MIRA INFORM REPORT

 

 

Report Date :

27.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SVS TELEKOMUNIKASYON HIZMETLERI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Esenkent Mah. Barajyolu Cad. Emirgan Sokak No:3 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

29.12.1998

 

 

Com. Reg. No.:

411065

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Installation and trade of electronic communications systems

 

 

No. of Employees :

28

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

 

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SVS TELEKOMUNIKASYON HIZMETLERI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Esenkent Mah. Barajyolu Cad. Emirgan Sokak No:3 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-329 56 00

 

FAX NUMBER

:

90-216-329 02 99

 

WEB-ADDRESS

:

www.svstelekom.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sarigazi

TAX NO

:

7880112427

REGISTRATION NUMBER

:

411065

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.12.1998

ESTABLISHMENT GAZETTE DATE/NO

:

06.01.1999/4706

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 200.000

Changed On

:

16.01.2006 (Commercial Gazette Date /Number 19.01.2006/ 6474)

Previous Address

:

Kosuyolu Ali Nazime Sokak No:15 Kadikoy Istanbul

Changed On

:

10.11.2004 (Commercial Gazette Date /Number 19.11.2004/ 6180)

Previous Address

:

Kisikli Mah. Hanimseti Sok. No:59 (Kisikli Alemdag Caddesi 48/4 Uskudar) Istanbul

Changed On

:

13.03.2012 (Commercial Gazette Date /Number 20.03.2012/ 8030)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ilyas Karakas

80 %

Abdullah Saglam

20 %

 

 

SISTER COMPANIES

:

ALL SAT HABERLESME HIZMETLERI LTD. STI.

 

ASYASAT ELEKTRONIK SANAYI VE TICARET LTD. STI.

 

BILGE HABER AJANSI VE ILETISIM TEKNIK HIZMETLERI TICARET LTD. STI.

 

GKB INSAAT SANAYI TICARET LTD. STI.

 

MARTIN TELEKOMUNIKASYON UYDU TEKNOLOJILERI SANAYI VE TICARET A.S.

 

MOBIL VERI ILETISIM TEKNOLOJILERI SANAYI VE TICARET LTD. STI.

 

VADI DIS TICARET A.S.

 

VADI YAYINCILIK TEKNOLOJILERI A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ilyas Karakas                                                                                                                                                                                                                                                                                   

 

Abdullah Saglam                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Installation and trade of electronic communications systems. 

 

NACE CODE

:

I .64.20

 

NUMBER OF EMPLOYEES

:

28

 

NET SALES

:

8.377.538 TL

(2006) 

9.446.004 TL

(2007) 

10.177.246 TL

(2008) 

17.854.342 TL

(2009) 

9.743.935 TL

(2010) 

14.414.982 TL

(2011) 

13.474.988 TL

(2012) 

 

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

U.S.A.

France

Belgium

U.K.

Netherlands

Iraq

Sweden

Israel

 

MERCHANDISE IMPORTED

:

Air condition

Decoder

Electronic equipments

Satellite

 

EXPORT VALUE

:

4.577.954 TL

(2006)

6.198.531 TL

(2007)

4.541.811 TL

(2008)

5.631.627 TL

(2009)

4.059.291 TL

(2010)

5.234.902 TL

(2011)

6.514.780 TL

(2012)

 

 

EXPORT COUNTRIES

:

Afghanistan

Pakistan

Iran

Iraq

Syria

Yemen

Northern Cyprus Turkish Republic

Azerbaijan

Qatar

Albania

Bulgaria

Romania

Netherlands

France

 

MERCHANDISE  EXPORTED

:

Headphones

Parts of telephone

Receivers

 

HEAD OFFICE ADDRESS

:

Esenkent Mah. Barajyolu Cad. Emirgan Sokak No:3 Umraniye  Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Umraniye Branch

Garanti Bankasi Kadikoy Branch

Yapi ve Kredi Bankasi Kadikoy Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

10.177.246

17.854.342

9.743.935

14.414.982

13.474.988

Profit (Loss) Before Tax

1.027.333

1.662.906

720.663

-598.938

-354.619

Stockholders' Equity

2.472.169

2.972.026

3.529.145

2.700.981

 

Total Assets

5.652.392

5.639.444

6.653.342

15.153.555

 

Current Assets

5.127.491

5.067.216

6.175.642

11.155.541

 

Non-Current Assets

524.901

572.228

477.700

3.998.014

 

Current Liabilities

3.180.223

2.667.418

3.124.197

12.202.574

 

Long-Term Liabilities

0

0

0

250.000

 

Gross Profit (loss)

3.250.637

3.840.160

2.901.989

3.857.564

3.016.127

Operating Profit (loss)

1.208.554

1.706.669

873.956

1.600.486

-420.747

Net Profit (loss)

818.735

1.322.260

557.119

-828.164

-354.619

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low

Remarks on Capitalization

The loss at the last period is expected to have a further negative effect on equity total since the last balance sheet date.

