MIRA
INFORM REPORT
|
Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TURA SOGUTMA SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Dereboyu Cad. No:27 Yenisehir Beyoglu Istanbul |
|
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24.05.1985 |
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Com. Reg. No.: |
215460 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Trader of Cooling Equipments |
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 : |
Moderate |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TURA SOGUTMA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Dereboyu Cad. No:27 Yenisehir
Beyoglu Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-237 50 00 |
|
FAX NUMBER |
: |
90-212-255 58 65 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar/8670031403 |
|
REGISTRATION NUMBER |
: |
215460 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
24.05.1985 (Commercial Registry Gazette
Date/No:29.05.1985/1274) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 3.000.000 |
|
PAID-IN CAPITAL |
: |
YTL 3.000.000 |
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
:YTL 200.000 |
|
|
|
|
Regist. Capital Changed on |
:30.09.2004 (Commercial Registry Gazette
Date/No:05.10.2004/6150) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Fatma Turhan Ayse Orga Ali Turhan Ayhan Turhan Mustafa Turhan |
25 % 25 % 22,5 % 22,5 % 5
% |
|
GROUP |
: |
Turhan Group |
|
|
SISTER COMPANIES |
: |
Birmak Sogutma Sanayi ve Ticaret A.S. Birsan Yalitim ve Ambalaj Sanayi Ticaret
A.S. International Klima ve Muhendislik A.S. Soguk Teknik Sanayi ve Ticaret A.S. Tura Dis Ticaret Kollektif Sirketi Ali
Turhan-Ayhan Turhan |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Mustafa Turhan Ali Turhan Ayhan Turhan |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of cooling equipments |
|
SECTOR |
: |
Commerce |
|
NUMBER OF
EMPLOYEES |
: |
30 |
|
NET SALES |
: |
(YTL) 13.092.730 17.987.462 9.197.242 |
(2004) (2005) (1.1.-30.06.2006) |
|
REMARKS ON NET
SALES |
: |
In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its fresh financial data. As the firm’s shares are not open to public
it is not obliged to announce its data. |
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|
CAPACITY |
: |
None |
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|
PRODUCTION |
: |
None |
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|
IMPORT VALUE |
: |
(YTL) 18.888 |
(2007) |
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IMPORT COUNTRIES |
: |
China, India, Greece,
Catalca Free Zone |
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|
MERCHANDISE
IMPORTED |
: |
Cooling equipments |
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|
EXPORT VALUE |
: |
(YTL) 958.629 620.738 215.833 |
(2004) (2005) (1.1.-30.06.2006) |
|
EXPORT COUNTRIES |
: |
Bulgaria, Macedonia, Georgia,
Istanbul Free Zone, Albania, Azerbaijan… |
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MERCHANDISE
EXPORTED |
: |
Chemical products, electric motors, parts
of refrigerator equipments, parts of air condition machines, air
conditioners, thermostats… |
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|
PREMISES |
: |
Head Office: Dereboyu Cad. No:27 Yenisehir
Beyoglu Istanbul (owned) 2 rented warehouses in Hadimkoy
Istanbul |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
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SIZE OF BUSINESS |
: |
Large |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Tarlabasi branch in Istanbul Garanti Bankasi Taksim branch in Istanbul T. Is Bankasi Dolapdere branch in Istanbul Citibank Esentepe branch in Istanbul ING Bank Caglayan branch in Istanbul Denizbank Elmadag branch in Istanbul |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was insufficient as of 31.12.2005. There has been no capital
increase since then. |
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LIQUIDITY |
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Good |
As of 31.12.2005 |
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PROFITABILITY |
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|
Low |
In 2005 |
Low |
Between 1.1.-30.6.2006 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
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Unfavorable |
In 2005 |
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GENERAL
FINANCIAL POSITION |
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|
Capitalization was insufficient and profitability was low but
liquidity was good in 2005. Profitability was low in the first half of 2006
as well. There has been no capital increase since then. The firm declines to give us an authorization to gather its fresh
financial data. As the shares of the
firm are not open to public, it is not obliged to announce its data. |
||||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(1.1.-30.06.2006) |
11.68 % |
1.3979 |
1.7196 |
