|
Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAHIN BOZDAG
|
|
|
|
|
Registered Office : |
Alacahamam Sok. Emiroglu Han No:24/1 Sultanhamam Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Year of Establishments: |
1998 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Wholesale trade of textile accessories such as bead and also traditional
dress for boys |
|
|
|
|
No. of Employees : |
04 |
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 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 |
|
NAME |
: |
SAHIN BOZDAG |
|
HEAD OFFICE ADDRESS |
: |
Alacahamam Sok. Emiroglu Han No:24/1 Sultanhamam Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-511 90 72 |
|
NOTES ON
LEGAL STATUS AND HISTORY |
: |
As the subject
is not obliged to be registered at commercial registry due to its legal form,
it has not registered at Commercial Registry.. Liability of
the subject is not limited to the capital. |
|
TAX OFFICE |
: |
Hocapasa |
|
TAX NO |
: |
16595571986 |
|
DATE ESTABLISHED |
: |
1998 |
|
REMARKS ON DATE ESTABLISHED |
: |
The subject sole-proprietorship is declared to be established in 1998.
As the sole-proprietorships are not obliged to be registered at commercial registry
it has not registered at Commercial Registry yet. |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF CONCERN |
: |
Private |
|
SHAREHOLDERS |
: |
|
||||
|
REMARKS ON SHAREHOLDERS |
: |
The owner, Sahin Bozdag was born in 1954. |
||||
|
PROPERTIES OWNED BY THE OWNER/PARTNERS |
: |
|
||||
|
SISTER COMPANIES |
: |
Declared to be: None |
||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Wholesale trade of textile accessories such as bead and also
traditional dress for boys. The firm has 3 warehouses in Istanbul which are rented. |
||||||||
|
NACE CODE |
: |
G .51.42 |
||||||||
|
SECTOR |
: |
Commerce |
||||||||
|
NUMBER OF EMPLOYEES |
: |
4 |
||||||||
|
NET SALES |
: |
|
||||||||
|
CAPACITY |
: |
None |
||||||||
|
PRODUCTION |
: |
None |
||||||||
|
IMPORT COUNTRIES |
: |
Far East Countries |
||||||||
|
MERCHANDISE IMPORTED |
: |
Textile accessories |
||||||||
|
EXPORT VALUE |
: |
|
||||||||
|
HEAD OFFICE ADDRESS |
: |
Alacahamam Sok. Emiroglu Han No:24/1 Sultanhamam Istanbul / Turkey
(owned) |
||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2012. There appears a substantial decline at sales volume in the first
3 months of this year. |
|
SIZE OF BUSINESS |
: |
Lower-Moderate |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Good As of 31.12.2012 |
|
Remarks on Capitalization |
The liability of the sole-proprietorships is not limited to the capital.
The owners of the sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth. The owner possesses property. |
|
Liquidity |
Satisfactory As of 31.12.2012 |
|
Remarks On Liquidity |
The unfavorable gap between average collection and average payable
period has an adverse effect on liquidity. |
|
Profitability |
In Order Operating Profitability
in 2011 Good Net Profitability in 2011 Good Operating Profitability in
2012 High 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 |
Unfavorable in 2012 |
|
General Financial Position |
In Order |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-31.05.2013) |
0,99 % |
1,8079 |
2,3728 |
2,8064 |
|
|
( 31.12.2011 ) TL |
|
( 31.12.2012 ) TL |
|
|
CURRENT ASSETS |
721.054 |
1,00 |
1.111.387 |
1,00 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
6.007 |
0,01 |
11.089 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
411.069 |
0,57 |
815.315 |
0,73 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
247.000 |
0,34 |
245.591 |
0,22 |
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
56.978 |
0,08 |
39.392 |
0,04 |
|
NON-CURRENT ASSETS |
0 |
0,00 |
847 |
0,00 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
0 |
0,00 |
847 |
0,00 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
TOTAL ASSETS |
721.054 |
1,00 |
1.112.234 |
1,00 |
|
CURRENT LIABILITIES |
1.385 |
0,00 |
28.689 |
0,03 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
Accounts Payable |
0 |
0,00 |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
0 |
0,00 |
26.664 |
0,02 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
1.385 |
0,00 |
2.025 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
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 |
719.669 |
1,00 |
1.083.545 |
0,97 |
|
Not Detailed Stockholders' Equity |
719.669 |
1,00 |
1.083.545 |
0,97 |
|
Paid-in Capital |
0 |
0,00 |
0 |
0,00 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
0 |
0,00 |
0 |
0,00 |
|
TOTAL LIABILITIES AND EQUITY |
721.054 |
1,00 |
1.112.234 |
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.
|
|
|
(2011) TL |
|
(2012) TL |
|
(01.01-31.03.2013)
TL |
|
|
Net Sales |
309.457 |
1,00 |
768.888 |
1,00 |
118.648 |
1,00 |
|
Cost of Goods Sold |
225.092 |
0,73 |
644.988 |
0,84 |
97.292 |
0,82 |
|
Gross Profit |
84.365 |
0,27 |
123.900 |
0,16 |
21.356 |
0,18 |
|
Operating Expenses |
69.147 |
0,22 |
69.925 |
0,09 |
17.902 |
0,15 |
|
Operating Profit |
15.218 |
0,05 |
53.975 |
0,07 |
3.454 |
0,03 |
|
Other Income |
2.519 |
0,01 |
0 |
0,00 |
0 |
0,00 |
|
Other Expenses |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
0 |
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 |
17.737 |
0,06 |
53.975 |
0,07 |
3.454 |
0,03 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
518 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
17.737 |
0,06 |
53.975 |
0,07 |
2.936 |
0,02 |
|
|
(2011) |
(2012) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
520,62 |
38,74 |
|
Acid-Test Ratio |
301,14 |
28,81 |
|
Cash Ratio |
4,34 |
0,39 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,34 |
0,22 |
|
Short-term Receivable/Total Assets |
0,57 |
0,73 |
|
Tangible Assets/Total Assets |
0,00 |
0,00 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
0,91 |
2,63 |
|
Stockholders' Equity Turnover |
0,43 |
0,71 |
|
Asset Turnover |
0,43 |
0,69 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
1,00 |
0,97 |
|
Current Liabilities/Total Assets |
0,00 |
0,03 |
|
Financial Leverage |
0,00 |
0,03 |
|
Gearing Percentage |
0,00 |
0,03 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,02 |
0,05 |
|
Operating Profit Margin |
0,05 |
0,07 |
|
Net Profit Margin |
0,06 |
0,07 |
|
Interest Cover |
|
|
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
478,21 |
381,74 |
|
Average Payable Period (days) |
0,00 |
0,00 |
|
WORKING CAPITAL |
719669,00 |
1082698,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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.