MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

KARAKUS HIRDAVAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Istoc Toptancilar Carsisi 16. Ada No:20-22 Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.11.1997

 

 

Com. Reg. No.:

380636

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of hardware

 

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 :

1.300.000 USD

Status :

Good

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

 

COMPANY IDENTIFICATION

 

NAME

:

KARAKUS HIRDAVAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Istoc Toptancilar Carsisi 16. Ada No:20-22 Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-659 07 09

 

FAX NUMBER

:

90-212-659 07 08

 

WEB-ADDRESS

:

www.ricokarakus.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gunesli

TAX NO

:

5160086157

REGISTRATION NUMBER

:

380636

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.11.1997

ESTABLISHMENT GAZETTE DATE/NO

:

17.11.1997/4420

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.700.000

PAID-IN CAPITAL

:

TL   3.700.000

HISTORY

:

Previous Registered Capital

:

TL 2.500.000

Changed On

:

06.05.2010 (Commercial Gazette Date /Number 12.05.2010/ 7562)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yusuf Karakus

50 %

Hasan Karakus

50 %

 

 

SISTER COMPANIES

:

DOV KAR METAL VE DOVME SANAYI TICARET LTD. STI.

 

KARAKUS TEKSTIL VE ORME SANAYI VE TICARET LTD. STI.

 

TERMOKAP PLASTIK URUNLERI HIRDAVAT GIDA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Hasan Karakus

 

Yusuf Karakus

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of hardware.

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Rico

 

NUMBER OF EMPLOYEES

:

26

 

NET SALES

:

4.459.694 TL

(2009) 

7.493.925 TL

(2010) 

2.238.480 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Far East Countries

China

Taiwan

India

 

MERCHANDISE IMPORTED

:

Hardware

 

EXPORT VALUE

:

120.638 TL

(2009)

115.041 TL

(2010)

139.212 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Serbia

Bulgaria

Iran

Georgia

 

MERCHANDISE  EXPORTED

:

Hardware

 

HEAD OFFICE ADDRESS

:

Istoc Toptancilar Carsisi 16. Ada No:20-22 Bagcilar Istanbul / Turkey ( owned )

 

BRANCHES

:

Branch Office  :  Demirtas Mh. Seyh Davut Sk. Seyh Davut Han No: 21/1-2 Eminonu- Fatih Istanbul/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Istoc Branch

Turkiye Finans Katilim Bankasi Istoc Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-31.03.2011) TL

 

 

 

Net Sales

7.493.925

2.238.480

 

 

 

Profit (Loss) Before Tax

989.887

349.737

 

 

 

Stockholders' Equity

4.801.974

 

 

 

 

Total Assets

11.461.026

 

 

 

 

Current Assets

9.346.731

 

 

 

 

Non-Current Assets

2.114.295

 

 

 

 

Current Liabilities

495.191

 

 

 

 

Long-Term Liabilities

6.163.861

 

 

 

 

Gross Profit (loss)

1.968.602

560.669

 

 

 

Operating Profit (loss)

988.944

349.737

 

 

 

Net Profit (loss)

989.887

349.737

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High 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 low indebtedness to third parties.

 

Liquidity

High 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

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

High Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.300.000 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

9.346.731

0,82

Not Detailed Current Assets

0

0,00

Cash and Banks

1.482.192

0,13

Marketable Securities

0

0,00

Account Receivable

2.765.272

0,24

Other Receivable

0

0,00

nventories

4.750.052

0,41

Advances Given

0

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

349.215

0,03

NON-CURRENT ASSETS

2.114.295

0,18

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

8.335

0,00

Tangible Fixed Assets (net)

2.032.730

0,18

Intangible Assets

45.189

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

28.041

0,00

TOTAL ASSETS

11.461.026

1,00

CURRENT LIABILITIES

495.191

0,04

Not Detailed Current Liabilities

0

0,00

Financial Loans

387.998

0,03

Accounts Payable

14.462

0,00

Loans from Shareholders

0

0,00

Other Short-term Payable

26.183

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

66.548

0,01

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

6.163.861

0,54

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

6.163.861

0,54

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

4.801.974

0,42

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

3.700.000

0,32

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

112.087

0,01

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

989.887

0,09

TOTAL LIABILITIES AND EQUITY

11.461.026

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

7.493.925

1,00

2.238.480

1,00

Cost of Goods Sold

5.525.323

0,74

1.677.811

0,75

Gross Profit

1.968.602

0,26

560.669

0,25

Operating Expenses

979.658

0,13

210.932

0,09

Operating Profit

988.944

0,13

349.737

0,16

Other Income

10.084

0,00

0

0,00

Other Expenses

9.141

0,00

0

0,00

Financial Expenses

0

0,00

0

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

989.887

0,13

349.737

0,16

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

989.887

0,13

349.737

0,16

 

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

18,88

Acid-Test Ratio

8,58

Cash Ratio

2,99

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,41

Short-term Receivable/Total Assets

0,24

Tangible Assets/Total Assets

0,18

TURNOVER RATIOS

 

Inventory Turnover

1,16

Stockholders' Equity Turnover

1,56

Asset Turnover

0,65

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,42

Current Liabilities/Total Assets

0,04

Financial Leverage

0,58

Gearing Percentage

1,39

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,21

Operating Profit Margin

0,13

Net Profit Margin

0,13

Interest Cover

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

132,84

Average Payable Period (days)

0,94

WORKING CAPITAL

8851540,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.