MIRA INFORM REPORT

 

 

Report Date :

08.09.2007

 

IDENTIFICATION DETAILS

 

Name :

SHAKTI PUMPS TUR POMPA SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

Ikitelli Organize Sanay Heskop Sanayi ve Ticaret Mrk 23 Cad M5 Blok No:87 Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

22.05.2006

 

 

Com. Reg. No.:

589440

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import and domestic trade of submersible pumps, motors and spare parts.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SHAKTI PUMPS TUR POMPA SANAYI VE DIS TICARET LTD. STI.

ADDRESS

:

Head Office: Ikitelli Organize Sanay Heskop Sanayi ve Ticaret Mrk 23 Cad M5 Blok No:87 Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-670 04 27

FAX NUMBER

:

90-212-670 04 28

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE / NO

:

Sisli / 7690431698

 

REGISTRATION NUMBER

:

589440

 

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

22.05.2006 (Commercial Registry Gazette Date/No: 26.05.2006 / 6564)

 

LEGAL FORM

:

Limited Company

 

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

YTL 15,000

 

HISTORY

:

 

 

 

 

Previous Address

:Perpa Ticaret Merkezi A Blok Kat:11 No:1328 Sisli Istanbul

 

 

Address Changed On

:09.08.2007 (Commercial Registry Gazette Date/No: 14.08.2007 / 6873)

 

 

Previous Shareholders

:Shakti Pumps India Ltd (98 %)

 Vishnu Patidar (2 %)

 

 

Shareholders Changed On

:14.08.2007 (Commercial Registry Gazette Date/No: 17.08.2007 / 6876)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

 

:

Shakti Pumps India Ltd

Ashutosh Dubey

 

98 %

2 %

 

 

The main shareholder “Shakti Pumps India Ltd” is a foreign company

 

 

SUBSIDIARIES

 

:

None

 

DIRECTORS

 

:

Atul Janawade

General Manager

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Import and domestic trade of submersible pumps, motors and spare parts.

 

SECTOR

 

:

Commerce

TRADEMARK(S)

:

The firm mainly sells the trademark: “Shakti”

 

NET SALES

:

(YTL)

113,054

585,300

 

(22.05.-31.12.2006)

(01.01.-30.06.2007)

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

 

:

Submersible pumps, motors and spare parts

PREMISES

:

Head Office: Ikitelli Organize Sanay Heskop Sanayi ve Ticaret Mrk 23 Cad M5 Blok No:87 Kucukcekmece Istanbul (rented)

 

FIXED CAPITAL INVESTMENTS

:

None

 

 

COMMERCIAL MORALITY         :           Good

SIZE OF BUSINESS                  :           Lower-moderate

 

 

FINANCE

 

 

MAIN DEALING BANKERS

:

Garanti Bankasi Perpa branch in Istanbul

Turkiye Finans Katilim Bankasi Perpa branch in Istanbul

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No complaints have been heard regarding payments from banks.

 

According to the official registries since its establishment on 22.05.2006 until 15.07.2007, there are no protested bills and non-paid cheques registered in the name of  “Shakti Pumps”

 

 

COMMENT ON FINANCIAL POSITION

 

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

Capitalization was very low as of 31.12.2006. We expect a further deterioration at total equity since then as the firm which had YTL 1,808 stockholders’ equity as of 31.12.2006 had YTL -156,015 loss in the first 6 months of 2007.

 

LIQUIDITY

 

Low

 

As of 31.12.2006

PROFITABILITY

 

The subject had operating loss and net loss between 22.05.-31.12.2006. The subject had gross loss, operating loss and consequently net loss in the first 6 months of 2007.

 

GAP BETWEEN COLLECTION-PAYMENT

PERIODS

 

Favorable

 

Between 22.05.-31.12.2006

GENERAL FINANCIAL

POSITION

 

Poor

 

 

 

 

Incr. in producers’ price index

 

Average YTL/$

Average YTL/EUR

Average YTL/GBP

(2006)

11.58 %

1.4309

1.7987

2.6377

(1.1.-30.06.2007)

2.98 %

1.3733

1.8275

2.7117

(1.1.-31.08.2007)

3.93 %

1.3597

1.8186

2.6959

 

 

 

 

 

                                          

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEETS

 

 

 

YTL

 

 

 

 

 

 

31.12.06

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

1.005.187

 

1,00

 

 

 Cash and Banks

 

60.709

 

0,06

 

 

 Marketable Securities

 

0

 

0,00

 

 

 Account Receivable

 

45.325

 

0,05

 

 

