MIRA INFORM REPORT

 

 

Report Date :           

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SENTEZ IC VE DIS TICARET LTD. STI.  

 

 

Registered Office :

Asagi Ovec ler Mah. 1292. Sok. No:8/24 Cankaya Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2002

 

 

Com. Reg. No.:

173666

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of medical consumable 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 :

131.000 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

SENTEZ IC VE DIS TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Asagi Ovecler Mah. 1292. Sok. No:8/24 Cankaya Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address has been changed from "Cetin Emec Bulvari 1. Cadde 103. Sok. No:8/24" to "Asagi Ovecler Mah. 1292. Sok. No:8/24" by the Municipality.

PHONE NUMBER

:

90-312-480 10 30

 

FAX NUMBER

:

90-312-480 10 55

 

WEB-ADDRESS

:

www.sentezmed.com

E-MAIL

:

sentez@sentezmed.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Baskent

TAX NO

:

7610324407

REGISTRATION NUMBER

:

173666

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

2002

ESTABLISHMENT GAZETTE DATE /NO

:

25.09.2002/5642

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   850.000

PAID-IN CAPITAL

:

TL   835.761

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

16.12.2010 (Commercial Gazette Date /Number 21.12.2010/ 7712)

Previous Address

:

Cetin Emec Bulvari 8. Cadde No:44/5 Asagi Ovecler Dikmen Ankara

Changed On

:

19.12.2005 (Commercial Gazette Date /Number 22.12.2005/ 6458)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mesut Usluer

98,94 %

Sunay Kurtuldu

1,06 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ilker Usluer

 

Mesut Usluer

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of medical consumable materials.

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Firebird

Jive

Mustang

Tango

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

3.618.824 TL

(2009) 

4.444.068 TL

(2010) 

1.801.858 TL

(01.01-30.06.2011) 

 

 

CAPACITY

 

:

None

PRODUCTION

 

:

None

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

HEAD OFFICE ADDRESS

:

Asagi Ovecler Mah. 1292. Sok. No:8/24 Cankaya Ankara / 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

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Kazim Karabekir Branch

HSBC Bank Balgat Branch

Yapi ve Kredi Bankasi Bahcelievler Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

 

 

Net Sales

3.618.824

4.444.068

1.801.858

 

 

Profit (Loss) Before Tax

251.029

257.037

103.402

 

 

Stockholders' Equity

889.885

1.093.103

 

 

 

Total Assets

3.468.677

5.999.350

 

 

 

Current Assets

1.372.921

3.787.858

 

 

 

Non-Current Assets

2.095.756

2.211.492

 

 

 

Current Liabilities

1.007.139

3.495.249

 

 

 

Long-Term Liabilities

1.571.653

1.410.998

 

 

 

Gross Profit (loss)

787.460

1.061.499

596.470

 

 

Operating Profit (loss)

503.478

524.713

338.766

 

 

Net Profit (loss)

199.584

203.217

103.402

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability (01.01-30.06.2011)

Good Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 131.000 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.372.921

0,40

3.787.858

0,63

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

117.495

0,03

167.786

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

724.755

0,21

2.304.441

0,38

Other Receivable

90.862

0,03

721.394

0,12

Inventories

397.828

0,11

474.414

0,08

Advances Given

743

0,00

1.640

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

41.238

0,01

118.183

0,02

NON-CURRENT ASSETS

2.095.756

0,60

2.211.492

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.082.169

0,60

2.189.201

0,36

Intangible Assets

12.273

0,00

13.128

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.314

0,00

9.163

0,00

TOTAL ASSETS

3.468.677

1,00

5.999.350

1,00

CURRENT LIABILITIES

1.007.139

0,29

3.495.249

0,58

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

726.710

0,21

1.683.829

0,28

Accounts Payable

260.318

0,08

1.312.861

0,22

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

4.155

0,00

Advances from Customers

5.087

0,00

465.283

0,08

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

2.162

0,00

12.314

0,00

Provisions

12.862

0,00

16.807

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.571.653

0,45

1.410.998

0,24

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

26.658

0,01

116.458

0,02

Securities Issued

0

0,00

0

0,00

Long-term Payable

1.444.458

0,42

1.294.540

0,22

Loans from Shareholders

100.537

0,03

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

889.885

0,26

1.093.103

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,03

835.761

0,14

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

34.125

0,01

34.125

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

556.176

0,16

20.000

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

199.584

0,06

203.217

0,03

TOTAL LIABILITIES AND EQUITY

3.468.677

1,00

5.999.350

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

3.618.824

1,00

4.444.068

1,00

1.801.858

1,00

Cost of Goods Sold

2.831.364

0,78

3.382.569

0,76

1.205.388

0,67

Gross Profit

787.460

0,22

1.061.499

0,24

596.470

0,33

Operating Expenses

283.982

0,08

536.786

0,12

257.704

0,14

Operating Profit

503.478

0,14

524.713

0,12

338.766

0,19

Other Income

187.318

0,05

169.554

0,04

113.553

0,06

Other Expenses

259.121

0,07

163.986

0,04

120.950

0,07

Financial Expenses

180.646

0,05

273.244

0,06

227.967

0,13

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

251.029

0,07

257.037

0,06

103.402

0,06

Tax Payable

51.445

0,01

53.820

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

199.584

0,06

203.217

0,05

103.402

0,06

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,36

1,08

 

Acid-Test Ratio

0,93

0,91

 

Cash Ratio

0,12

0,05

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,08

 

Short-term Receivable/Total Assets

0,24

0,50

 

Tangible Assets/Total Assets

0,60

0,36

 

TURNOVER RATIOS

 

 

Inventory Turnover

7,12

7,13

 

Stockholders' Equity Turnover

4,07

4,07

 

Asset Turnover

1,04

0,74

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,18

 

Current Liabilities/Total Assets

0,29

0,58

 

Financial Leverage

0,74

0,82

 

Gearing Percentage

2,90

4,49

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,22

0,19

 

Operating Profit Margin

0,14

0,12

 

Net Profit Margin

0,06

0,05

 

Interest Cover

2,39

1,94

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,10

186,68

 

Average Payable Period (days)

216,76

277,50

 

WORKING CAPITAL

365782,00

292609,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.52

 

 

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.