MIRA INFORM REPORT

 

 

Report Date :           

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SAREKS DIS TICARET LTD. STI.

 

 

Registered Office :

Sahil Yolu Munir Nurettin Selcuk Cad. No:66/2 Kiziltoprak-Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

19.12.1989

 

 

Com. Reg. No.:

260362

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of hardware and electronic materials

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

22.000 USD

Status :

Moderate

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMPANY IDENTIFICATION

 

NAME

:

SAREKS DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Sahil Yolu Munir Nurettin Selcuk Cad. No:66/2 Kiziltoprak-Kadikoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "No:66/3" to "No:66/2" by the Municipality.

PHONE NUMBER

:

90-216-348 12 48

 

FAX NUMBER

:

90-216-348 50 49

 

WEB-ADDRESS

:

www.sareks.com.tr

E-MAIL

:

info@sareks.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Goztepe

TAX NO

:

7450038660

REGISTRATION NUMBER

:

260362

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.12.1989

ESTABLISHMENT GAZETTE DATE/NO

:

25.12.1989/2429

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Registered Capital

:

TL 25.000

Changed On

:

20.04.2009 (Commercial Gazette Date /Number 24.04.2009/ 7298)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Selim Sarac

90 %

Nermin Sarac

10 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Selim Sarac

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of hardware and electronic materials. 

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

732.153 TL

(2008) 

593.947 TL

(2009) 

515.848 TL

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

U.K.

Italy

China

India

Spain

Indonesia

 

 

MERCHANDISE IMPORTED

:

Electronic materials

Granite

Hardware

Laminate

Parquet

Sheet

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

 

 

HEAD OFFICE ADDRESS

:

Sahil Yolu Munir Nurettin Selcuk Cad. No:66/2 Kiziltoprak-Kadikoy Istanbul / Turkey

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010.

SIZE OF BUSINESS

:

Modest

 FINANCE

 

MAIN DEALING BANKS

:

Akbank Kiziltoprak Branch

Albaraka Turk Katilim Bankasi Karakoy Branch

Yapi ve Kredi Bankasi Kiziltoprak Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

 

 

 

Net Sales

593.947

515.848

 

 

 

Profit (Loss) Before Tax

3.223

6.401

 

 

 

Stockholders' Equity

150.327

 

 

 

 

Total Assets

698.959

 

 

 

 

Current Assets

646.774

 

 

 

 

Non-Current Assets

52.185

 

 

 

 

Current Liabilities

542.701

 

 

 

 

Long-Term Liabilities

5.931

 

 

 

 

Gross Profit (loss)

117.825

39.302

 

 

 

Operating Profit (loss)

32.848

-14.942

 

 

 

Net Profit (loss)

2.420

4.874

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2009

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2009

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Operating Loss  in 2010

Low Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 22.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

646.774

0,93

Not Detailed Current Assets

0

0,00

Cash and Banks

298.150

0,43

Marketable Securities

0

0,00

Account Receivable

234.195

0,34

Other Receivable

1.277

0,00

Inventories

93.093

0,13

Advances Given

1.328

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

18.731

0,03

NON-CURRENT ASSETS

52.185

0,07

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

42.942

0,06

Intangible Assets

9.230

0,01

Deferred Tax Assets

0

0,00

Other Non-Current Assets

13

0,00

TOTAL ASSETS

698.959

1,00

CURRENT LIABILITIES

542.701

0,78

Not Detailed Current Liabilities

0

0,00

Financial Loans

19.718

0,03

Accounts Payable

15.873

0,02

Loans from Shareholders

403.791

0,58

Other Short-term Payable

0

0,00

Advances from Customers

101.000

0,14

Accumulated Construction Income

0

0,00

Taxes Payable

1.558

0,00

Provisions

156

0,00

Other Current Liabilities

605

0,00

LONG-TERM LIABILITIES

5.931

0,01

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

5.918

0,01

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

13

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

150.327

0,22

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

100.000

0,14

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

23.979

0,03

Equity of Consolidated Firms

0

0,00

Reserves

23.928

0,03

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

2.420

0,00

TOTAL LIABILITIES AND EQUITY

698.959

1,00

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

593.947

1,00

515.848

1,00

Cost of Goods Sold

476.122

0,80

476.546

0,92

Gross Profit

117.825

0,20

39.302

0,08

Operating Expenses

84.977

0,14

54.244

0,11

Operating Profit

32.848

0,06

-14.942

-0,03

Other Income

7.921

0,01

70.559

0,14

Other Expenses

26.933

0,05

39.027

0,08

Financial Expenses

10.613

0,02

10.189

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

3.223

0,01

6.401

0,01

Tax Payable

803

0,00

1.527

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

2.420

0,00

4.874

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,19

 

Acid-Test Ratio

0,98

 

Cash Ratio

0,55

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

 

Short-term Receivable/Total Assets

0,34

 

Tangible Assets/Total Assets

0,06

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,11

 

Stockholders' Equity Turnover

3,95

 

Asset Turnover

0,85

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,22

 

Current Liabilities/Total Assets

0,78

 

Financial Leverage

0,78

 

Gearing Percentage

3,65

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

 

Operating Profit Margin

0,06

 

Net Profit Margin

0,00

 

Interest Cover

1,30

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

141,95

 

Average Payable Period (days)

12,00

 

WORKING CAPITAL

104073,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.