MIRA INFORM REPORT

 

 

Report Date :

24.08.2012

 

IDENTIFICATION DETAILS

 

Name :

MG DIS TICARET LTD. STI.

 

 

Registered Office :

Beylikduzu Organize Sanayi Bolgesi Mermerciler Sanayi Sitesi 2. Bulvar No:18 Yakuplu Beylizduzu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

27.10.2004

 

 

Com. Reg. No.:

536403

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of bag cutting machines which are manufactured by its sister company

 

 

No. of Employees :

11

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

MG DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Beylikduzu Organize Sanayi Bolgesi Mermerciler Sanayi Sitesi 2. Bulvar No:18 Yakuplu Beylizduzu Istanbul / Turkey

PHONE NUMBER

:

90-212-876 12 21

 

FAX NUMBER

:

90-212-876 01 79

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

6200413502

REGISTRATION NUMBER

:

536403

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

27.10.2004

ESTABLISHMENT GAZETTE DATE/NO

:

03.11.2004/6170

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

HISTORY

:

Previous Address

:

Rami Kisla Cad. Apek. Uretmen Is Merkezi C Blok No:89/214 Eyup - Istanbul

Changed On

:

29.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

Previous Address

:

Organize Sanayi Bolgesi Tormak Sanayi Sitesi L Blok No:2 Ikitelli Basaksehir - Istanbul

Changed On

:

10.06.2010 (Commercial Gazette Date /Number 16.06.2010/ 7586)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mahir Gursu

40 %

Ahmet Gursu

30 %

Esat Mustafa Gursu

30 %

 

 

SISTER COMPANIES

:

GUR-IS MAKINA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mahir Gursu

 

Esat Mustafa Gursu

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of bag cutting machines which are manufactured by its sister company "GUR-IS MAKINA SANAYI VE TICARET LTD. STI.".

 

NACE CODE

:

G .51.87

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

2.963.920 TL

(2010) 

5.380.902 TL

(2011) 

2.613.516 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

European Countries

Far East Countries

 

MERCHANDISE IMPORTED

:

Screws

Spare parts

 

EXPORT VALUE

:

2.755.022 TL

(2010)

5.147.364 TL

(2011)

2.483.827 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

European Countries

Far East Countries

 

MERCHANDISE  EXPORTED

:

Bag cutting machines

 

HEAD OFFICE ADDRESS

:

Beylikduzu Organize Sanayi Bolgesi Mermerciler Sanayi Sitesi 2. Bulvar No:18 Yakuplu Beylizduzu Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Bayrampasa Branch

Garanti Bankasi Topcular Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(01.01-30.06.2012) TL

 

 

 

Net Sales

5.380.902

2.613.516

 

 

 

Profit (Loss) Before Tax

160.759

21.897

 

 

 

Stockholders' Equity

573.958

 

 

 

 

Total Assets

1.986.894

 

 

 

 

Current Assets

1.986.086

 

 

 

 

Non-Current Assets

808

 

 

 

 

Current Liabilities

1.412.936

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

295.063

179.311

 

 

 

Operating Profit (loss)

122.470

42.990

 

 

 

Net Profit (loss)

126.233

21.897

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Fair

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.986.086

1,00

Not Detailed Current Assets

0

0,00

Cash and Banks

116.447

0,06

Marketable Securities

0

0,00

Account Receivable

1.078.952

0,54

Other Receivable

0

0,00

Inventories

340.762

0,17

Advances Given

172.537

0,09

Accumulated Construction Expense

0

0,00

Other Current Assets

277.388

0,14

NON-CURRENT ASSETS

808

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)

808

0,00

Intangible Assets

0

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

1.986.894

1,00

CURRENT LIABILITIES

1.412.936

0,71

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

664.208

0,33

Loans from Shareholders

41.650

0,02

Other Short-term Payable

6.232

0,00

Advances from Customers

676.650

0,34

Accumulated Construction Income

0

0,00

Taxes Payable

4.019

0,00

Provisions

20.177

0,01

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

573.958

0,29

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

50.000

0,03

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

133

0,00

Equity of Consolidated Firms

0

0,00

Reserves

400.243

0,20

Revaluation Fund

0

0,00

Accumulated Losses(-)

-2.651

0,00

Net Profit (loss)

126.233

0,06

TOTAL LIABILITIES AND EQUITY

1.986.894

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

5.380.902

1,00

2.613.516

1,00

Cost of Goods Sold

5.085.839

0,95

2.434.205

0,93

Gross Profit

295.063

0,05

179.311

0,07

Operating Expenses

172.593

0,03

136.321

0,05

Operating Profit

122.470

0,02

42.990

0,02

Other Income

122.231

0,02

31.724

0,01

Other Expenses

83.942

0,02

52.817

0,02

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

160.759

0,03

21.897

0,01

Tax Payable

34.526

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

126.233

0,02

21.897

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,41

Acid-Test Ratio

0,85

Cash Ratio

0,08

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

Short-term Receivable/Total Assets

0,54

Tangible Assets/Total Assets

0,00

TURNOVER RATIOS

 

Inventory Turnover

14,92

Stockholders' Equity Turnover

9,38

Asset Turnover

2,71

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

Current Liabilities/Total Assets

0,71

Financial Leverage

0,71

Gearing Percentage

2,46

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,22

Operating Profit Margin

0,02

Net Profit Margin

0,02

Interest Cover

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

72,19

Average Payable Period (days)

47,02

WORKING CAPITAL

573150,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.38

UK Pound

1

Rs.87.79

Euro

1

Rs.69.47

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.