MIRA INFORM REPORT

 

 

Report Date :

23.07.2012

 

IDENTIFICATION DETAILS

 

Name :

POLAR DIS TICARET LTD. STI. 

 

 

Formerly Known As :

Polar Insaat Ve Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Eski Buyukdere Cad. Ayazaga Yolu Giz 2000 Plaza No: 7 K:10 D:39 34398 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

28.09.1992

 

 

Com. Reg. No.:

290537

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of steel and iron products to be used at construction sector

 

 

No. of Employees :

16

 

 

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

 

Status :

Satisfactory

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

:

POLAR DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Eski Buyukdere Cad. Ayazaga Yolu Giz 2000 Plaza No: 7 K:10 D:39 34398 Maslak Istanbul / Turkey

PHONE NUMBER

:

90-212-290 60 10 (7 lines)

 

FAX NUMBER

:

90-212-290 60 18-17

 

WEB-ADDRESS

:

www.polarltd.com

E-MAIL

:

info@polarltd.com  

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

7300051460

REGISTRATION NUMBER

:

290537

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.09.1992

ESTABLISHMENT GAZETTE DATE/NO

:

05.10.1992/3128

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Name

:

Polar Insaat Ve Dis Ticaret Ltd. Sti.

Changed On

:

20.10.1992 (Commercial Gazette Date /Number 04.11.1992/ 3149)

Previous Registered Capital

:

TL 600.000

Changed On

:

08.10.2009 (Commercial Gazette Date /Number 14.10.2009/ 7417)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Yasaroglu

90 %

Mustafa Baris Yasaroglu

5 %

Yasemin Yasaroglu

5 %

 

 

SISTER COMPANIES

:

MEBA STEEL & INDUSTRIAL SUPPLIES TRADE GMBH

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Erdogan Akoymak                                                                                                                                                                                                                                                                                   

 

Hayriye Kulbay                                                                                                                                                                                                                                                                                   

 

Mehmet Yasaroglu                                                                                                                                                                                                                                                                                   

 

Yasemin Yasaroglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of steel and iron products to be used at construction sector. 

 

NACE CODE

:

G .51.54

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

16

 

NET SALES

:

13.010.119 TL

(2005) 

19.753.559 TL

(2006) 

15.642.284 TL

(2007) 

23.852.832 TL

(2008) 

25.992.411 TL

(2009) 

33.526.493 TL

(2010) 

41.161.540 TL

(2011) 

11.657.172 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

9.069.956 TL

(2007)

11.391.000 TL

(2008)

16.781.000 TL

(2009)

25.563.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

Italy

Germany

Austria

Czech Republic

 

MERCHANDISE IMPORTED

:

Construction materials

 

EXPORT VALUE

:

8.232.852 TL

(2007)

12.100.165 TL

(2008)

8.978.397 TL

(2009)

8.856.310 TL

(2010)

16.320.631 TL

(2011)

1.634.606 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Italy

U.A.E.

Bulgaria

Greece

Saudi Arabia

Jordan

Pakistan

Egypt

Qatar

Turkmenistan

 

MERCHANDISE  EXPORTED

:

Angles

Iron and steel bars

Rods

 

HEAD OFFICE ADDRESS

:

Eski Buyukdere Cad. Ayazaga Yolu Giz 2000 Plaza No: 7 K:10 D:39 34398 Maslak  Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  DES Sanayi Sitesi Ataturk Caddesi B Blok 112 Sok No:14 Dudullu Umraniye Istanbul/Turkey (rented)

 

Branch Office  :  Eski Buyukdere Cad. Ayazaga Yolu Giz 2000 Plaza No: 7 K: 10 D: 40 Maslak 34398 Istanbul/Turkey (owned) 

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Zincirlikuyu Ticari Branch

Citibank Esattepe Branch

Finansbank 4.Levent Branch

HSBC Bank 4.Levent 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

23.852.832

25.992.411

33.526.493

41.161.540

11.657.172

Profit (Loss) Before Tax

1.444.004

1.224.219

2.620.460

479.405

352.421

Stockholders' Equity

4.210.578

3.291.138

5.375.239

4.471.251

 

Total Assets

8.182.394

6.019.161

8.485.018

9.782.481

 

Current Assets

6.492.631

4.212.161

6.687.926

7.837.123

 

Non-Current Assets

1.689.763

1.807.000

1.797.092

1.945.358

 

Current Liabilities

3.971.816

2.728.023

3.109.779

5.311.230

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

3.678.863

3.891.497

5.279.481

3.504.354

1.103.902

Operating Profit (loss)

1.234.950

1.219.710

2.502.414

1.179.477

432.757

Net Profit (loss)

1.142.293

967.322

2.084.101

96.014

352.421

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Liquidity

Good As of 31.12.2011

Profitability

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-31.03.2012)

