00 |
18 |
0,00 |
|
Deferred
Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other
Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
TOTAL
ASSETS |
22.169 |
1,00 |
35.749 |
1,00 |
|
CURRENT
LIABILITIES |
6.818 |
0,31 |
17.670 |
0,49 |
|
Not
Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial
Loans |
2.962 |
0,13 |
4.365 |
0,12 |
|
Accounts
Payable |
3.327 |
0,15 |
5.687 |
0,16 |
|
Loans
from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other
Short-term Payable |
162 |
0,01 |
417 |
0,01 |
|
Advances
from Customers |
0 |
0,00 |
6.495 |
0,18 |
|
Accumulated
Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes
Payable |
156 |
0,01 |
687 |
0,02 |
|
Provisions |
211 |
0,01 |
19 |
0,00 |
|
Other
Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM
LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
Not
Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial
Loans |
0 |
0,00 |
0 |
0,00 |
|
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 |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS'
EQUITY |
15.351 |
0,69 |
18.079 |
0,51 |
|
Not
Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in
Capital |
3.350 |
0,15 |
3.350 |
0,09 |
|
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 |
10.624 |
0,48 |
12.001 |
0,34 |
|
Revaluation
Fund |
0 |
0,00 |
1.996 |
0,06 |
|
Accumulated
Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net
Profit (loss) |
1.377 |
0,06 |
732 |
0,02 |
|
TOTAL
LIABILITIES AND EQUITY |
22.169 |
1,00 |
35.749 |
1,00 |
INCOME
STATEMENTS
|
|
(2015) ( Full Year
) TL Thousand |
|
(2016) ( Full Year
) TL Thousand |
|
(2017) ( Full Year
) TL Thousand |
|
|
Net
Sales |
29.610 |
1,00 |
31.391 |
1,00 |
43.149 |
1,00 |
|
Cost
of Goods Sold |
25.180 |
0,85 |
27.551 |
0,88 |
38.505 |
0,89 |
|
Gross
Profit |
4.430 |
0,15 |
3.840 |
0,12 |
4.644 |
0,11 |
|
Operating
Expenses |
1.716 |
0,06 |
2.002 |
0,06 |
2.788 |
0,06 |
|
Operating
Profit |
2.714 |
0,09 |
1.838 |
0,06 |
1.856 |
0,04 |
|
Other
Income |
611 |
0,02 |
558 |
0,02 |
738 |
0,02 |
|
Other
Expenses |
1.427 |
0,05 |
1.212 |
0,04 |
586 |
0,01 |
|
Financial
Expenses |
121 |
0,00 |
138 |
0,00 |
349 |
0,01 |
|
Minority
Interests |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit
(loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit
(loss) Before Tax |
1.777 |
0,06 |
1.046 |
0,03 |
1.659 |
0,04 |
|
Tax
Payable |
400 |
0,01 |
314 |
0,01 |
0 |
0,00 |
|
Postponed
Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net
Profit (loss) |
1.377 |
0,05 |
732 |
0,02 |
1.659 |
0,04 |
LAST
FINANCIAL STATEMENT DETAILS
|
|
TL
Thousand |
|
Cash |
675 |
|
Banks |
1.226 |
|
Doubtful
Trade Receivables |
758 |
|
Provision
for Doubtful Trade Receivables |
-758 |
|
Overdue,
Delayed or Deferred Tax by Installments and Other Liabilities |
0 |
FINANCIAL RATIOS
|
|
(2015) |
(2016) |
|
LIQUIDITY
RATIOS |
|
|
|
Current
Ratio |
2,34 |
1,65 |
|
Acid-Test
Ratio |
2,08 |
1,34 |
|
Cash
Ratio |
0,20 |
0,11 |
|
ASSET
STRUCTURE RATIOS |
|
|
|
Inventory/Total
Assets |
0,07 |
0,14 |
|
Short-term
Receivable/Total Assets |
0,58 |
0,61 |
|
Tangible
Assets/Total Assets |
0,28 |
0,18 |
|
TURNOVER
RATIOS |
|
|
|
Inventory
Turnover |
16,02 |
5,39 |
|
Stockholders'
Equity Turnover |
1,93 |
1,74 |
|
Asset
Turnover |
1,34 |
0,88 |
|
FINANCIAL
STRUCTURE |
|
|
|
Stockholders'
Equity/Total Assets |
0,69 |
0,51 |
|
Current
Liabilities/Total Assets |
0,31 |
0,49 |
|
Financial
Leverage |
0,31 |
0,49 |
|
Gearing
Percentage |
0,44 |
0,98 |
|
PROFITABILITY
RATIOS |
|
|
|
Net
Profit/Stockholders' Eq. |
0,09 |
0,04 |
|
Operating
Profit Margin |
0,09 |
0,06 |
|
Net
Profit Margin |
0,05 |
0,02 |
|
Interest
Cover |
15,69 |
8,58 |
|
COLLECTION-PAYMENT |
|
|
|
Average
Collection Period (days) |
155,82 |
249,25 |
|
Average
Payable Period (days) |
47,57 |
74,31 |
|
WORKING
CAPITAL |
9160,00 |
11572,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
TRY |
1 |
INR 17.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.