MIRA INFORM REPORT

 

 

Report Date :

06.06.2013

 

IDENTIFICATION DETAILS

 

Name :

ATLAS ULUSLARARASI KUMANYACILIK TICARET A.S.

 

 

Registered Office :

Nisanci Mustafa Pasa Mah. Otakcilar Cad. Pasmakci Cayiri Sok. No:54/A Eyup Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

06.01.1993

 

 

Com. Reg. No.:

293628

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The firm provides ship chandlery services.

 

 

No. of Employees :

50

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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

:

ATLAS ULUSLARARASI KUMANYACILIK TICARET A.S.

HEAD OFFICE ADDRESS

:

Nisanci Mustafa Pasa Mah. Otakcilar Cad. Pasmakci Cayiri Sok. No:54/A Eyup Istanbul / Turkey

PHONE NUMBER

:

90-212-544 44 65

 

FAX NUMBER

:

90-212-493 02 16

 

WEB-ADDRESS

:

www.atlasshipsupply.com

E-MAIL

:

info@atlasshipsupply.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

1020047189

REGISTRATION NUMBER

:

293628

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.01.1993

ESTABLISHMENT GAZETTE DATE/NO

:

12.01.1993/3197

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   2.600.000

PAID-IN CAPITAL

:

TL   2.600.000

HISTORY

:

Previous Registered Capital

:

TL 5.000

Changed On

:

22.12.2003 (Commercial Gazette Date /Number 25.12.2003/ 5954)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

17.10.2012 (Commercial Gazette Date /Number 23.10.2012/ 8180)

Previous Address

:

Tophane Bogazkesen Cad. No:68/3-2 Beyoglu Istanbul

Changed On

:

01.06.2005 (Commercial Gazette Date /Number 06.06.2005/ 6318)

Merger

:

The subject took over and merged with "Atlas Kumanyacilik ve Kimyasal Maddeler Ticaret A.S.".

Changed On

:

17.10.2012 (Commercial Gazette Date /Number 23.10.2012/ 8180)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yorgo Saris

67,28 %

Ani Saris

22,36 %

Aleksis Saris

6,31 %

Atlas Gemi Vanalari Ve Ekipmanlari Ticaret Ltd. Sti.

2,24 %

Kirkor Tevekkel

0,45 %

Karabet Paklar

0,45 %

Todoros Kentitu

0,45 %

Fikret Hakan Secmeer

0,45 %

 

 

SISTER COMPANIES

:

ATLAS GEMI VANALARI VE EKIPMANLARI TICARET LTD. STI.

 

SUBSIDIARIES

:

ATLAS GEMI VANALARI VE EKIPMANLARI TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Yorgo Saris

Chairman

Aleksis Saris

Vice-Chairman

Todoros Kentitu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The firm provides ship chandlery services.

 

NACE CODE

:

G .51.14

 

 

NUMBER OF EMPLOYEES

:

50

 

NET SALES

:

8.193.803 TL

(2004) 

8.043.366 TL

(2005) 

8.731.404 TL

(2006) 

8.698.006 TL

(2007) 

11.181.819 TL

(2008) 

13.283.348 TL

(2009) 

14.712.011 TL

(2010) 

18.968.551 TL

(2011) 

22.093.887 TL

(2012) 

5.636.371 TL

(01.01-31.03.2013) 

 

 

IMPORT VALUE

:

3.896.000 TL

(2011)

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

Brazil

South Africa

 

MERCHANDISE IMPORTED

:

Beverage

Canned food

Frozen food

 

EXPORT VALUE

:

8 TL Billion

(2004)

7,40 TL Billion

(2005)

8,40 TL Billion

(2006)

8,50 TL Billion

(2007)

10.969.973 TL

(2008)

13.008.949 TL

(2009)

14.254.000 TL

(2010)

18.640.000 TL

(2011)

21.614.000 TL

(2012)

5.461.000 TL

(01.01-31.03.2013)

 

 

REMARKS ON EXPORT

:

As the subject is a chandler company most of its sales are regarded as export.

