MIRA INFORM REPORT

 

 

Report Date :

06.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SARK HALI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Millet Cad.No.63 Findikzade Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.01.1995

 

 

Com. Reg. No.:

323754

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of carpet.

 

 

No. of Employees :

32

 

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 :

680.000 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 30, 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

 

COMPANY IDENTIFICATION

 

NAME

:

SARK HALI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Millet Cad.No.63 Findikzade Istanbul / Turkey

PHONE NUMBER

:

90-21-632 13 31

 

FAX NUMBER

:

90-212-632 13 34

 

WEB-ADDRESS

:

www.sarkhali.net

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kocamustafapasa

TAX NO

:

8000012421

REGISTRATION NUMBER

:

323754

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.1995

ESTABLISHMENT GAZETTE DATE/NO

:

12.01.1995/3702

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.000.000

PAID-IN CAPITAL

:

TL   7.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

10.03.2010 (Commercial Gazette Date /Number 16.03.2010/ 7522)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Akkaya

50 %

Ibrahim Akkaya

50 %

 

 

SISTER COMPANIES

:

AK HALI TICARET VE SANAYI LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Akkaya

 

Ibrahim Akkaya

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of carpet.

 

NACE CODE

:

G .52.48

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

32

 

NET SALES

:

11.114.842 TL

(2008) 

9.510.991 TL

(2009) 

14.904.787 TL

(2010) 

19.839.807 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

8.917.000 USD

(2010)

12.500.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

India

Pakistan

China

 

MERCHANDISE IMPORTED

:

Carpet

 

EXPORT VALUE

:

11.840 TL

(2008)

100.252 TL

(2009)

24.206 TL

(2010)

130.637 TL

(01.01-30.09.2011)

EXPORT COUNTRIES

:

China

Lebanon

Germany

Uzbekistan

Japan

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

Millet Cad.No.63 Findikzade  Istanbul / Turkey 

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009. There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Findikzade Branch

T.Finans Katilim Bankasi Caglayan 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

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

11.114.842

9.510.991

14.904.787

19.839.807

 

Profit (Loss) Before Tax

132.126

136.959

402.088

-487.882

 

Stockholders' Equity

6.798.602

7.204.927

7.521.126

 

 

Total Assets

18.497.609

17.972.408

29.615.825

 

 

Current Assets

18.464.306

17.942.396

29.517.304

 

 

Non-Current Assets

33.303

30.012

98.521

 

 

Current Liabilities

11.699.007

10.767.481

22.094.699

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

2.557.734

2.127.550

2.451.147

3.420.993

 

Operating Profit (loss)

1.976.527

1.352.052

1.642.011

2.613.242

 

Net Profit (loss)

105.373

106.325

316.198

-487.882

 

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2009

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Insufficient As of 31.12.2009

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

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Low Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

In Order Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

680.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 680.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

18.464.306

1,00

17.942.396

1,00

29.517.304

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

706.959

0,04

1.036.874

0,06

2.168.284

0,07

Marketable Securities

0

0,00

550

0,00

0

0,00

Account Receivable

8.219.718

0,44

7.294.961

0,41

12.253.125

0,41

Other Receivable

0

0,00

0

0,00

15.205

0,00

Inventories

8.242.866

0,45

8.022.423

0,45

11.238.687

0,38

Advances Given

228.348

0,01

629.498

0,04

2.620.978

0,09

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.066.415

0,06

958.090

0,05

1.221.025

0,04

NON-CURRENT ASSETS

33.303

0,00

30.012

0,00

98.521

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

33.303

0,00

20.823

0,00

98.521

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

9.189

0,00

0

0,00

TOTAL ASSETS

18.497.609

1,00

17.972.408

1,00

29.615.825

1,00

CURRENT LIABILITIES

11.699.007

0,63

10.767.481

0,60

22.094.699

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

8.280.770

0,45

7.687.746

0,43

18.695.232

0,63

Accounts Payable

2.361.496

0,13

2.253.957

0,13

2.786.394

0,09

Loans from Shareholders

902.152

0,05

430.601

0,02

5.327

0,00

Other Short-term Payable

0

0,00

21.515

0,00

86.476

0,00

Advances from Customers

144.573

0,01

232.005

0,01

281.554

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

8.292

0,00

9.963

0,00

11.287

0,00

Provisions

1.724

0,00

30.634

0,00

0

0,00

Other Current Liabilities

0

0,00

101.060

0,01

228.429

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

6.798.602

0,37

7.204.927

0,40

7.521.126

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.000.000

0,32

6.000.000

0,33

7.000.000

0,24

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

693.229

0,04

798.602

0,04

204.928

0,01

Revaluation Fund

0

0,00

300.000

0,02

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

105.373

0,01

106.325

0,01

316.198

0,01

TOTAL LIABILITIES AND EQUITY

18.497.609

1,00

17.972.408

1,00

29.615.825

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

11.114.842

1,00

9.510.991

1,00

14.904.787

1,00

19.839.807

1,00

Cost of Goods Sold

8.557.108

0,77

7.383.441

0,78

12.453.640

0,84

16.418.814

0,83

Gross Profit

2.557.734

0,23

2.127.550

0,22

2.451.147

0,16

3.420.993

0,17

Operating Expenses

581.207

0,05

775.498

0,08

809.136

0,05

807.751

0,04

Operating Profit

1.976.527

0,18

1.352.052

0,14

1.642.011

0,11

2.613.242

0,13

Other Income

1.347.231

0,12

471.871

0,05

603.397

0,04

3.131.543

0,16

Other Expenses

2.716.375

0,24

424.792

0,04

269.755

0,02

832.570

0,04

Financial Expenses

475.257

0,04

1.262.172

0,13

1.573.565

0,11

5.400.097

0,27

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

132.126

0,01

136.959

0,01

402.088

0,03

-487.882

-0,02

Tax Payable

26.753

0,00

30.634

0,00

85.890

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

105.373

0,01

106.325

0,01

316.198

0,02

-487.882

-0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,58

1,67

1,34

Acid-Test Ratio

0,76

0,77

0,65

Cash Ratio

0,06

0,10

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,45

0,45

0,38

Short-term Receivable/Total Assets

0,44

0,41

0,41

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

1,04

0,92

1,11

Stockholders' Equity Turnover

1,63

1,32

1,98

Asset Turnover

0,60

0,53

0,50

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,37

0,40

0,25

Current Liabilities/Total Assets

0,63

0,60

0,75

Financial Leverage

0,63

0,60

0,75

Gearing Percentage

1,72

1,49

2,94

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,01

0,04

Operating Profit Margin

0,18

0,14

0,11

Net Profit Margin

0,01

0,01

0,02

Interest Cover

1,28

1,11

1,26

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

266,23

276,12

295,95

Average Payable Period (days)

99,35

109,90

80,55

WORKING CAPITAL

6765299,00

7174915,00

7422605,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.82.33

Euro

1

Rs.68.19

 

 

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.