 Other Receivable

 

0

 

0,00

 

 

 Inventories

 

890.778

 

0,88

 

 

 Advances Given

 

0

 

0,00

 

 

 Other Current Assets

 

8.375

 

0,01

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

 

1.656

 

0,00

 

 

 Long-term Receivable

 

0

 

0,00

 

 

 Financial Assets

 

0

 

0,00

 

 

 Tangible Fixed Assets (net)

 

0

 

0,00

 

 

 Intangible Assets

 

1.656

 

0,00

 

 

 Other Non-Current Assets

 

0

 

0,00

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

1.006.843

 

1,00

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

1.005.035

 

1,00

 

 

 Financial Loans

 

0

 

0,00

 

 

 Accounts Payable

 

988.456

 

0,98

 

 

 Loans from Shareholders

 

15.960

 

0,02

 

 

 Other Short-term Payable

 

0

 

0,00

 

 

 Advances from Customers

 

0

 

0,00

 

 

 Taxes Payable

 

619

 

0,00

 

 

 Provisions

 

0

 

0,00

 

 

 Other Current Liabilities

 

0

 

0,00

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

0

 

0,00

 

 

 Financial Loans

 

0

 

0,00

 

 

 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

 

1.808

 

0,00

 

 

 Paid-in Capital

 

3.750

 

0,00

 

 

 Reserves

 

0

 

0,00

 

 

 Revaluation Fund

 

0

 

0,00

 

 

 Accumulated Losses(-)

 

0

 

0,00

 

 

 Net Profit (loss)

 

-1.942

 

0,00

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

1.006.843

 

1,00

 

 

 

 

 

INCOME STATEMENTS

 

 

 

YTL

 

 

 

YTL

 

 

 

 

 

 

22.05-31.12.2006

 

 

 

1.1.-30.06.2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

113.054

 

1,00

 

585.300

 

1,00

 

 

 Cost of Goods Sold

 

109.000

 

0,96

 

724.374

 

1,24

 

 

Gross Profit

 

4.054

 

0,04

 

-139.074

 

-0,24

 

 

 Operating Expenses

 

5.996

 

0,05

 

16.975

 

0,03

 

 

Operating Profit

 

-1.942

 

-0,02

 

-156.049

 

-0,27

 

 

 Other Income

 

0

 

0,00

 

989

 

0,00

 

 

 Other Expenses

 

0

 

0,00

 

955

 

0,00

 

 

 Financial Expenses

 

0

 

0,00

 

0

 

0,00

 

 

Profit (loss) Before Tax

 

-1.942

 

-0,02

 

-156.015

 

-0,27

 

 

 Tax Payable

 

0

 

0,00

 

0

 

0,00

 

 

Net Profit (loss)

 

-1.942

 

-0,02

 

-156.015

 

-0,27

 

 

 

 

FINANCIAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.05-31.12.2006

 

 

 

1.1.-30.06.2007

 

 

 

 

LIQUIDITY RATIOS

 

 

 

 

 

 

 

 

 

 

Current Ratio

 

1,00

 

 

 

 --

 

 

 

 

Acid-Test Ratio

 

0,11

 

 

 

 --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

 

 

 

 

 

Inventory/Total Assets

 

0,88

 

 

 

 --

 

 

 

 

Short-term Receivable/Total Assets

 

0,05

 

 

 

 --

 

 

 

 

Tangible Assets/Total Assets

 

0,00

 

 

 

 --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TURNOVER RATIOS

 

 

 

 

 

 

 

 

 

 

Inventory Turnover

 

0,12

 

 

 

 --

 

 

 

 

Stockholders' Equity Turnover

 

62,53

 

 

 

 --

 

 

 

 

Asset Turnover

 

0,11

 

 

 

 --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STRUCTURE

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity/Total Assets

 

0,00

 

 

 

 --

 

 

 

 

Current Liabilities/Total Assets

 

1,00

 

 

 

 --

 

 

 

 

Financial Leverage

 

1,00

 

 

 

 --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY RATIOS

 

 

 

 

 

 

 

 

 

 

Net Profit/Stockholders' Eq.

 

-1,07

 

 

 

 --

 

 

 

 

Operating Profit Margin

 

-0,02

 

 

 

-0,27

 

 

 

 

Net Profit Margin

 

-0,02

 

 

 

-0,27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTION-PAYMENT

 

 

 

 

 

 

 

 

 

 

Average Collection Period (days)

 

144,33

 

 

 

 --

 

 

 

 

Average Payable Period (days)

 

3264,63

 

 

 

 --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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