 

HEAD OFFICE ADDRESS

:

Nisanci Mustafa Pasa Mah. Otakcilar Cad. Pasmakci Cayiri Sok. No:54/A Eyup  Istanbul / Turkey ( rented )

 

BRANCHES

:

Liaison Office  :  Tuzla Istanbul/Turkey

 

Head Office/Warehouse  :  Nisanci Mustafa Pasa Mah. Ortakcilar  Cad. Pasmakci Cayiri Sok. No:54/A Eyup Istanbul/Turkey (rented) (2.500 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Topcular Branch

Finansbank Bayrampasa Branch

Garanti Bankasi Topcular 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

13.283.348

14.712.011

18.968.551

22.093.887

5.636.371

Profit (Loss) Before Tax

541.458

196.604

1.481.407

803.426

137.051

Stockholders' Equity

1.434.587

1.609.850

2.626.882

4.263.225

 

Total Assets

8.347.773

8.959.082

11.062.459

14.383.581

 

Current Assets

7.253.517

7.931.513

9.610.850

12.845.613

 

Non-Current Assets

1.094.256

1.027.569

1.451.609

1.537.968

 

Current Liabilities

6.811.713

7.275.819

8.253.773

10.051.410

 

Long-Term Liabilities

101.473

73.413

181.804

68.946

 

Gross Profit (loss)

4.838.944

5.088.244

6.612.917

7.394.682

1.933.662

Operating Profit (loss)

584.538

253.105

873.442

776.993

182.251

Net Profit (loss)

396.051

98.449

1.191.201

581.936

137.051

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2012

Liquidity

Good As of 31.12.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

Fair Operating Profitability (01.01-31.03.2013)

Fair Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

7.253.517

0,87

7.931.513

0,89

9.610.850

0,87

12.845.613

0,89

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

868.567

0,10

1.309.481

0,15

1.356.930

0,12

3.266.021

0,23

Marketable Securities

0

0,00

0

0,00

0

0,00

4.302

0,00

Account Receivable

3.415.917

0,41

3.570.871

0,40

4.677.014

0,42

5.515.699

0,38

Other Receivable

570.427

0,07

704.548

0,08

868.726

0,08

1.147.025

0,08

Inventories

633.788

0,08

593.790

0,07

914.373

0,08

987.328

0,07

Advances Given

6.812

0,00

1.711

0,00

0

0,00

13.574

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.758.006

0,21

1.751.112

0,20

1.793.807

0,16

1.911.664

0,13

NON-CURRENT ASSETS

1.094.256

0,13

1.027.569

0,11

1.451.609

0,13

1.537.968

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

40.304

0,00

38.088

0,00

43.369

0,00

41.796

0,00

Financial Assets

726.482

0,09

704.809

0,08

1.042.187

0,09

542.509

0,04

Tangible Fixed Assets (net)

