MIRA INFORM REPORT

 

 

Report Date :

11.03.2014

 

IDENTIFICATION DETAILS

 

Name :

MINOS DIS TICARET LTD. STI. 

 

 

Registered Office :

Akcay Cad. No:265 Gaziemir Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.10.2010

 

 

Com. Reg. No.:

150791-Mrkz

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trader of agricultural machineries and their spare parts.

 

 

No. of Employees

02

 

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 :

Unknown 

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Turkey

B2

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

 

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

MINOS DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Akcay Cad. No:265 Gaziemir Izmir / Turkey

PHONE NUMBER

:

90-232-281 54 04

 

FAX NUMBER

:

90-232-281 57 10

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gaziemir

TAX NO

:

6210459902

REGISTRATION NUMBER

:

150791-Mrkz

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

07.10.2010

ESTABLISHMENT GAZETTE DATE /NO

:

14.10.2010/7669

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.000

HISTORY

:

Previous Shareholder

:

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

Changed On

:

13.09.2011 (Commercial Gazette Date /Number 19.09.2011/ 7902)

Merger

:

The Subject took over and merged with Tecostar Tarim Makineleri Sanayi Ve Ticaret A.S.

Changed On

:

06.02.2013 (Commercial Gazette Date /Number 11.02.2013/ 8255)

PREVIOUS SHAREHOLDERS

:

Mehtap Turkay

50 %

Bilgin Turkay

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehtap Turkay

50 %

Mehmet Turkay

50 %

 

 

DIRECTORS

:

Mehtap Turkay

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

                                   

:

Wholesale trade of agricultural machineries and their spare parts.

 

NACE CODE

:

G .51.88

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

339.276 TL

(07.10-31.12.2010) 

8.098.577 TL

(2011) 

8.954.818 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

EXPORT VALUE

:

339.276 TL

(07.10-31.12.2010)

8.098.577 TL

(2011)

8.954.818 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

U.K.

Slovenia

Romania

Free Zone

 

MERCHANDISE  EXPORTED

:

Agricultural machinery

Cutting blades

Harvesting machinery

Spare parts

 

HEAD OFFICE ADDRESS

:

Akcay Cad. No:265 Gaziemir Izmir / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Pinarbasi Branch

Garanti Bankasi Karabaglar Branch

               

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(07.10-31.12.2010) TL

(2011) TL

 

 

 

Net Sales

339.276

8.098.577

 

 

 

Profit (Loss) Before Tax

7.060

363.297

 

 

 

Stockholders' Equity

11.898

302.511

 

 

 

Total Assets

330.513

2.123.686

 

 

 

Current Assets

329.568

2.123.322

 

 

 

Non-Current Assets

945

364

 

 

 

Current Liabilities

318.615

1.821.175

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

10.294

359.562

 

 

 

Operating Profit (loss)

6.701

130.402

 

 

 

Net Profit (loss)

5.648

290.613

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2012

Liquidity

Fair 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

Fair Operating Profitability (07.10-31.12.2010)

Fair Net Profitability (07.10-31.12.2010)

Fair Operating Profitability  in 2011

Good Net Profitability  in 2011

Profitable  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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2014)

4,75 %

2,2083

3,0237

3,6651

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

329.568

1,00

2.123.322

1,00

2.883

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

6.553

0,02

120.747

0,06

175

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

322.624

0,98

1.432.629

0,67

2.248

0,78

Other Receivable

0

0,00

324.500

0,15

100

0,03

Inventories

0

0,00

213.288

0,10

184

0,06

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

391

0,00

32.158

0,02

176

0,06

NON-CURRENT ASSETS

945

0,00

364

0,00

0

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

945

0,00

364

0,00

0

0,00

TOTAL ASSETS

330.513

1,00

2.123.686

1,00

2.883

1,00

CURRENT LIABILITIES

318.615

0,96

1.821.175

0,86

2.458

0,85

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

41

0,00

0

0,00

Accounts Payable

297.900

0,90

1.475.392

0,69

2.235

0,78

Loans from Shareholders

2.000

0,01

0

0,00

0

0,00

Other Short-term Payable

0

0,00

3.731

0,00

8

0,00

Advances from Customers

17.265

0,05

338.296

0,16

177

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

38

0,00

3.715

0,00

8

0,00

Provisions

1.412

0,00

0

0,00

30

0,01

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

11.898

0,04

302.511

0,14

425

0,15

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.250

0,02

6.250

0,00

25

0,01

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

5.648

0,00

278

0,10

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)

5.648

0,02

290.613

0,14

122

0,04

TOTAL LIABILITIES AND EQUITY

330.513

1,00

2.123.686

1,00

2.883

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The income statement of 2012 is not available.  

 

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

 

 

(07.10-31.12.2010) TL

 

(2011) TL

 

 

 

Net Sales

339.276

1,00

8.098.577

1,00

 

 

Cost of Goods Sold

328.982

0,97

7.739.015

0,96

 

 

Gross Profit

10.294

0,03

359.562

0,04

 

 

Operating Expenses

3.593

0,01

229.160

0,03

 

 

Operating Profit

6.701

0,02

130.402

0,02

 

 

Other Income

1.682

0,00

362.348

0,04

 

 

Other Expenses

910

0,00

108.382

0,01

 

 

Financial Expenses

413

0,00

21.071

0,00

 

 

Minority Interests

0

0,00

0

0,00

 

 

Profit (loss) of consolidated firms

0

0,00

0

0,00

 

 

Profit (loss) Before Tax

7.060

0,02

363.297

0,04

 

 

Tax Payable

1.412

0,00

72.684

0,01

 

 

Postponed Tax Gain

0

0,00

0

0,00

 

 

Net Profit (loss)

5.648

0,02

290.613

0,04

 

 

 

 

FINANCIAL RATIOS

 

 

(07.10-31.12.2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,03

1,17

1,17

Acid-Test Ratio

1,03

1,03

1,03

Cash Ratio

0,02

0,07

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,10

0,06

Short-term Receivable/Total Assets

0,98

0,83

0,81

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

36,28

 

Stockholders' Equity Turnover

28,52

26,77

 

Asset Turnover

1,03

3,81

 

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,04

0,14

0,15

Current Liabilities/Total Assets

0,96

0,86

0,85

Financial Leverage

0,96

0,86

0,85

Gearing Percentage

26,78

6,02

5,78

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,47

0,96

 

Operating Profit Margin

0,02

0,02

 

Net Profit Margin

0,02

0,04

 

Interest Cover

18,09

18,24

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

342,33

63,68

 

Average Payable Period (days)

325,99

68,63

 

WORKING CAPITAL

10953,00

302147,00

425,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.61.19

UK Pound

1

Rs.102.35

Euro

1

Rs.84.95

 

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%)

 

 

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.