MIRA INFORM REPORT

 

 

Report Date :

18.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ASYA REKLAM DAGITIM PROMOSYON TANITIM URUNLERI IMALAT ITHALAT IHRACAT INSAAT SANAYI TICARET LTD. STI.

 

 

Registered Office :

Kazim Karabekir Cad. No:105/42 K:1 Iskitler Altindag  Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

06.01.1994

 

 

Com. Reg. No.:

99827

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of wall-clock and promotion products. 

 

 

No. of Employees :

32

 

 

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

 

 

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.

Source : CIA

 

COMPANY IDENTIFICATION

 

NAME

:

ASYA REKLAM DAGITIM PROMOSYON TANITIM URUNLERI IMALAT ITHALAT IHRACAT INSAAT SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kazim Karabekir Cad. No:105/42 K:1 Iskitler Altindag  Ankara / Turkey

PHONE NUMBER

:

90-312-384 31 61

90-312-384 31 62

 

FAX NUMBER

:

90-312-285 21 11

90-312-384 21 26

 

WEB-ADDRESS

:

www.asyareklam.com.tr

E-MAIL

:

bilgi@asyapromosyon.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kizilbey 

TAX NO

:

0910014477

REGISTRATION NUMBER

:

99827

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1994

ESTABLISHMENT GAZETTE DATE /NO

:

06.01.1994/3443

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Name

:

Asya Reklam Dagitim Insaat ve Halicilik Sanayi Ticaret Ltd. Sti.

Changed On

:

25.03.2008 (Commercial Gazette Date /Number 28.03.2008/ 7030)

Previous Address

:

Ceyhun Atif Kansu Cad. 42 Sok. No:2/A-B Balgat-Ankara

Changed On

:

25.03.2008 (Commercial Gazette Date /Number 28.03.2008/ 7030)

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Alisen Koc

27 %

Mustafa Koleoglu

27 %

Saadet Koleoglu

20 %

Nuray Koc

20 %

Fevzi Ataman Korkut

6 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Fevzi Ataman Korkut

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of wall-clock and promotion products. 

 

NACE CODE

:

DE.22.22

 

NUMBER OF EMPLOYEES

:

32

 

NET SALES

:

4.368.575 TL

(2010) 

6.758.188 TL

(2011) 

3.415.355 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

1.151.381 USD

(2011)

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Promotion products

 

EXPORT VALUE

:

0 TL

(2010)

22.061 TL

(2011)

0 TL

(01.01-30.06.2012)

 

 

 

EXPORT COUNTRIES

:

Germany

 

MERCHANDISE  EXPORTED

:

Promotion products

 

HEAD OFFICE ADDRESS

:

Kazim Karabekir Cad. No:105/42 K:1 Iskitler Altindag  Ankara / Turkey (rented)

 

BRANCHES

:

Head Office/Processing Plant  :  Kazim Karabekir Cad. No:105/42 K:1 Iskitler Altindag Ankara/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a slowdown at business volume in real terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Ulus Branch

Garanti Bankasi Yeni Sanayi Branch

Kuveyt Turk Katilim Bankasi Kizilay Branch

T. Is Bankasi Kazim Karabekir Branch

Yapi ve Kredi Bankasi Yeni Sanayi 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

:

 

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

 

 

Net Sales

4.368.575

6.758.188

3.415.355

 

 

Profit (Loss) Before Tax

303.777

527.528

321.287

 

 

Stockholders' Equity

701.115

1.260.158

 

 

 

Total Assets

1.998.874

3.635.326

 

 

 

Current Assets

1.767.746

3.359.632

 

 

 

Non-Current Assets

231.128

275.694

 

 

 

Current Liabilities

834.376

670.491

 

 

 

Long-Term Liabilities

463.383

1.704.677

 

 

 

Gross Profit (loss)

539.850

714.070

463.449

 

 

Operating Profit (loss)

323.862

439.680

324.843

 

 

Net Profit (loss)

242.261

420.673

321.287

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.767.746

0,88

3.359.632

0,92

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

344.860

0,17

442.528

0,12

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.017.364

0,51

1.301.272

0,36

Other Receivable

0

0,00

0

0,00

Inventories

359.383

0,18

961.453

0,26

Advances Given

46.139

0,02

274.968

0,08

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

379.411

0,10

NON-CURRENT ASSETS

231.128

0,12

275.694

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

328

0,00

1.491

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

195.490

0,10

222.973

0,06

Intangible Assets

30.343

0,02

50.919

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

4.967

0,00

311

0,00

TOTAL ASSETS

1.998.874

1,00

3.635.326

1,00

CURRENT LIABILITIES

834.376

0,42

670.491

0,18

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

1.510

0,00

Accounts Payable

717.386

0,36

510.596

0,14

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

35.122

0,01

Advances from Customers

64.166

0,03

64.290

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

52.824

0,03

58.973

0,02

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

463.383

0,23

1.704.677

0,47

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

463.383

0,23

1.704.677

0,47

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

701.115

0,35

1.260.158

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,05

100.000

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

107.723

0,05

107.723

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

351.335

0,18

593.596

0,16

Revaluation Fund

0

0,00

138.370

0,04

Accumulated Losses(-)

-100.204

-0,05

-100.204

-0,03

Net Profit (loss)

242.261

0,12

420.673

0,12

TOTAL LIABILITIES AND EQUITY

1.998.874

1,00

3.635.326

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

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

4.368.575

1,00

6.758.188

1,00

3.415.355

1,00

Cost of Goods Sold

3.828.725

0,88

6.044.118

0,89

2.951.906

0,86

Gross Profit

539.850

0,12

714.070

0,11

463.449

0,14

Operating Expenses

215.988

0,05

274.390

0,04

138.606

0,04

Operating Profit

323.862

0,07

439.680

0,07

324.843

0,10

Other Income

26.180

0,01

141.546

0,02

15.424

0,00

Other Expenses

26.920

0,01

23.785

0,00

18.980

0,01

Financial Expenses

19.345

0,00

29.913

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

303.777

0,07

527.528

0,08

321.287

0,09

Tax Payable

61.516

0,01

106.855

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

242.261

0,06

420.673

0,06

321.287

0,09

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

2,12

5,01

Acid-Test Ratio

1,63

2,60

Cash Ratio

0,41

0,66

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,26

Short-term Receivable/Total Assets

0,51

0,36

Tangible Assets/Total Assets

0,10

0,06

TURNOVER RATIOS

 

 

Inventory Turnover

10,65

6,29

Stockholders' Equity Turnover

6,23

5,36

Asset Turnover

2,19

1,86

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,35

0,35

Current Liabilities/Total Assets

0,42

0,18

Financial Leverage

0,65

0,65

Gearing Percentage

1,85

1,88

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,35

0,33

Operating Profit Margin

0,07

0,07

Net Profit Margin

0,06

0,06

Interest Cover

16,70

18,64

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,86

69,40

Average Payable Period (days)

67,45

30,41

WORKING CAPITAL

933370,00

2689141,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.97

UK Pound

1

Rs.87.52

Euro

1

Rs.70.84

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.