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Operating Loss  in 2012

Net Loss  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Not in order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.127.491

0,91

5.067.216

0,90

6.175.642

0,93

11.155.541

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

764.288

0,14

2.351.145

0,42

2.584.282

0,39

959.140

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.228.960

0,22

967.801

0,17

1.501.604

0,23

4.124.503

0,27

Other Receivable

581.488

0,10

183.595

0,03

269.512

0,04

4.505.017

0,30

Inventories

1.619.113

0,29

355.665

0,06

310.426

0,05

97.709

0,01

Advances Given

749.451

0,13

1.193.747

0,21

1.447.254

0,22

1.445.228

0,10

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

184.191

0,03

15.263

0,00

62.564

0,01

23.944

0,00

NON-CURRENT ASSETS

524.901

0,09

572.228

0,10

477.700

0,07

3.998.014

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

4.848

0,00

4.848

0,00

3.351

0,00

3.351

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

365.426

0,06

377.761

0,07

316.977

0,05

3.936.545

0,26

Intangible Assets

37.037

0,01

81.927

0,01

44.215

0,01

56.822

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

117.590

0,02

107.692

0,02

113.157

0,02

1.296

0,00

TOTAL ASSETS

5.652.392

1,00

5.639.444

1,00

6.653.342

1,00

15.153.555

1,00

CURRENT LIABILITIES

3.180.223

0,56

2.667.418

0,47

3.124.197

0,47

12.202.574

0,81

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.645

0,00

203.977

0,04

730.394

0,11

5.732.758

0,38

Accounts Payable

1.558.505

0,28

601.560

0,11

1.108.871

0,17

3.139.012

0,21

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

29.838

0,01

48.157

0,01

65.529

0,00

Advances from Customers

1.319.978

0,23

1.377.950

0,24

1.110.422

0,17

3.019.939

0,20

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

87.498

0,02

335.191

0,06

126.353

0,02

93.014

0,01

Provisions

208.597

0,04

0

0,00

0

0,00

152.322

0,01

Other Current Liabilities

0

0,00

118.902

0,02

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

250.000

0,02

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

250.000

0,02

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

2.472.169

0,44

2.972.026

0,53

3.529.145

0,53

2.700.981

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,18

1.000.000

0,18

1.000.000

0,15

1.000.000

0,07

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

715.521

0,13

711.853

0,13

2.034.113

0,31

2.591.232

0,17

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-62.087

-0,01

-62.087

-0,01

-62.087

-0,01

-62.087

0,00

Net Profit (loss)

818.735

0,14

1.322.260

0,23

557.119

0,08

-828.164

-0,05

TOTAL LIABILITIES AND EQUITY

5.652.392

1,00

5.639.444

1,00

6.653.342

1,00

15.153.555

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 1.325.941 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                        

At the last income statement TL  1.186.742 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                           

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

10.177.246

1,00

17.854.342

1,00

9.743.935

1,00

14.414.982

1,00

13.474.988

1,00

Cost of Goods Sold

6.926.609

0,68

14.014.182

0,78

6.841.946

0,70

10.557.418

0,73

10.458.861

0,78

Gross Profit

3.250.637

0,32

3.840.160

0,22

2.901.989

0,30

3.857.564

0,27

3.016.127

0,22

Operating Expenses

2.042.083

0,20

2.133.491

0,12

2.028.033

0,21

2.257.078

0,16

3.436.874

0,26

Operating Profit

1.208.554

0,12

1.706.669

0,10

873.956

0,09

1.600.486

0,11

-420.747

-0,03

Other Income

569.514

0,06

421.322

0,02

446.463

0,05

797.143

0,06

3.297.259

0,24

Other Expenses

710.868

0,07

394.518

0,02

552.483

0,06

2.613.491

0,18

1.979.318

0,15

Financial Expenses

39.867

0,00

70.567

0,00

47.273

0,00

383.076

0,03

1.251.813

0,09

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

1.027.333

0,10

1.662.906

0,09

720.663

0,07

-598.938

-0,04

-354.619

-0,03

Tax Payable

208.598

0,02

340.646

0,02

163.544

0,02

229.226

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

818.735

0,08

1.322.260

0,07

557.119

0,06

-828.164

-0,06

-354.619

-0,03

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,61

1,90

1,98

0,91

Acid-Test Ratio

0,81

1,31

1,39

0,79

Cash Ratio

0,24

0,88

0,83

0,08

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,29

0,06

0,05

0,01

Short-term Receivable/Total Assets

0,32

0,20

0,27

0,57

Tangible Assets/Total Assets

0,06

0,07

0,05

0,26

TURNOVER RATIOS

 

 

Inventory Turnover

4,28

39,40

22,04

108,05

Stockholders' Equity Turnover

4,12

6,01

2,76

5,34

Asset Turnover

1,80

3,17

1,46

0,95

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,44

0,53

0,53

0,18

Current Liabilities/Total Assets

0,56

0,47

0,47

0,81

Financial Leverage

0,56

0,47

0,47

0,82

Gearing Percentage

1,29

0,90

0,89

4,61

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,33

0,44

0,16

-0,31

Operating Profit Margin

0,12

0,10

0,09

0,11

Net Profit Margin

0,08

0,07

0,06

-0,06

Interest Cover

26,77

24,56

16,24

-0,56

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

43,64

19,61

55,60

103,09

Average Payable Period (days)

81,00

15,45

58,35

107,04

WORKING CAPITAL

1947268,00

2399798,00

3051445,00

-1047033,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.83.88

Euro

1

Rs.70.68

 

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.