2.4977 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
|
|
|
|
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|
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CURRENT ASSETS |
6.318.186 |
|
0.95 |
|
11.698.142 |
|
0.92 |
|
|
|
Cash and Banks |
2.644.225 |
|
0.40 |
|
4.626.260 |
|
0.36 |
|
|
|
Marketable Securities |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Account Receivable |
1.777.928 |
|
0.27 |
|
3.561.781 |
|
0.28 |
|
|
|
Other Receivable |
122.836 |
|
0.02 |
|
6.200 |
|
0.00 |
|
|
|
Inventories |
1.543.452 |
|
0.23 |
|
3.255.988 |
|
0.26 |
|
|
|
Advances Given |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Other Current Assets |
229.745 |
|
0.03 |
|
247.913 |
|
0.02 |
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|
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NON-CURRENT ASSETS |
363.819 |
|
0.05 |
|
1.060.787 |
|
0.08 |
|
|
|
Long-term Receivable |
0 |
|
0.00 |
|
431 |
|
0.00 |
|
|
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Financial Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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|
Tangible Fixed Assets (net) |
336.009 |
|
0.05 |
|
1.017.929 |
|
0.08 |
|
|
|
Intangible Assets |
21.990 |
|
0.00 |
|
23.972 |
|
0.00 |
|
|
|
Other Non-Current Assets |
5.820 |
|
0.00 |
|
18.455 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.682.005 |
|
1.00 |
|
12.758.929 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
4.719.359 |
|
0.71 |
|
9.039.210 |
|
0.71 |
|
|
|
Financial Loans |
4.177.329 |
|
0.63 |
|
8.017.802 |
|
0.63 |
|
|
|
Accounts Payable |
536.098 |
|
0.08 |
|
965.273 |
|
0.08 |
|
|
|
Loans from Shareholders |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Other Short-term Payable |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Advances from Customers |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Taxes Payable |
16.387 |
|
0.00 |
|
11.673 |
|
0.00 |
|
|
|
Provisions |
-10.455 |
|
0.00 |
|
5.412 |
|
0.00 |
|
|
|
Other Current Liabilities |
0 |
|
0.00 |
|
39.050 |
|
0.00 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
1.962.646 |
|
0.29 |
|
3.719.719 |
|
0.29 |
|
|
|
Paid-in Capital |
1.439.498 |
|
0.22 |
|
3.000.000 |
|
0.24 |
|
|
|
Inflation Adjustment of
Capital |
1.071.355 |
|
0.16 |
|
1.071.355 |
|
0.08 |
|
|
|
Reserves |
544.892 |
|
0.08 |
|
544.892 |
|
0.04 |
|
|
|
Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Accumulated Losses(-) |
-1.027.603 |
|
-0.15 |
|
-1.093.099 |
|
-0.09 |
|
|
|
Net Profit (loss) |
-65.496 |
|
-0.01 |
|
196.571 |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.682.005 |
|
1.00 |
|
12.758.929 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2004 |
|
|
2005 |
|
|
1.1.-30.6.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.092.730 |
1.00 |
|
17.987.462 |
1.00 |
|
9.197.242 |
1.00 |
|
|
|
Cost of Goods Sold |
11.994.547 |
0.92 |
|
15.653.581 |
0.87 |
|
8.024.524 |
0.87 |
|
|
|
Gross Profit |
1.098.183 |
0.08 |
|
2.333.881 |
0.13 |
|
1.172.718 |
0.13 |
|
|
|
Operating Expenses |
574.589 |
0.04 |
|
809.437 |
0.05 |
|
377.205 |
0.04 |
|
|
|
Operating Profit |
523.594 |
0.04 |
|
1.524.444 |
0.08 |
|
795.513 |
0.09 |
|
|
|
Other Income |
394.301 |
0.03 |
|
365.601 |
0.02 |
|
103.185 |
0.01 |
|
|
|
Other Expenses |
476.183 |
0.04 |
|
397.687 |
0.02 |
|
269.038 |
0.03 |
|
|
|
Financial Expenses |
507.208 |
0.04 |
|
1.227.034 |
0.07 |
|
548.762 |
0.06 |
|
|
|
Profit (loss) Before Tax |
-65.496 |
-0.01 |
|
265.324 |
0.01 |
|
80.898 |
0.01 |
|
|
|
Tax Payable |
0 |
0.00 |
|
68.753 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
-65.496 |
-0.01 |
|
196.571 |
0.01 |
|
80.898 |
0.01 |
|
FINANCIAL RATIOS
|
|
|
2004 |
|
|
2005 |
|
|
1.1.-30.6.06 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1.34 |
|
|
1.29 |
|
|
-- |
|
|
|
|
Acid-Test Ratio |
0.96 |
|
|
0.91 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.23 |
|
|
0.26 |
|
|
-- |
|
|
|
|
Short-term Receiv/Total Assets |
0.28 |
|
|
0.28 |
|
|
-- |
|
|
|
|
Tangible Assets/Total Assets |
0.05 |
|
|
0.08 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
7.77 |
|
|
4.81 |
|
|
-- |
|
|
|
|
Stockholders' Equity Turnover |
6.67 |
|
|
4.84 |
|
|
-- |
|
|
|
|
Asset Turnover |
1.96 |
|
|
1.41 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Eq/Total Assets |
0.29 |
|
|
0.29 |
|
|
-- |
|
|
|
|
Current Liabilities/Total Assets |
0.71 |
|
|
0.71 |
|
|
-- |
|
|
|
|
Financial Leverage |
0.71 |
|
|
0.71 |
|
|
-- |
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0.03 |
|
|
0.05 |
|
|
-- |
|
|
|
|
Operating Profit Margin |
0.04 |
|
|
0.08 |
|
|
0.09 |
|
|
|
|
Net Profit Margin |
-0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Per. (days) |
48.89 |
|
|
71.29 |
|
|
-- |
|
|
|
|
Average Payable Period (days) |
16.09 |
|
|
22.20 |
|
|
-- |
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.32 |
|
UK Pound |
1 |
Rs.74.20 |
|
Euro |
1 |
Rs.60.73 |
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%)