MIRA INFORM REPORT

 

 

Report Date :           

16.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PA-GE IC VE DIS TICARET LTD. STI. 

 

 

Registered Office :

Eski Uskudar Yolu Caddesi Aydogan Apt. No:14/B Icerenkoy/Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.11.1999

 

 

Com. Reg. No.:

428823

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of spare parts of heavy construction equipments, ore machines and skirting board of laminate parquet.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

PA-GE IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Eski Uskudar Yolu Caddesi Aydogan Apt. No:14/B Icerenkoy/Atasehir Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “12/1” to “14/B” by the Municipality.

PHONE NUMBER

:

90-216-574 44 98

 

FAX NUMBER

:

90-216-574 56 96

 

WEB-ADDRESS

:

www.page-ltd.com

E-MAIL

:

page@page-ltd.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kozyatagi

TAX NO

:

7190078395

REGISTRATION NUMBER

:

428823

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.11.1999

ESTABLISHMENT GAZETTE DATE /NO

:

18.11.1999/4922

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

400.000 TL

Changed On

:

08.02.2006 (Commercial Gazette Date /Number 13.02.2006/ 6491)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

10.01.2008 (Commercial Gazette Date /Number 15.01.2008/ 6977)

 

 

 

PREVIOUS SHAREHOLDERS

:

Halil Ibrahim Yanar

33,35 %

Kamuran Yildirim

33,32 %

Atilla Cengiz

33,32 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Halil Ibrahim Yanar

50 %

Kamuran Yildirim

50 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Halil Ibrahim Yanar

 

Kamuran Yildirim

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of spare parts of heavy construction equipments, ore machines and skirting board of laminate parquet. 

 

NACE CODE

:

G .51.87

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

10.534 TL Thousand

(2006) 

17.073 TL Thousand

(2007) 

14.715 TL Thousand

(2008) 

8.219 TL Thousand

(2009) 

12.846 TL Thousand

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

72.273 USD + 227.886 EUR

(2009)

1.441.394 EUR + 606.710 USD

(2010)

 

 

IMPORT COUNTRIES

:

Italy

Germany

China

Canada

 

MERCHANDISE IMPORTED

:

Metal sheet

Spare parts

 

EXPORT VALUE

:

859 TL Thousand

(2006)

3.008 TL Thousand

(2007)

4.524 TL Thousand

(2008)

3.751 TL Thousand

(2009)

4.597 TL Thousand

(2010)

 

 

EXPORT COUNTRIES

:

Germany

Netherlands

China

Singapore

U.A.E.

Australia

Chile

 

MERCHANDISE  EXPORTED

:

Iron

Parts of construction machines

Steel

 

HEAD OFFICE ADDRESS

:

Eski Uskudar Yolu Caddesi Aydogan Apt. No:14/B Icerenkoy/Atasehir Istanbul / Turkey (rented)

 

BRANCHES

:

Branch Office/Warehouse  :  Cinar Mah. Adnan Kahveci Cad. No:31/2 Maltepe Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Medium

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Imes Branch

ING Bank Hasanpasa Branch

TEB Icerenkoy Branch

Yapi Ve Kredi Bankasi Bayar Caddesi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

 

 

Net Sales

14.715

8.219

12.846

 

 

Profit (Loss) Before Tax

329

85

313

 

 

Stockholders' Equity

1.882

1.947

1.787

 

 

Total Assets

6.478

4.924

6.158

 

 

Current Assets

5.812

2.773

5.334

 

 

Non-Current Assets

666

2.151

824

 

 

Current Liabilities

4.596

2.572

4.091

 

 

Long-Term Liabilities

0

405

280

 

 

Gross Profit (loss)

2.245

1.491

2.021

 

 

Operating Profit (loss)

1.027

468

591

 

 

Net Profit (loss)

261

66

248

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Negative As of 31.12.2010

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

CURRENT ASSETS

5.812

0,90

2.773

0,56

5.334

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

955

0,15

-2.434

-0,49

-2.883

-0,47

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

2.217

0,34

821

0,17

1.801

0,29

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

2.267

0,35

1.748

0,35

2.577

0,42

Advances Given

216

0,03

2.505

0,51

3.199

0,52

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

157

0,02

133

0,03

640

0,10

NON-CURRENT ASSETS

666

0,10

2.151

0,44

824

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

1.405

0,29

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

626

0,10

706

0,14

780

0,13

Intangible Assets

40

0,01

40

0,01

44

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

6.478

1,00

4.924

1,00

6.158

1,00

CURRENT LIABILITIES

4.596

0,71

2.572

0,52

4.091

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.704

0,42

1.501

0,30

2.315

0,38

Accounts Payable

1.594

0,25

841

0,17

1.051

0,17

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

7

0,00

Advances from Customers

268

0,04

229

0,05

602

0,10

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

6

0,00

6

0,00

100

0,02

Provisions

24

0,00

-5

0,00

16

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

405

0,08

280

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

405

0,08

280

0,05

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.882

0,29

1.947

0,40

1.787

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

566

0,09

566

0,11

769

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

146

0,02

146

0,03

146

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

909

0,14

1.169

0,24

624

0,10

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

261

0,04

66

0,01

248

0,04

TOTAL LIABILITIES AND EQUITY

6.478

1,00

4.924

1,00

6.158

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

Net Sales

14.715

1,00

8.219

1,00

12.846

1,00

Cost of Goods Sold

12.470

0,85

6.728

0,82

10.825

0,84

Gross Profit

2.245

0,15

1.491

0,18

2.021

0,16

Operating Expenses

1.218

0,08

1.023

0,12

1.430

0,11

Operating Profit

1.027

0,07

468

0,06

591

0,05

Other Income

710

0,05

267

0,03

400

0,03

Other Expenses

1.064

0,07

257

0,03

305

0,02

Financial Expenses

344

0,02

393

0,05

373

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

329

0,02

85

0,01

313

0,02

Tax Payable

68

0,00

19

0,00

65

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

261

0,02

66

0,01

248

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,26

1,08

1,30

Acid-Test Ratio

0,69

-0,63

-0,26

Cash Ratio

0,21

-0,95

-0,70

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,35

0,35

0,42

Short-term Receivable/Total Assets

0,34

0,17

0,29

Tangible Assets/Total Assets

0,10

0,14

0,13

TURNOVER RATIOS

 

Inventory Turnover

5,50

3,85

4,20

Stockholders' Equity Turnover

7,82

4,22

7,19

Asset Turnover

2,27

1,67

2,09

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

0,40

0,29

Current Liabilities/Total Assets

0,71

0,52

0,66

Financial Leverage

0,71

0,60

0,71

Gearing Percentage

2,44

1,53

2,45

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,03

0,14

Operating Profit Margin

0,07

0,06

0,05

Net Profit Margin

0,02

0,01

0,02

Interest Cover

1,96

1,22

1,84

COLLECTION-PAYMENT

 

Average Collection Period (days)

54,24

97,50

50,47

Average Payable Period (days)

46,02

45,00

34,95

WORKING CAPITAL

1216,00

201,00

1243,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.73.06

Euro

1

Rs.64.03

 

 

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.