MIRA INFORM REPORT

 

 

Report Date :

14.09.2013

 

IDENTIFICATION DETAILS

 

Name :

SARK HALI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Millet Cad.No.63 Findikzade Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

05.01.1995

 

 

Com. Reg. No.:

323754

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of carpet.

 

 

No. of Employees :

39

 

 

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 :

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

:

SARK HALI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Millet Cad.No.63 Findikzade Istanbul / Turkey

PHONE NUMBER

:

90-212-632 13 31

 

FAX NUMBER

:

90-212-632 13 34

 

WEB-ADDRESS

:

www.sarkhali.net

E-MAIL

:

sarkhali@sarkhali.org

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kocamustafapasa

TAX NO

:

8000012421

REGISTRATION NUMBER

:

323754

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.1995

ESTABLISHMENT GAZETTE DATE/NO

:

12.01.1995/3702

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

10.03.2010 (Commercial Gazette Date /Number 16.03.2010/ 7522)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

25.06.2013 (Commercial Gazette Date /Number 01.07.2013/ 8353)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ibrahim Akkaya

77 %

Mehmet Akkaya

23 %

 

 

SISTER COMPANIES

:

AK HALI TICARET VE SANAYI LTD. STI.

AK YAK PETROL URUNLERI SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Mehmet Akkaya                                                                                                                                                                                                                                                                                   

 

Ibrahim Akkaya                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of carpet.

 

NACE CODE

:

G .52.48

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

39

 

NET SALES

:

11.114.842 TL

(2008) 

9.510.991 TL

(2009) 

14.904.787 TL

(2010) 

29.363.540 TL

(2011) 

30.276.464 TL

(2012) 

15.861.858 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

8.917.000 USD

(2010)

12.500.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

India

Pakistan

China

 

MERCHANDISE IMPORTED

:

Carpet

 

EXPORT VALUE

:

11.840 TL

(2008)

100.252 TL

(2009)

24.206 TL

(2010)

222.163 TL

(2011)

962.573 TL

(2012)

169.286 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

China

Lebanon

Germany

Uzbekistan

Japan

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

Millet Cad.No.63 Findikzade  Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. Trend of business appears to be steady in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Findikzade Branch

T.Finans Katilim Bankasi Caglayan 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

9.510.991

14.904.787

29.363.540

30.276.464

15.861.858

Profit (Loss) Before Tax

136.959

402.088

-702.567

1.013.325

-724.044

Stockholders' Equity

7.204.927

7.521.126

6.818.560

7.747.530

 

Total Assets

17.972.408

29.615.825

50.627.669

56.898.282

 

Current Assets

17.942.396

29.517.304

50.542.386

56.741.243

 

Non-Current Assets

30.012

98.521

85.283

157.039

 

Current Liabilities

10.767.481

22.094.699

43.809.109

49.150.752

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

2.127.550

2.451.147

5.582.535

4.682.617

3.219.542

Operating Profit (loss)

1.352.052

1.642.011

4.553.006

3.484.560

2.536.077

Net Profit (loss)

106.325

316.198

-702.567

928.970

-724.044

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:9.298.216,23 TL

Equity Part

:701.783,77 TL

Payment Due Date

:25.06.2015

 

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have more effect then the loss at the equity total since the last balance sheet date. 

 

The firm has heavy short-term financial loans.

 

Liquidity

Insufficient

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

 

Profitability

High Operating Profitability  in 2009

Low Net Profitability  in 2009

High Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability  in 2012

In Order Net Profitability  in 2012

High Operating Profitability (01.01-30.06.2013)

Net Loss (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

 

BALANCE SHEETS

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

17.942.396

1,00

29.517.304

1,00

50.542.386

1,00

56.741.243

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.036.874

0,06

2.168.284

0,07

4.091.546

0,08

3.441.087

0,06

 

 

Marketable Securities

550

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

7.294.961

0,41

12.253.125

0,41

27.156.496

0,54

33.844.666

0,59

 

 

Other Receivable

0

0,00

15.205

0,00

0

0,00

40.913

0,00

 

 

Inventories

8.022.423

0,45

11.238.687

0,38

12.661.984

0,25

15.491.331

0,27

 

 

Advances Given

629.498

0,04

2.620.978

0,09

5.122.528

0,10

2.157.804

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

958.090

0,05

1.221.025

0,04

1.509.832

0,03

1.765.442

0,03

 

 

NON-CURRENT ASSETS

30.012

0,00

98.521

0,00

85.283

0,00

157.039

0,00

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

20.823

0,00

98.521

0,00

75.679

0,00

51.099

0,00

 

 

Intangible Assets

0

0,00

0

0,00

9.604

0,00

4.802

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

9.189

0,00

0

0,00

0

0,00

101.138

0,00

 

