|
Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHARDA TEKSTIL SANAYI VE TICARET LTD. STI. |
|
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|
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Registered Office : |
Turgutreis Mah. Tekstilkent A 18 Blok No:54/A Esenler Istanbul |
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Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
12.10.2010 |
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Com. Reg. No.: |
750331 |
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|
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Legal Form : |
Limited Company |
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|
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Line of Business : |
Wholesale trade of yarn. |
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|
|
No. of Employees : |
04 employees |
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 : |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.
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Source : CIA |
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NAME |
: |
SHARDA TEKSTIL SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Turgutreis Mah. Tekstilkent A 18 Blok No:54/A Esenler Istanbul /
Turkey |
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PHONE NUMBER |
: |
90-212-438 41 26-27 |
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FAX NUMBER |
: |
90-212-438 29 51 |
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WEB-ADDRESS |
: |
www.shardatekstil.com (under construction) |
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TAX OFFICE |
: |
Atisalani |
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TAX NO |
: |
7690514403 |
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REGISTRATION NUMBER |
: |
750331 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
12.10.2010 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
18.10.2010/7671 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 200.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
SWAAD TURIZM RESTAURANT SANAYI VE TICARET LTD. STI. ( 99 % ) |
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DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Wholesale trade of yarn. |
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NACE CODE |
: |
G .51.41 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
4 |
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NET SALES |
: |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE IMPORTED |
: |
Yarn |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Lebanon |
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MERCHANDISE EXPORTED |
: |
Yarn |
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HEAD OFFICE ADDRESS |
: |
Turgutreis Mah. Tekstilkent A 18 Blok No:54/A Esenler Istanbul /
Turkey |
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INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Undetermined;
young business. |
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SIZE OF BUSINESS |
: |
Upper-Medium |
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MAIN DEALING BANKS |
: |
Akbank Tekstilkent Branch Turk Ekonomi Bankasi Avcilar Branch Yapi ve Kredi Bankasi Gunesli Branch |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the last years which
was resolved later on. |
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KEY FINANCIAL ELEMENTS |
: |
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THE DETAILS OF
THE CAPITAL INCREASE AFTER LAST
BALANCE SHEET |
: |
Cash Part |
:190.000 TL |
|
Equity Part |
: |
||
|
Payment Due Date |
:06.07.2015 |
||
|
Number of Days
To Pay First Portion of The Cash Part of Capital Increase |
:90 |
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Capitalization |
Not in order |
|
Remarks on
Capitalization |
There has been capital
increase after the last balance sheet date. The capital increase is expected
to have a slight positive effect on equity total since the last balance sheet
date. |
|
Liquidity |
Good As of
31.12.2011 |
|
