MIRA INFORM REPORT

 

 

Report Date :

15.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SRA DIS TICARET LTD. STI.

 

 

Registered Office :

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

06.07.2006

 

 

Com. Reg. No.:

594307

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of granite and marble

 

 

No. of Employees :

09

 

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

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SRA DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe Istanbul / Turkey

PHONE NUMBER

:

90-216-487 45 05

 

FAX NUMBER

:

90-216-487 43 85

 

WEB-ADDRESS

:

www.sratrading.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sultanbeyli

TAX NO

:

7810400800

REGISTRATION NUMBER

:

594307

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.07.2006

ESTABLISHMENT GAZETTE DATE/NO

:

12.07.2006/6597

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 20.000

Changed On

:

19.03.2009 (Commercial Gazette Date /Number 25.03.2009/ 7277)

Previous Registered Capital

:

TL 500.000

Changed On

:

31.05.2011 (Commercial Gazette Date /Number 06.06.2011/ 7830)

Previous Registered Capital

:

TL 1.200.000

Changed On

:

29.12.2011 (Commercial Gazette Date /Number 03.01.2012/ 7975)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

04.05.2012 (Commercial Gazette Date /Number 10.05.2012/ 8065)

Previous Address

:

Sogutlucesme Cad. Cilek Sok. Akel Is Hani No:1 K.4/67 Kadikoy-Istanbul

Changed On

:

21.04.2009 (Commercial Gazette Date /Number 28.04.2009/ 7300)

Previous Address

:

Hamidiye Mah. Eyyubi Cad. No:17 Sultanbeyli-Istanbul

Changed On

:

13.09.2011 (Commercial Gazette Date /Number 20.09.2011/ 7903)

Previous Shareholder

:

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

Changed On

:

21.04.2009 (Commercial Gazette Date /Number 28.04.2009/ 7300)

 

 

 

PREVIOUS SHAREHOLDERS

:

Selim Salo

42 %

Ahmet Murat Agun

42 %

Ramazan Ellialti

16 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Murat Agun

58 %

Selim Salo

42 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ahmet Murat Agun                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of granite and marble. 

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

1.656.078 TL

(2007) 

4.628.967 TL

(2008) 

7.350.608 TL

(2009) 

11.131.057 TL

(2010) 

26.049.761 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

6.000.000 TL

(2009)

 

 

IMPORT COUNTRIES

:

China

India

Spain

Italy

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

1.737 TL

(2007)

15.766 TL

(2008)

0 TL

(2009)

344.107 TL

(2010)

53.927 TL

(2011)

 

 

EXPORT COUNTRIES

:

China

 

MERCHANDISE  EXPORTED

:

Granite

Marble

 

HEAD OFFICE ADDRESS

:

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe  Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Sultanbeyli Branch

Garanti Bankasi Icerenkoy Branch

Garanti Bankasi Kurtkoy Uydukent Branch

Kuveyt Turk Katilim Bankasi Sultanbeyli Branch

T.Finans Katilim Bankasi Sahra-i Cedid 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

1.656.078

4.628.967

7.350.608

11.131.057

26.049.761

Profit (Loss) Before Tax

17.457

216.105

850.442

1.223.640

1.335.887

Stockholders' Equity

34.399

207.242

1.369.560

2.341.388

4.711.857

Total Assets

94.533

457.285

2.049.129

4.283.895

13.883.984

Current Assets

84.359

414.111

1.942.441

4.242.607

13.260.798

Non-Current Assets

10.174

43.174

106.688

41.288

623.186

Current Liabilities

60.134

250.043

679.569

1.942.507

9.172.127

Long-Term Liabilities

0

0

0

0

0

Gross Profit (loss)

124.075

614.102

1.195.412

1.783.398

3.452.797

Operating Profit (loss)

17.457

216.105

820.602

1.316.129

1.863.227

Net Profit (loss)

13.959

172.844

678.906

971.828

1.067.452

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:932.548,01 TL

Equity Part

:1.067.451,99 TL

Payment Due Date

:04.08.2012

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:0

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Good

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

 

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

 

