MIRA INFORM REPORT

 

 

Report Date :

24.07.2012

 

IDENTIFICATION DETAILS

 

Name :

GURSOY IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Egitim Mah. Kasap Ismail Sok. Sadikoglu 4 Ismerkezi No: 15/8 Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.03.2006

 

 

Com. Reg. No.:

581232

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of giftware and bag.

 

 

No. of Employees :

07

 

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 :

Slow

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

:

GURSOY IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Egitim Mah. Kasap Ismail Sok. Sadikoglu 4 Ismerkezi No: 15/8 Kadikoy Istanbul / Turkey

PHONE NUMBER

:

90-216-347 25 19

 

FAX NUMBER

:

90-216-347 65 29

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kadikoy

TAX NO

:

4480248573

REGISTRATION NUMBER

:

581232

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.03.2006

ESTABLISHMENT GAZETTE DATE/NO

:

14.03.2006/6512

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   300.000

PAID-IN CAPITAL

:

TL   224.590

HISTORY

:

Previous Registered Capital

:

TL 5.000.00

Changed On

:

24.12.2010 (Commercial Gazette Date /Number 30.12.2010/ 7719)

Previous Address

:

Hasanpasa Egitim Mah. K.Ismail Cikmazi Sok. Guntas Ismer No:4 K:3 D:7 Kadikoy/Istanbul

Changed On

:

29.09.2010 (Commercial Gazette Date /Number 05.10.2010/ 7662)

Previous Address

:

Hasanapasa Kasap Ismail Sok. Sadikoglu 4 Is Merkezi No:13-8 Kadikoy/Istanbul

Changed On

:

28.01.2011 (Commercial Gazette Date /Number 03.02.2011/ 7744)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

22.04.2010 (Commercial Gazette Date /Number 29.04.2010/ 7553)

 

PREVIOUS SHAREHOLDERS

:

Erol Gursoy

90 %

Altug Gunsoy

10 %

 

           

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Altug Gunsoy

50 %

Alaattin Pacurlu

50 %

 

 

SISTER COMPANIES

:

LINK GUMRUK MUSAVIRLIGI LTD.STI

LINKGLOBAL LOJISTIK IC VE DIS TICARET LTD.STI

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Alaattin Pacurlu

 

Altug Gunsoy

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of giftware and bag.

 

NACE CODE

:

G .51.40

 

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

1.619.474 TL

(2011) 

934.335 TL

(01.01-31.03.2012) 

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Giftware

 

HEAD OFFICE ADDRESS

:

Egitim Mah. Kasap Ismail Sok. Sadikoglu 4 Ismerkezi No: 15/8 Kadikoy Istanbul / Turkey

 

 

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Hasanpasa Branch

T.Is Bankasi Beyazit 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

:

 

(2011) TL

(01.01-31.03.2012) TL

 

 

 

Net Sales

1.619.474

934.335

 

 

 

Profit (Loss) Before Tax

99.682

34.030

 

 

 

Stockholders' Equity

306.200

 

 

 

 

Total Assets

2.143.697

 

 

 

 

Current Assets

1.719.216

 

 

 

 

Non-Current Assets

424.481

 

 

 

 

Current Liabilities

1.837.497

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

312.126

71.983

 

 

 

Operating Profit (loss)

255.137

43.369

 

 

 

Net Profit (loss)

79.369

34.030

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High Operating Profitability  in 2011

Good Net Profitability  in 2011

In Order Operating Profitability (01.01-31.03.2012)

In Order Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.719.216

0,80

Not Detailed Current Assets

0

0,00

Cash and Banks

178.115

0,08

Marketable Securities

0

0,00

Account Receivable

457.968

0,21

Other Receivable

0

0,00

Inventories

0

0,00

Advances Given

1.079.759

0,50

Accumulated Construction Expense

0

0,00

Other Current Assets

3.374

0,00

NON-CURRENT ASSETS

424.481

0,20

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

422.728

0,20

Intangible Assets

1.753

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

2.143.697

1,00

CURRENT LIABILITIES

1.837.497

0,86

Not Detailed Current Liabilities

0

0,00

Financial Loans

335.064

0,16

Accounts Payable

238.660

0,11

Loans from Shareholders

186.171

0,09

Other Short-term Payable

0

0,00

Advances from Customers

1.058.066

0,49

Accumulated Construction Income

0

0,00

Taxes Payable

4.216

0,00

Provisions

15.320

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

306.200

0,14

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

224.590

0,10

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

2.241

0,00

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

79.369

0,04

TOTAL LIABILITIES AND EQUITY

2.143.697

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

 

(01.01-31.03.2012) TL

 

Net Sales

1.619.474

1,00

934.335

1,00

Cost of Goods Sold

1.307.348

0,81

862.352

0,92

Gross Profit

312.126

0,19

71.983

0,08

Operating Expenses

56.989

0,04

28.614

0,03

Operating Profit

255.137

0,16

43.369

0,05

Other Income

2.943

0,00

0

0,00

Other Expenses

151.913

0,09

9.339

0,01

Financial Expenses

6.485

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

99.682

0,06

34.030

0,04

Tax Payable

20.313

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

79.369

0,05

34.030

0,04

 

FINANCIAL RATIOS

 

 

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,94

 

Acid-Test Ratio

0,35

 

Cash Ratio

0,10

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

 

Short-term Receivable/Total Assets

0,21

 

Tangible Assets/Total Assets

0,20

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

Stockholders' Equity Turnover

5,29

 

Asset Turnover

0,76

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,14

 

Current Liabilities/Total Assets

0,86

 

Financial Leverage

0,86

 

Gearing Percentage

6,00

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,26

 

Operating Profit Margin

0,16

 

Net Profit Margin

0,05

 

Interest Cover

16,37

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

101,80

 

Average Payable Period (days)

65,72

 

WORKING CAPITAL

-118281,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.76

UK Pound

1

Rs.86.80

Euro

1

Rs.67.43

 

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.