Fair Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

6.492.631

0,79

4.212.161

0,70

6.687.926

0,79

7.837.123

0,80

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.826.521

0,35

2.326.902

0,39

2.967.469

0,35

3.548.521

0,36

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.409.068

0,42

1.640.003

0,27

1.755.923

0,21

2.433.143

0,25

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

10.980

0,00

0

0,00

15.651

0,00

0

0,00

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

246.062

0,03

245.256

0,04

1.948.883

0,23

1.855.459

0,19

NON-CURRENT ASSETS

1.689.763

0,21

1.807.000

0,30

1.797.092

0,21

1.945.358

0,20

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.679.218

0,21

1.787.880

0,30

1.778.726

0,21

1.818.430

0,19

Intangible Assets

0

0,00

0

0,00

0

0,00

108.388

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

10.545

0,00

19.120

0,00

18.366

0,00

18.540

0,00

TOTAL ASSETS

8.182.394

1,00

6.019.161

1,00

8.485.018

1,00

9.782.481

1,00

CURRENT LIABILITIES

3.971.816

0,49

2.728.023

0,45

3.109.779

0,37

5.311.230

0,54

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

971.081

0,12

1.370.109

0,23

1.318.656

0,16

1.420.393

0,15

Accounts Payable

2.631.262

0,32

941.722

0,16

1.120.885

0,13

1.735.344

0,18

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

8.491

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

1.675.944

0,17

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

67.763

0,01

159.295

0,03

125.388

0,01

96.158

0,01

Provisions

301.710

0,04

256.897

0,04

536.359

0,06

383.391

0,04

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.210.578

0,51

3.291.138

0,55

5.375.239

0,63

4.471.251

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

600.000

0,07

1.000.000

0,17

1.000.000

0,12

1.000.000

0,10

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

82.844

0,01

82.844

0,01

82.844

0,01

82.843

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.385.441

0,29

1.240.972

0,21

2.208.294

0,26

3.292.394

0,34

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.142.293

0,14

967.322

0,16

2.084.101

0,25

96.014

0,01

TOTAL LIABILITIES AND EQUITY

8.182.394

1,00

6.019.161

1,00

8.485.018

1,00

9.782.481

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

23.852.832

1,00

25.992.411

1,00

33.526.493

1,00

41.161.540

1,00

11.657.172

1,00

Cost of Goods Sold

20.173.969

0,85

22.100.914

0,85

28.247.012

0,84

37.657.186

0,91

10.553.270

0,91

Gross Profit

3.678.863

0,15

3.891.497

0,15

5.279.481

0,16

3.504.354

0,09

1.103.902

0,09

Operating Expenses

2.443.913

0,10

2.671.787

0,10

2.777.067

0,08

2.324.877

0,06

671.145

0,06

Operating Profit

1.234.950

0,05

1.219.710

0,05

2.502.414

0,07

1.179.477

0,03

432.757

0,04

Other Income

1.384.939

0,06

1.048.984

0,04

825.555

0,02

2.569.671

0,06

242.066

0,02

Other Expenses

982.636

0,04

904.245

0,03

527.160

0,02

3.132.476

0,08

261.541

0,02

Financial Expenses

193.249

0,01

140.230

0,01

180.349

0,01

137.267

0,00

60.861

0,01

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

1.444.004

0,06

1.224.219

0,05

2.620.460

0,08

479.405

0,01

352.421

0,03

Tax Payable

301.711

0,01

256.897

0,01

536.359

0,02

383.391

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.142.293

0,05

967.322

0,04

2.084.101

0,06

96.014

0,00

352.421

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,63

1,54

2,15

1,48

Acid-Test Ratio

1,57

1,45

1,52

1,13

Cash Ratio

0,71

0,85

0,95

0,67

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,00

0,00

0,00

0,00

Short-term Receivable/Total Assets

0,42

0,27

0,21

0,25

Tangible Assets/Total Assets

0,21

0,30

0,21

0,19

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

1837,34

 

1804,81

 

Stockholders' Equity Turnover

5,66

7,90

6,24

9,21

Asset Turnover

2,92

4,32

3,95

4,21

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,51

0,55

0,63

0,46

Current Liabilities/Total Assets

0,49

0,45

0,37

0,54

Financial Leverage

0,49

0,45

0,37

0,54

Gearing Percentage

0,94

0,83

0,58

1,19

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,27

0,29

0,39

0,02

Operating Profit Margin

0,05

0,05

0,07

0,03

Net Profit Margin

0,05

0,04

0,06

0,00

Interest Cover

8,47

9,73

15,53

4,49

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

51,45

22,71

18,85

21,28

Average Payable Period (days)

46,95

15,34

14,29

16,59

WORKING CAPITAL

2520815,00

1484138,00

3578147,00

2525893,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.58

Euro

1

Rs.67.60

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.