293.791

0,04

239.654

0,03

311.645

0,03

266.714

0,02

Intangible Assets

4.922

0,00

15.057

0,00

14.626

0,00

637.602

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

28.757

0,00

29.961

0,00

39.782

0,00

49.347

0,00

TOTAL ASSETS

8.347.773

1,00

8.959.082

1,00

11.062.459

1,00

14.383.581

1,00

CURRENT LIABILITIES

6.811.713

0,82

7.275.819

0,81

8.253.773

0,75

10.051.410

0,70

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

918.455

0,11

1.105.020

0,12

283.335

0,03

2.718.465

0,19

Accounts Payable

3.268.954

0,39

3.514.927

0,39

4.586.553

0,41

5.403.548

0,38

Loans from Shareholders

46.962

0,01

46.937

0,01

22.040

0,00

418.179

0,03

Other Short-term Payable

1.715.630

0,21

1.773.567

0,20

2.272.199

0,21

301.926

0,02

Advances from Customers

156.765

0,02

157.021

0,02

294.241

0,03

177.389

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

111.250

0,01

128.805

0,01

143.849

0,01

382.754

0,03

Provisions

4.465

0,00

0

0,00

887

0,00

0

0,00

Other Current Liabilities

589.232

0,07

549.542

0,06

650.669

0,06

649.149

0,05

LONG-TERM LIABILITIES

101.473

0,01

73.413

0,01

181.804

0,02

68.946

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

91.987

0,01

73.413

0,01

181.804

0,02

68.946

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

88

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

9.398

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

1.434.587

0,17

1.609.850

0,18

2.626.882

0,24

4.263.225

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

897.875

0,11

912.250

0,10

1.000.000

0,09

2.600.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

361.764

0,04

361.764

0,04

118.462

0,01

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.433.188

0,17

1.891.678

0,21

317.219

0,03

474.160

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

607.129

0,04

Accumulated Losses(-)

-1.654.291

-0,20

-1.654.291

-0,18

0

0,00

0

0,00

Net Profit (loss)

396.051

0,05

98.449

0,01

1.191.201

0,11

581.936

0,04

TOTAL LIABILITIES AND EQUITY

8.347.773

1,00

8.959.082

1,00

11.062.459

1,00

14.383.581

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

 

At the last income statement TL 351.309 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

13.283.348

1,00

14.712.011

1,00

18.968.551

1,00

22.093.887

1,00

5.636.371

1,00

Cost of Goods Sold

8.444.404

0,64

9.623.767

0,65

12.355.634

0,65

14.699.205

0,67

3.702.709

0,66

Gross Profit

4.838.944

0,36

5.088.244

0,35

6.612.917

0,35

7.394.682

0,33

1.933.662

0,34

Operating Expenses

4.254.406

0,32

4.835.139

0,33

5.739.475

0,30

6.617.689

0,30

1.751.411

0,31

Operating Profit

584.538

0,04

253.105

0,02

873.442

0,05

776.993

0,04

182.251

0,03

Other Income

1.598.120

0,12

1.778.773

0,12

2.808.144

0,15

1.648.796

0,07

337.356

0,06

Other Expenses

1.501.389

0,11

1.690.618

0,11

1.999.144

0,11

1.394.326

0,06

357.771

0,06

Financial Expenses

139.811

0,01

144.656

0,01

201.035

0,01

228.037

0,01

24.785

0,00

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

541.458

0,04

196.604

0,01

1.481.407

0,08

803.426

0,04

137.051

0,02

Tax Payable

145.407

0,01

98.155

0,01

290.206

0,02

221.490

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

396.051

0,03

98.449

0,01

1.191.201

0,06

581.936

0,03

137.051

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

1,09

1,16

1,28

Acid-Test Ratio

0,71

0,77

0,84

0,99

Cash Ratio

0,13

0,18

0,16

0,33

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,07

0,08

0,07

Short-term Receivable/Total Assets

0,48

0,48

0,50

0,46

Tangible Assets/Total Assets

0,04

0,03

0,03

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

13,32

16,21

13,51

14,89

Stockholders' Equity Turnover

9,26

9,14

7,22

5,18

Asset Turnover

1,59

1,64

1,71

1,54

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,17

0,18

0,24

0,30

Current Liabilities/Total Assets

0,82

0,81

0,75

0,70

Financial Leverage

0,83

0,82

0,76

0,70

Gearing Percentage

4,82

4,57

3,21

2,37

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,28

0,06

0,45

0,14

Operating Profit Margin

0,04

0,02

0,05

0,04

Net Profit Margin

0,03

0,01

0,06

0,03

Interest Cover

4,87

2,36

8,37

4,52

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

93,67

88,31

89,59

90,55

Average Payable Period (days)

139,37

131,48

133,64

132,34

WORKING CAPITAL

441804,00

655694,00

1357077,00

2794203,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.42

UK Pound

1

Rs.86.54

Euro

1

Rs.73.86

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

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NB

New Business

 

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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.