MIRA INFORM REPORT

 

Report Date :

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MESPA MEDIKAL IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 83216 Nolu Cad. No:20 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.12.2007

 

 

Com. Reg. No.:

30665

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of hospital furniture and its equipments such as beds, stretchers, bedside table and dining tables.

 

 

No. of Employees :

2

 

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 :

UDS 39.000

Status :

Small Company

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

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

MESPA MEDIKAL IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83216 Nolu Cad. No:20 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 53 10

 

FAX NUMBER

:

90-342-337 53 13

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

6190519526

REGISTRATION NUMBER

:

30665

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

05.12.2007

ESTABLISHMENT GAZETTE DATE/NO

:

24.12.2007/6962

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

PAID-IN CAPITAL

:

TL   51.000

 

HISTORY

:

Previous Address

:

Kusget Halicilar Sitesi A Blok 302 Nolu Sok. No:27 Sehitkamil - Gaziantep

Changed On

:

13.10.2010 (Commercial Gazette Date /Number 20.10.2010/ 7673)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Polat

99,50 %

 

Nurten Polat

0,50 %

 

 

SISTER COMPANIES

:

MESPA SAGLIK MALZEMELERI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Polat

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of hospital furniture and its equipments such as beds, stretchers, bedside table and dining tables.

 

NACE CODE

:

G .51.46

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

716.566 TL

(2008) 

473.886 TL

(2009) 

1.376.555 TL

(2010) 

2.640.480 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Denmark

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

716.566 TL

(2008)

0 TL

(2009)

1.376.215 TL

(2010)

2.618.646 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Syria

Ukraine

Iraq

Algeria

Egypt

U.A.E.

Bulgaria

Libya

Romania

Bahrain

U.K.

India

Yemen

Georgia

Morocco

Sudan

Pakistan

 

MERCHANDISE  EXPORTED

:

Hospital furniture

Laboratory materials

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83216 Nolu Cad. No:20 Sehitkamil  Gaziantep / Turkey 

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Gatem Branch

T. Halk Bankasi Gatem Branch

T. Is Bankasi Sanayi Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

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

716.566

473.886

1.376.555

2.640.480

 

Profit (Loss) Before Tax

37.059

37.014

25.531

31.222

 

Stockholders' Equity

80.198

109.797

130.184

 

 

Total Assets

278.847

176.223

328.891

 

 

Current Assets

278.047

175.279

328.091

 

 

Non-Current Assets

800

944

800

 

 

Current Liabilities

198.649

66.426

198.707

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

79.941

71.665

146.177

435.316

 

Operating Profit (loss)

32.320

35.672

23.671

63.829

 

Net Profit (loss)

29.612

29.599

20.387

31.222

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

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. 

 

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

 

Profitability

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

39.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 39.000 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

278.047

1,00

175.279

0,99

328.091

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

110.265

0,40

56.501

0,32

19.736

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

113.710

0,41

118.778

0,67

294.084

0,89

Other Receivable

52.951

0,19

0

0,00

0

0,00

Inventories

0

0,00

0

0,00

6.278

0,02

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.121

0,00

0

0,00

7.993

0,02

NON-CURRENT ASSETS

800

0,00

944

0,01

800

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)

800

0,00

800

0,00

800

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

144

0,00

0

0,00

TOTAL ASSETS

278.847

1,00

176.223

1,00

328.891

1,00

CURRENT LIABILITIES

198.649

0,71

66.426

0,38

198.707

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

156.223

0,56

38.845

0,22

150.089

0,46

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

39.190

0,14

24.005

0,14

47.490

0,14

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

3.236

0,01

3.576

0,02

1.128

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

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

80.198

0,29

109.797

0,62

130.184

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

51.000

0,18

51.000

0,29

51.000

0,16

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

0

0,00

29.198

0,17

58.797

0,18

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-414

0,00

0

0,00

0

0,00

Net Profit (loss)

29.612

0,11

29.599

0,17

20.387

0,06

TOTAL LIABILITIES AND EQUITY

278.847

1,00

176.223

1,00

328.891

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

716.566

1,00

473.886

1,00

1.376.555

1,00

2.640.480

1,00

Cost of Goods Sold

636.625

0,89

402.221

0,85

1.230.378

0,89

2.205.164

0,84

Gross Profit

79.941

0,11

71.665

0,15

146.177

0,11

435.316

0,16

Operating Expenses

47.621

0,07

35.993

0,08

122.506

0,09

371.487

0,14

Operating Profit

32.320

0,05

35.672

0,08

23.671

0,02

63.829

0,02

Other Income

34.631

0,05

12.630

0,03

4.088

0,00

17.577

0,01

Other Expenses

29.892

0,04

11.169

0,02

2.228

0,00

39.411

0,01

Financial Expenses

0

0,00

119

0,00

0

0,00

10.773

0,00

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

37.059

0,05

37.014

0,08

25.531

0,02

31.222

0,01

Tax Payable

7.447

0,01

7.415

0,02

5.144

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

29.612

0,04

29.599

0,06

20.387

0,01

31.222

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,40

2,64

1,65

Acid-Test Ratio

1,39

2,64

1,58

Cash Ratio

0,56

0,85

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,02

Short-term Receivable/Total Assets

0,60

0,67

0,89

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

195,98

Stockholders' Equity Turnover

8,93

4,32

10,57

Asset Turnover

2,57

2,69

4,19

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,29

0,62

0,40

Current Liabilities/Total Assets

0,71

0,38

0,60

Financial Leverage

0,71

0,38

0,60

Gearing Percentage

2,48

0,60

1,53

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,37

0,27

0,16

Operating Profit Margin

0,05

0,08

0,02

Net Profit Margin

0,04

0,06

0,01

Interest Cover

 

312,04

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

57,13

90,23

76,91

Average Payable Period (days)

88,34

34,77

43,91

WORKING CAPITAL

79398,00

108853,00

129384,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.22

UK Pound

1

Rs.80.84

Euro

1

Rs.66.80

 

 

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.