MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HARDI DIS TICARET LTD. STI. |
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|
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|
Registered Office : |
Cami Serif Mah. 5217 Sok.Erdil Ish. K:4/8 Mersin |
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
18.09.1997 |
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Com. Reg. No.: |
18965 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of various products but
mainly Tea |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
HARDI DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Cami Serif Mah. 5217 Sok.Erdil
Ish. K:4/8 Mersin/ Turkey |
|
PHONE NUMBER |
: |
90-324-238 49 28 |
|
FAX NUMBER |
: |
90-324-238 49 29 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Liman / 4570071418 |
|
REGISTRATION NUMBER |
: |
18965 |
|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce |
|
DATE ESTABLISHED |
: |
18.09.1997 (Commercial Registry Gazette
Date/No: 26.09.1997/4385) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 11,700 |
|
PAID- IN CAPITAL |
: |
YTL 11,700 |
|
HISTORY |
|
The subject moved from “Camiserif
Mahallesi 5217.Sokak Cogal Apt. K:3/7 Mersin” to “Cami Serif Mah. 5217
Sok.Erdil Ish. K:4/8 Mersin” on
16.05.2008 (Commercial Registry Gazette Date/No:22.05.2008/ 7067) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Salh M.Qadir Sultan Shukrya M Sulaiman |
50 % 50 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
SUBSIDIARIES |
: |
None |
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|
DIRECTORS |
: |
Salh M.Qadir Sultan Shukrya M Sulaiman |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of
various products but mainly tea |
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|
|
SECTOR |
: |
Commerce |
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|
|
NUMBER OF
EMPLOYEES |
: |
1 |
|
|
|
NET SALES |
: |
(YTL) 1,747,012 1,443,392 0 |
(2006) (2007) (01.01.-30.06.2008) |
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|
REMARKS ON NET
SALES |
: |
The subject has no sales in the first 6
months of 2008. It has declared that, it is planning to re-start trading
activity in October 2008. |
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|
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CAPACITY |
: |
None |
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|
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Sri- Lanka |
||
|
MERCHANDISE
IMPORTED |
: |
Tea |
||
|
PREMISES |
: |
Head Office: Cami Serif Mah. 5217
Sok.Erdil Ish. K:4/8 Mersin (rented) |
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|
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
2007. The subject has no sales in the first 6 months of 2008. It has declared
that, it is planning to re-start trading activity in October 2008. |
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SIZE OF BUSINESS |
: |
Small |
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FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Mersin and Serbest Bolge
branches in Mersin |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT
ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
High |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
The firm had low profitability in 2007. As
the subject had no sales, it had operating and net losses in the first 6
months of 2008. It has declared that, it is planning to re-start trading
activity in October 2008. |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
In order |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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|
Capitalization and liquidity were high but
profitability was low in 2007. As the subject had no sales, it had operating and
net losses in the first 6 months of 2008. It has declared that, it is
planning to re-start trading activity in October 2008. |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
110.086 |
|
0,96 |
|
23.557 |
|
0,80 |
|
|
|
Cash and
Banks |
4.660 |
|
0,04 |
|
1.597 |
|
0,05 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
100.000 |
|
0,87 |
|
17.534 |
|
0,60 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
5.426 |
|
0,05 |
|
4.426 |
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
4.882 |
|
0,04 |
|
5.882 |
|
0,20 |
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|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
4.882 |
|
0,04 |
|
5.882 |
|
0,20 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL ASSETS |
114.968 |
|
1,00 |
|
29.439 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
97.976 |
|
0,85 |
|
4.948 |
|
0,17 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
97.331 |
|
0,85 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
380 |
|
0,00 |
|
403 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
265 |
|
0,00 |
|
4.545 |
|
0,15 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
16.992 |
|
0,15 |
|
24.491 |
|
0,83 |
|
|
|
Paid-in
Capital |
11.700 |
|
0,10 |
|
11.700 |
|
0,40 |
|
|
|
Inflation
Adjustment of Capital |
136.446 |
|
1,19 |
|
136.446 |
|
4,63 |
|
|
|
Reserves |
14.710 |
|
0,13 |
|
27.347 |
|
0,93 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-158.502 |
|
-1,38 |
|
-158.502 |
|
-5,38 |
|
|
|
Net
Profit (loss) |
12.638 |
|
0,11 |
|
7.500 |
|
0,25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
114.968 |
|
1,00 |
|
29.439 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.6.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.747.012 |
|
1,00 |
|
1.443.392 |
|
1,00 |
|
0 |
|
|
|
|
|
Cost of Goods
Sold |
1.726.632 |
|
0,99 |
|
1.428.527 |
|
0,99 |
|
0 |
|
|
|
|
|
Gross Profit |
20.380 |
|
0,01 |
|
14.865 |
|
0,01 |
|
0 |
|
|
|
|
|
Operating
Expenses |
7.742 |
|
0,00 |
|
7.365 |
|
0,01 |
|
4.435 |
|
|
|
|
|
Operating Profit |
12.638 |
|
0,01 |
|
7.500 |
|
0,01 |
|
-4.435 |
|
|
|
|
|
Other
Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
|
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
|
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
|
|
|
|
Profit (loss) Before Tax |
12.638 |
|
0,01 |
|
7.500 |
|
0,01 |
|
-4.435 |
|
|
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
|
|
|
|
Net Profit (loss) |
12.638 |
|
0,01 |
|
7.500 |
|
0,01 |
|
-4.435 |
|
|
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.6.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
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|
|
|
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|
Current Ratio |
1,12 |
|
|
|
4,76 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
1,07 |
|
|
|
3,87 |
|
|
|
-- |
|
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ASSET STRUCTURE RATIOS |
|
|
|
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|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,87 |
|
|
|
0,60 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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TURNOVER RATIOS |
|
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|
Inventory Turnover |
--- |
|
|
|
--- |
|
|
|
--- |
|
|
|
|
|
Stockholders' Equity Turnover |
102,81 |
|
|
|
58,94 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
15,20 |
|
|
|
49,03 |
|
|
|
-- |
|
|
|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,15 |
|
|
|
0,83 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,85 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,85 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,74 |
|
|
|
0,31 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
-- |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
20,61 |
|
|
|
4,37 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
20,29 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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%)