MIRA INFORM REPORT

 

 

Report Date :           

26.08.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

AGT AHSAP SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy  Antalya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.01.2007

 

 

Com. Reg. No.:

50966

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of furniture components and door

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

1.210.000 USD

 

 

Status :

Satisfactory

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

COMPANY IDENTIFICATION

 

NAME

:

AGT AHSAP SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy  Antalya / Turkey

PHONE NUMBER

:

90-242-249 17 17

 

FAX NUMBER

:

90-242-249 17 27

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Antalya Kurumlar

TAX NO

:

0080731305

REGISTRATION NUMBER

:

50966

REGISTERED OFFICE

:

Antalya Chamber of Commerce and Industry

DATE ESTABLISHED

:

08.01.2007

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.2007/6728

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Soylemez

40 %

Mehmet Semih Soylemez

30 %

Mustafa Hulusi Soylemez

30 %

 

 

SISTER COMPANIES

:

AGT AGAC SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

AGT AGAC SANAYI VE TICARET A.S.

 

DIRECTORS

:

Ahmet Soylemez

 

Mehmet Semih Soylemez

 

Mustafa Hulusi Soylemez

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of furniture components and door . 

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

66.868.695 TL

(2009) 

90.965.177 TL

(2010) 

38.598.558 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

EXPORT VALUE

:

62.002.265 TL

(2009)

87.662.939 TL

(2010)

37.500.000 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Russia

India

U.A.E.

Jordan

Sudan

Egypt

Libya

Macedonia Republic

Uzbekistan

Moldova

Albania

Saudi Arabia

 

 

MERCHANDISE  EXPORTED

:

Furniture components

 

HEAD OFFICE ADDRESS

:

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy  Antalya / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Upper-Medium

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Antalya Ticari Branch

T. Garanti Bankasi Organize Sanayi Subesi Branch

T. Halk Bankasi Antalya Ticari Branch

T. Vakiflar Bankasi Lara Branch

Yapi ve Kredi Bankasi Aspendos Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-30.06.2011) TL

 

 

 

Net Sales

90.965.177

38.598.558

 

 

 

Profit (Loss) Before Tax

498.285

171.742

 

 

 

Stockholders' Equity

4.529.395

 

 

 

 

Total Assets

8.057.867

 

 

 

 

Current Assets

8.052.860

 

 

 

 

Non-Current Assets

5.007

 

 

 

 

Current Liabilities

3.528.472

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

3.531.040

1.321.862

 

 

 

Operating Profit (loss)

1.087.164

-373.822

 

 

 

Net Profit (loss)

297.892

171.742

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

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 31.12.2010

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss (01.01-30.06.2011)

Low Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.210.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.07.2011)

6,18 %

1,5901

2,2465

2,5668

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

8.052.860

1,00

Not Detailed Current Assets

0

0,00

Cash and Banks

626.272

0,08

Marketable Securities

0

0,00

Account Receivable

7.274.920

0,90

Other Receivable

7.848

0,00

Inventories

7.539

0,00

Advances Given

9.208

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

127.073

0,02

NON-CURRENT ASSETS

5.007

0,00

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

0

0,00

Intangible Assets

0

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

5.007

0,00

TOTAL ASSETS

8.057.867

1,00

CURRENT LIABILITIES

3.528.472

0,44

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

971.661

0,12

Loans from Shareholders

419.186

0,05

Other Short-term Payable

6.227

0,00

Advances from Customers

2.119.544

0,26

Accumulated Construction Income

0

0,00

Taxes Payable

7.951

0,00

Provisions

3.903

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed 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

4.529.395

0,56

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

500.000

0,06

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

3.731.503

0,46

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

297.892

0,04

TOTAL LIABILITIES AND EQUITY

8.057.867

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

90.965.177

1,00

38.598.558

1,00

Cost of Goods Sold

87.434.137

0,96

37.276.696

0,97

Gross Profit

3.531.040

0,04

1.321.862

0,03

Operating Expenses

2.443.876

0,03

1.695.684

0,04

Operating Profit

1.087.164

0,01

-373.822

-0,01

Other Income

5.728.008

0,06

3.628.687

0,09

Other Expenses

6.316.887

0,07

3.027.349

0,08

Financial Expenses

0

0,00

55.774

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

498.285

0,01

171.742

0,00

Tax Payable

200.393

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

297.892

0,00

171.742

0,00

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

2,28

Acid-Test Ratio

2,24

Cash Ratio

0,18

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

Short-term Receivable/Total Assets

0,90

Tangible Assets/Total Assets

0,00

TURNOVER RATIOS

 

Inventory Turnover

11597,58

Stockholders' Equity Turnover

20,08

Asset Turnover

11,29

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,56

Current Liabilities/Total Assets

0,44

Financial Leverage

0,44

Gearing Percentage

0,78

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

Operating Profit Margin

0,01

Net Profit Margin

0,00

Interest Cover

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

28,79

Average Payable Period (days)

4,00

WORKING CAPITAL

4524388,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.13

UK Pound

1

Rs.75.52

Euro

1

Rs.66.53

 

 

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.