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

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

84.359

0,89

414.111

0,91

1.942.441

0,95

4.242.607

0,99

13.260.798

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

-43.359

-0,46

-139.353

-0,30

295.445

0,14

1.948.440

0,45

1.741.461

0,13

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

40.433

0,43

191.932

0,42

961.775

0,47

718.432

0,17

8.554.471

0,62

Other Receivable

0

0,00

0

0,00

0

0,00

31.057

0,01

134.686

0,01

Inventories

0

0,00

0

0,00

59.557

0,03

448.332

0,10

362.509

0,03

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

533.107

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

87.285

0,92

361.532

0,79

625.664

0,31

1.096.346

0,26

1.934.564

0,14

NON-CURRENT ASSETS

10.174

0,11

43.174

0,09

106.688

0,05

41.288

0,01

623.186

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

56

0,00

56

0,00

56

0,00

56

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.118

0,11

43.118

0,09

106.632

0,05

36.496

0,01

444.408

0,03

Intangible Assets

0

0,00

0

0,00

0

0,00

4.722

0,00

178.778

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

14

0,00

0

0,00

TOTAL ASSETS

94.533

1,00

457.285

1,00

2.049.129

1,00

4.283.895

1,00

13.883.984

1,00

CURRENT LIABILITIES

60.134

0,64

250.043

0,55

679.569

0,33

1.942.507

0,45

9.172.127

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

364.690

0,18

996.627

0,23

5.206.696

0,38

Accounts Payable

53.895

0,57

204.754

0,45

139.270

0,07

482.663

0,11

2.232.323

0,16

Loans from Shareholders

0

0,00

0

0,00

0

0,00

4.743

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

248.300

0,06

7.800

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

1.445.685

0,10

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.741

0,03

2.028

0,00

4.073

0,00

10.454

0,00

11.188

0,00

Provisions

3.498

0,04

43.261

0,09

171.536

0,08

196.703

0,05

268.435

0,02

Other Current Liabilities

0

0,00

0

0,00

0

0,00

3.017

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

Financial Loans

0

0,00

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

0

0,00

Long-term Payable

0

0,00

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

0

0,00

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

34.399

0,36

207.242

0,45

1.369.560

0,67

2.341.388

0,55

4.711.857

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000

0,21

20.000

0,04

500.000

0,24

500.000

0,12

3.000.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

440

0,00

14.398

0,03

190.654

0,09

869.560

0,20

644.405

0,05

Revaluation Fund

0

0,00

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

0

0,00

Net Profit (loss)

13.959

0,15

172.844

0,38

678.906

0,33

971.828

0,23

1.067.452

0,08

TOTAL LIABILITIES AND EQUITY

94.533

1,00

457.285

1,00

2.049.129

1,00

4.283.895

1,00

13.883.984

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

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

1.656.078

1,00

4.628.967

1,00

7.350.608

1,00

11.131.057

1,00

26.049.761

1,00

Cost of Goods Sold

1.532.003

0,93

4.014.865

0,87

6.155.196

0,84

9.347.659

0,84

22.596.964

0,87

Gross Profit

124.075

0,07

614.102

0,13

1.195.412

0,16

1.783.398

0,16

3.452.797

0,13

Operating Expenses

106.618

0,06

397.997

0,09

374.810

0,05

467.269

0,04

1.589.570

0,06

Operating Profit

17.457

0,01

216.105

0,05

820.602

0,11

1.316.129

0,12

1.863.227

0,07

Other Income

0

0,00

0

0,00

29.840

0,00

125.941

0,01

507.952

0,02

Other Expenses

0

0,00

0

0,00

0

0,00

137.171

0,01

810.754

0,03

Financial Expenses

0

0,00

0

0,00

0

0,00

81.259

0,01

224.538

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

17.457

0,01

216.105

0,05

850.442

0,12

1.223.640

0,11

1.335.887

0,05

Tax Payable

3.498

0,00

43.261

0,01

171.536

0,02

251.812

0,02

268.435

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

13.959

0,01

172.844

0,04

678.906

0,09

971.828

0,09

1.067.452

0,04

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,40

1,66

2,86

2,18

1,45

Acid-Test Ratio

-0,05

0,21

1,85

1,39

1,14

Cash Ratio

-0,72

-0,56

0,43

1,00

0,19

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,00

0,00

0,03

0,10

0,03

Short-term Receivable/Total Assets

0,43

0,42

0,47

0,17

0,63

Tangible Assets/Total Assets

0,11

0,09

0,05

0,01

0,03

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

 

 

103,35

20,85

62,33

Stockholders' Equity Turnover

48,14

22,34

5,37

4,75

5,53

Asset Turnover

17,52

10,12

3,59

2,60

1,88

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,36

0,45

0,67

0,55

0,34

Current Liabilities/Total Assets

0,64

0,55

0,33

0,45

0,66

Financial Leverage

0,64

0,55

0,33

0,45

0,66

Gearing Percentage

1,75

1,21

0,50

0,83

1,95

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,41

0,83

0,50

0,42

0,23

Operating Profit Margin

0,01

0,05

0,11

0,12

0,07

Net Profit Margin

0,01

0,04

0,09

0,09

0,04

Interest Cover

 

 

 

16,06

6,95

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

8,80

14,93

47,11

23,24

118,22

Average Payable Period (days)

12,66

18,36

8,15

18,59

35,56

WORKING CAPITAL

24225,00

164068,00

1262872,00

2300100,00

4088671,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.71

UK Pound

1

Rs.86.34

Euro

1

Rs.69.23

 

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.