MIRA INFORM REPORT

 

 

Report Date :

26.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SOFYA POWER DIS TICARET LTD. STI.

 

 

Registered Office :

Ataturk Havalimani Serbest Bolge(Free Zone) Plaza Ofis No:707 Yesilkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

30.09.2010

 

 

Com. Reg. No.:

748952

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of electrical materials.

 

 

No. of Employees :

2

 

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 :

Small Company

Payment Behaviour :

Slow but correct

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

COMPANY IDENTIFICATION

 

 

NAME

:

SOFYA POWER DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ataturk Havalimani Serbest Bolge(Free Zone) Plaza Ofis No:707 Yesilkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-465 04 06

 

FAX NUMBER

:

90-212-465 04 07

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bakirkoy

TAX NO

:

7720621318

REGISTRATION NUMBER

:

748952

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.09.2010

ESTABLISHMENT GAZETTE DATE /NO

:

06.10.2010/7663

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

 

HISTORY

:

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

22.11.2012 (Commercial Gazette Date /Number 28.11.2012/ 8203)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mohammadmehdi Fanaei

50 %

Hamid Montazeri Hedeshi

20 %

Faezeh Fanaei

20 %

Mehrzad Arefi

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mohammadmehdi Fanaei

25 %

Faezeh Fanaei

20 %

Kazem Ghofrani

15 %

Hamid Montazeri Hedeshi

15 %

Mohsen Mohammadrezaei

15 %

Mehrzad Arefi

10 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Arezoo Mesbahifar

 

Mehrzad Arefi

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of electrical materials.

 

The subject which was established on 30.09.2010 has declared that, it started active operation in January 2011.

 

NACE CODE

:

G .51.43

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

0 TL

(30.09-31.12.2010) 

5.462.243 TL

(2011) 

16.356.260 TL

(2012) 

 

 

REMARKS ON NET SALES

:

The subject has declared that, it started active operation in January 2011.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Germany

Italy

Turkey

 

MERCHANDISE IMPORTED

:

Electrical maaterials

 

EXPORT VALUE

:

0 TL

(30.09-31.12.2010)

5.462.243 TL

(2011)

16.356.260 TL

(2012)

 

 

REMARKS ON EXPORT

:

As the subject company is located at "Free Zone" all of its sales are regarded as exports.

 

HEAD OFFICE ADDRESS

:

Ataturk Havalimani Serbest Bolge(Free Zone) Plaza Ofis No:707 Yesilkoy Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi A.H.L. Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(30.09-31.12.2010) TL

(2011) TL

(2012) TL

Net Sales

0

5.462.243

16.356.260

Profit (Loss) Before Tax

-44.548

67.612

46.563

Stockholders' Equity

-30.506

29.919

66.447

Total Assets

95.377

2.632.815

3.983.600

Current Assets

88.605

2.622.689

3.975.140

Non-Current Assets

6.772

10.126

8.460

Current Liabilities

125.883

2.602.896

3.917.153

Long-Term Liabilities

0

0

0

Gross Profit (loss)

0

609.326

460.844

Operating Profit (loss)

-33.774

427.870

51.697

Net Profit (loss)

-44.548

62.999

37.128

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2012

Liquidity

Good As of 31.12.2012

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

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

In order in 2012

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

88.605

0,93

2.622.689

1,00

3.975.140

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

37.263

0,39

440.358

0,17

152.086

0,04

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

0

0,00

0

0,00

0

0,00

Other Receivable

0

0,00

131.051

0,05

3.804.227

0,95

Inventories

0

0,00

0

0,00

0

0,00

Advances Given

51.342

0,54

2.051.280

0,78

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

18.827

0,00

NON-CURRENT ASSETS

6.772

0,07

10.126

0,00

8.460

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.276

0,01

2.617

0,00

2.564

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.497

0,05

5.951

0,00

5.000

0,00

Intangible Assets

999

0,01

1.558

0,00

896

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

95.377

1,00

2.632.815

1,00

3.983.600

1,00

CURRENT LIABILITIES

125.883

1,32

2.602.896

0,99

3.917.153

0,98

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

704

0,00

19.745

0,00

Accounts Payable

29.512

0,31

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

96.213

1,01

2.594.443

0,99

3.880.943

0,97

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

158

0,00

3.136

0,00

7.030

0,00

Provisions

0

0,00

4.613

0,00

9.435

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

-30.506

-0,32

29.919

0,01

66.447

0,02

Not Detailed Stockholders' Equity

-30.506

-0,32

29.919

0,01

66.447

0,02

Paid-in Capital

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

95.377

1,00

2.632.815

1,00

3.983.600

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

 

 

(30.09-31.12.2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

0

0,00

5.462.243

1,00

16.356.260

1,00

Cost of Goods Sold

0

0,00

4.852.917

0,89

15.895.416

0,97

Gross Profit

0

0,00

609.326

0,11

460.844

0,03

Operating Expenses

33.774

0,00

181.456

0,03

409.147

0,03

Operating Profit

-33.774

0,00

427.870

0,08

51.697

0,00

Other Income

113

0,00

46.062

0,01

51.782

0,00

Other Expenses

3

0,00

293.152

0,05

33.381

0,00

Financial Expenses

10.884

0,00

113.168

0,02

23.535

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

-44.548

0,00

67.612

0,01

46.563

0,00

Tax Payable

0

0,00

4.613

0,00

9.435

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-44.548

0,00

62.999

0,01

37.128

0,00

 

 

FINANCIAL RATIOS

 

 

(30.09-31.12.2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

0,70

1,01

1,01

Acid-Test Ratio

0,30

0,22

1,01

Cash Ratio

0,30

0,17

0,04

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,00

0,00

Short-term Receivable/Total Assets

0,00

0,05

0,95

Tangible Assets/Total Assets

0,05

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

 

 

Stockholders' Equity Turnover

0,00

182,57

246,15

Asset Turnover

0,00

2,07

4,11

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,32

0,01

0,02

Current Liabilities/Total Assets

1,32

0,99

0,98

Financial Leverage

1,32

0,99

0,98

Gearing Percentage

-4,13

87,00

58,95

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

1,46

2,11

0,56

Operating Profit Margin

 

0,08

0,00

Net Profit Margin

 

0,01

0,00

Interest Cover

-3,09

1,60

2,98

COLLECTION-PAYMENT

 

Average Collection Period (days)

 

0,17

0,06

Average Payable Period (days)

 

0,00

0,00

WORKING CAPITAL

-37278,00

19793,00

57987,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.92.25

Euro

1

Rs.78.38

 

 

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

--

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.