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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
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Name : |
PRINOVA GIDA VE KIMYA TICARETI LTD. STI. |
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Registered Office : |
Yesilkoy Mah. Subyan Mektebi Sok. N:28/1 Bakirkoy Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.10.2013 |
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Com. Reg. No.: |
885778 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale trade of food additive. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
No complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 around 9% in
2010-11, as exports returned to normal levels following the recession. Growth
dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has
fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good
growth even in the face of 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.
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Source
: CIA |
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NAME |
: |
PRINOVA GIDA VE KIMYA TICARETI LTD. STI. |
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HEAD OFFICE ADDRESS |
: |
Yesilkoy Mah. Subyan Mektebi Sok. N:28/1 Bakirkoy Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-663 70 02 |
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TAX OFFICE |
: |
Bakirkoy |
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TAX NO |
: |
7330401438 |
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REGISTRATION NUMBER |
: |
885778 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
04.10.2013 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
10.10.2013/8423 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 1.000.000 |
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
We are informed that, the shareholder "Prinova Europe Ltd."
is a company which is located in U.K. |
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SUBSIDIARIES |
: |
Declared to be: None |
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DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Wholesale trade of food additive. |
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NACE CODE |
: |
G .51.90 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
2 |
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NET SALES |
: |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
India China U.K. Netherlands |
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MERCHANDISE IMPORTED |
: |
Food additive |
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EXPORT VALUE |
: |
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HEAD OFFICE ADDRESS |
: |
Yesilkoy Mah. Subyan Mektebi Sok. N:28/1 Bakirkoy Istanbul / Turkey |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Undetermined; young business. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Profitability |
Operating Loss (04.10-31.12.2013) Net Loss (04.10-31.12.2013) |
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General Financial Position |
The firm has loss but general financial position is undetermined. |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-31.03.2014) |
5,52 % |
2,1961 |
3,0116 |
3,6488 |
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(04.10-31.12.2013)
TL |
|
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Net Sales |
209.829 |
1,00 |
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Cost of Goods Sold |
206.157 |
0,98 |
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Gross Profit |
3.672 |
0,02 |
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Operating Expenses |
29.441 |
0,14 |
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Operating Profit |
-25.769 |
-0,12 |
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Other Income |
29.444 |
0,14 |
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Other Expenses |
14.762 |
0,07 |
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Financial Expenses |
0 |
0,00 |
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Minority Interests |
0 |
0,00 |
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Profit (loss) of consolidated firms |
0 |
0,00 |
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Profit (loss) Before Tax |
-11.087 |
-0,05 |
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Tax Payable |
0 |
0,00 |
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Postponed Tax Gain |
0 |
0,00 |
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Net Profit (loss) |
-11.087 |
-0,05 |
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REMARKS ON FINANCIAL STATEMENT |
: |
At the last income statement TL 29.444 of the other income is due to
"Profit from Foreign Currency Exchange". At the last income statement TL 14.762 of the other expenses is due to
"Loss from Foreign Currency Exchange" . |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
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 |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.