Profitability |
Good Operating
Profitability in 2011 Low Net
Profitability in 2011 Good Operating
Profitability (01.01-31.03.2012) Fair Net
Profitability (01.01-31.03.2012) |
|
Gap between
average collection and payable periods |
In order in 2011 |
|
General
Financial Position |
Unsatisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
7.776.523 |
0,99 |
|
Not Detailed
Current Assets |
0 |
0,00 |
|
Cash and Banks |
5.585.523 |
0,71 |
|
Marketable
Securities |
0 |
0,00 |
|
Account
Receivable |
1.415.241 |
0,18 |
|
Other Receivable |
47.830 |
0,01 |
|
Inventories |
0 |
0,00 |
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Advances Given |
699.864 |
0,09 |
|
Accumulated
Construction Expense |
0 |
0,00 |
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Other Current
Assets |
28.065 |
0,00 |
|
NON-CURRENT
ASSETS |
107.030 |
0,01 |
|
Not Detailed
Non-Current Assets |
0 |
0,00 |
|
Long-term
Receivable |
99.000 |
0,01 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed
Assets (net) |
8.030 |
0,00 |
|
Intangible
Assets |
0 |
0,00 |
|
Deferred Tax
Assets |
0 |
0,00 |
|
Other Non-Current
Assets |
0 |
0,00 |
|
TOTAL ASSETS |
7.883.553 |
1,00 |
|
CURRENT
LIABILITIES |
7.819.019 |
0,99 |
|
Not Detailed
Current Liabilities |
0 |
0,00 |
|
Financial Loans |
4.653.385 |
0,59 |
|
Accounts Payable |
1.271.703 |
0,16 |
|
Loans from Shareholders |
134.597 |
0,02 |
|
Other Short-term
Payable |
0 |
0,00 |
|
Advances from
Customers |
819.769 |
0,10 |
|
Accumulated
Construction Income |
0 |
0,00 |
|
Taxes Payable |
483 |
0,00 |
|
Provisions |
0 |
0,00 |
|
Other Current
Liabilities |
939.082 |
0,12 |
|
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 |
64.534 |
0,01 |
|
Not Detailed
Stockholders' Equity |
64.534 |
0,01 |
|
Paid-in Capital |
0 |
0,00 |
|
Cross
Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation
Adjustment of Capital |
0 |
0,00 |
|
Equity of
Consolidated Firms |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated
Losses(-) |
0 |
0,00 |
|
Net Profit
(loss) |
0 |
0,00 |
|
TOTAL
LIABILITIES AND EQUITY |
7.883.553 |
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. At the last
income statement TL 379.663 of the other income is due to "Profit from
Foreign Currency Exchange". |
|
|
(2011) TL |
|
(01.01-31.03.2012)
TL |
|
|
Net Sales |
15.230.642 |
1,00 |
5.392.004 |
1,00 |
|
Cost of Goods
Sold |
13.944.101 |
0,92 |
5.024.726 |
0,93 |
|
Gross Profit |
1.286.541 |
0,08 |
367.278 |
0,07 |
|
Operating Expenses |
160.978 |
0,01 |
31.348 |
0,01 |
|
Operating Profit |
1.125.563 |
0,07 |
335.930 |
0,06 |
|
Other Income |
1.071.374 |
0,07 |
406.456 |
0,08 |
|
Other Expenses |
1.340.581 |
0,09 |
73.776 |
0,01 |
|
Financial
Expenses |
770.176 |
0,05 |
513.040 |
0,10 |
|
Minority
Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of
consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
Before Tax |
86.180 |
0,01 |
155.570 |
0,03 |
|
Tax Payable |
18.001 |
0,00 |
0 |
0,00 |
|
Postponed Tax
Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit
(loss) |
68.179 |
0,00 |
155.570 |
0,03 |
|
|
(2011) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
0,99 |
|
Acid-Test Ratio |
0,90 |
|
Cash Ratio |
0,71 |
|
ASSET STRUCTURE
RATIOS |
|
|
Inventory/Total
Assets |
0,00 |
|
Short-term
Receivable/Total Assets |
0,19 |
|
Tangible
Assets/Total Assets |
0,00 |
|
TURNOVER RATIOS |
|
|
Inventory
Turnover |
|
|
Stockholders'
Equity Turnover |
236,01 |
|
Asset Turnover |
1,93 |
|
FINANCIAL
STRUCTURE |
|
|
Stockholders' Equity/Total
Assets |
0,01 |
|
Current
Liabilities/Total Assets |
0,99 |
|
Financial
Leverage |
0,99 |
|
Gearing
Percentage |
121,16 |
|
PROFITABILITY
RATIOS |
|
|
Net
Profit/Stockholders' Eq. |
1,06 |
|
Operating Profit
Margin |
0,07 |
|
Net Profit
Margin |
0,00 |
|
Interest Cover |
1,11 |
|
COLLECTION-PAYMENT |
|
|
Average
Collection Period (days) |
35,79 |
|
Average Payable
Period (days) |
32,83 |
|
WORKING CAPITAL |
-42496,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.97 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.70.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.