 

TOTAL ASSETS

17.972.408

1,00

29.615.825

1,00

50.627.669

1,00

56.898.282

1,00

 

 

CURRENT LIABILITIES

10.767.481

0,60

22.094.699

0,75

43.809.109

0,87

49.150.752

0,86

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

7.687.746

0,43

18.695.232

0,63

39.663.877

0,78

44.979.668

0,79

 

 

Accounts Payable

2.253.957

0,13

2.786.394

0,09

2.118.442

0,04

1.705.187

0,03

 

 

Loans from Shareholders

430.601

0,02

5.327

0,00

759.872

0,02

523.155

0,01

 

 

Other Short-term Payable

21.515

0,00

86.476

0,00

26.305

0,00

48.404

0,00

 

 

Advances from Customers

232.005

0,01

281.554

0,01

732.561

0,01

1.448.137

0,03

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

9.963

0,00

11.287

0,00

93.920

0,00

59.300

0,00

 

 

Provisions

30.634

0,00

0

0,00

0

0,00

84.355

0,00

 

 

Other Current Liabilities

101.060

0,01

228.429

0,01

414.132

0,01

302.546

0,01

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

0

0,00

 

 

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

7.204.927

0,40

7.521.126

0,25

6.818.560

0,13

7.747.530

0,14

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

6.000.000

0,33

7.000.000

0,24

7.000.000

0,14

7.000.000

0,12

 

 

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

798.602

0,04

204.928

0,01

521.127

0,01

521.127

0,01

 

 

Revaluation Fund

300.000

0,02

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-702.567

-0,01

 

 

Net Profit (loss)

106.325

0,01

316.198

0,01

-702.567

-0,01

928.970

0,02

 

 

TOTAL LIABILITIES AND EQUITY

17.972.408

1,00

29.615.825

1,00

50.627.669

1,00

56.898.282

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

 

 

 

 

INCOME STATEMENTS

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

9.510.991

1,00

14.904.787

1,00

29.363.540

1,00

30.276.464

1,00

15.861.858

1,00

Cost of Goods Sold

7.383.441

0,78

12.453.640

0,84

23.781.005

0,81

25.593.847

0,85

12.642.316

0,80

Gross Profit

2.127.550

0,22

2.451.147

0,16

5.582.535

0,19

4.682.617

0,15

3.219.542

0,20

Operating Expenses

775.498

0,08

809.136

0,05

1.029.529

0,04

1.198.057

0,04

683.465

0,04

Operating Profit

1.352.052

0,14

1.642.011

0,11

4.553.006

0,16

3.484.560

0,12

2.536.077

0,16

Other Income

471.871

0,05

603.397

0,04

3.739.315

0,13

1.524.062

0,05

2.686.523

0,17

Other Expenses

424.792

0,04

269.755

0,02

859.658

0,03

494.498

0,02

258.637

0,02

Financial Expenses

1.262.172

0,13

1.573.565

0,11

8.135.230

0,28

3.500.799

0,12

5.688.007

0,36

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

136.959

0,01

402.088

0,03

-702.567

-0,02

1.013.325

0,03

-724.044

-0,05

Tax Payable

30.634

0,00

85.890

0,01

0

0,00

84.355

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

106.325

0,01

316.198

0,02

-702.567

-0,02

928.970

0,03

-724.044

-0,05

 

 

FINANCIAL RATIOS

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,67

1,34

1,15

1,15

 

Acid-Test Ratio

0,77

0,65

0,71

0,76

 

Cash Ratio

0,10

0,10

0,09

0,07

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,45

0,38

0,25

0,27

 

Short-term Receivable/Total Assets

0,41

0,41

0,54

0,60

 

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

0,92

1,11

1,88

1,65

 

Stockholders' Equity Turnover

1,32

1,98

4,31

3,91

 

Asset Turnover

0,53

0,50

0,58

0,53

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,25

0,13

0,14

 

Current Liabilities/Total Assets

0,60

0,75

0,87

0,86

 

Financial Leverage

0,60

0,75

0,87

0,86

 

Gearing Percentage

1,49

2,94

6,42

6,34

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,04

-0,10

0,12

 

Operating Profit Margin

0,14

0,11

0,16

0,12

 

Net Profit Margin

0,01

0,02

-0,02

0,03

 

Interest Cover

1,11

1,26

0,91

1,29

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

276,12

295,95

332,94

402,43

 

Average Payable Period (days)

109,90

80,55

32,07

23,98

 

WORKING CAPITAL

7174915,00

7422605,00

6733277,00

7590491,00

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.78

UK Pound

1

Rs.100.70

Euro

1

Rs.84.66

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.