MIRA INFORM REPORT

 

 

Report Date :

07.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MED-ART SAGLIK HIZMETLERI VE KUYUMCULUK SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

MED-ART  SAGLIK HIZMETLERI LTD. STI.

 

 

Registered Office :

Molla Fenari Mah. Serefefendi Sok. No:37 K:3 Cagaloglu Fatih  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.08.1994

 

 

Com. Reg. No.:

12971/8

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of jeweler.

 

 

No. of Employees :

41

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

MED-ART SAGLIK HIZMETLERI VE KUYUMCULUK SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Molla Fenari Mah. Serefefendi Sok. No:37 K:3 Cagaloglu Fatih  Istanbul / Turkey

PHONE NUMBER

:

90-212-511 58 28

90-212-520 00 41

 

FAX NUMBER

:

90-212-528 89 71

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hocapasa

TAX NO

:

6130072421

REGISTRATION NUMBER

:

12971/8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.08.1994

ESTABLISHMENT GAZETTE DATE/NO

:

07.09.1994/3611

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.550.000

PAID-IN CAPITAL

:

TL   12.550.000

HISTORY

:

Previous Name

:

Med-Art  Saglik Hizmetleri Ltd. Sti.

Changed On

:

20.11.1997 (Commercial Gazette Date /Number 26.11.1997/ 4427)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

18.07.2008 (Commercial Gazette Date /Number 24.07.2008/ 7112)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

10.09.2009 (Commercial Gazette Date /Number 15.09.2009/ 7398)

Previous Address

:

Alemdar Mah. Hoca Rustem Mektebi Sok. No:4 Cagaloglu Istanbul

Changed On

:

27.11.2008 (Commercial Gazette Date /Number 02.12.2008/ 7201)

Previous Address

:

Alemdar Mah. Hoca Rustem Mektebi Sok. No: 13 Fatih Istanbul (The door number was changed from “17” to “13" by the Municipality.)

Changed On

:

10.01.2013 (Commercial Gazette Date /Number 16.01.2013/ 8237)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Emil Guzelis

93 %

Kemal Tavukcuoglu

4 %

Mehmet Diribas

3 %

 

 

SISTER COMPANIES

:

DIVAS PIRLANTA ELEKTRONIK HIZMETLER VE TICARET LTD. STI.

 

MAVI PIRLANTA HEDIYELIK ESYA SANAYI VE TICARET LTD. STI.

 

ZEN TURIZM-HEDIYELIK ESYA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Emil Guzelis                                                                                                                                                                                                                                                                                   

 

Kemal Tavukcuoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of jeweler.

 

NACE CODE

:

DN.36.22

 

TRADEMARKS OWNED

:

Zen-Medart

 

NUMBER OF EMPLOYEES

:

41

NET SALES

:

3.556.025 TL

(2002) 

7.582.945 TL

(2003) 

17.455.429 TL

(2004) 

26.419.536 TL

(2005) 

29.096.138 TL

(2006) 

39.630.793 TL

(2007) 

34.169.144 TL

(2008) 

15.811.786 TL

(2009) 

26.944.580 TL

(2010) 

41.836.325 TL

(2011) 

32.733.601 TL

(2012) 

40.619 TL Thousand

(2013) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

1.037

 

 

(2008)

1.037

 

 

(2009)

1.037

 

 

(2010)

1.037

 

 

(2011)

1.037

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

18.785.481 USD

(2008)

5.238.619 TL

(2009)

7.267.324 TL

(2010)

14.597.895 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

Belgium

Thailand

India

Hong-Kong

U.A.E.

 

MERCHANDISE IMPORTED

:

Brilliant

Colorful stones

Gold

 

EXPORT VALUE

:

28.490.920 TL

(2006)

38.360.732 TL

(2007)

31.964.125 TL

(2008)

15.028.928 TL

(2009)

24.874.654 TL

(2010)

40.021.058 TL

(2011)

26.670.803 TL

(2012)

31.194.847 TL

(2013)

 

 

EXPORT COUNTRIES

:

Australia

Germany

France

Greece

Netherlands

Romania

Spain

Middle East Countries

Russia

Northern Cyprus Turkish Republic

Canada

U.A.E.

Czech Republic

U.S.A.

Saudi Arabia

Kuwait

Mexico

Algeria

 

MERCHANDISE  EXPORTED

:

Diamond

Jeweler

Parts of precious metal

Wrist watches

 

HEAD OFFICE ADDRESS

:

Molla Fenari Mah. Serefefendi Sok. No:37 K:3 Cagaloglu Fatih   Istanbul / Turkey

 

BRANCHES

:

Liaison Office  :   /U.S.A.

 

Liaison Office  :   /Netherlands

 

Liaison Office  :   /U.A.E.

 

Store  :   /Turkey

 

Store  :   /Turkey

 

Store  :   /Turkey

 

Store  :   /Turkey

 

Store  :   /Turkey

 

Head Office/Workshop  :  Molla Fenari Mah. Serefefendi Sok. No: 37 K: 3 Cagaloglu Fatih Istanbul/Turkey

 

Branch Office  :  Molla Fenari Mah. Nuruosmaniye Cad. Seref Efendi Sokak 

No:13 and No:35 Eminonu Istanbul/Turkey (owned by shareholder(s))

 

 

Branch Office  :  Alemdar Mah. Etfal Sk. No:11 Yildirim Han No: 201-202 Istanbul/Turkey (rented)

           

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Beyoglu Branch

Denizbank Bahcekapi Branch

Garanti Bankasi Cemberlitas Branch

Turk Ekonomi Bankasi Nuruosmaniye Branch

Yapi ve Kredi Bankasi Nuruosmaniye Branch

 

CREDIT FACILITIES

:

The subject company is making 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

(2013) TL Thousand

Net Sales

15.811.786

26.944.580

41.836.325

32.733.601

40.619

Profit (Loss) Before Tax

134.747

119.114

411.559

716.934

1.214

Stockholders' Equity

15.088.781

15.383.322

17.990.527

18.928.271

 

Total Assets

25.575.091

35.908.857

53.479.544

48.188.136

 

Current Assets

25.461.743

35.795.893

47.751.459

42.121.856

 

Non-Current Assets

113.348

112.964

5.728.085

6.066.280

 

Current Liabilities

9.492.166

19.888.150

15.799.518

15.667.930

 

Long-Term Liabilities

994.144

637.385

19.689.499

13.591.935

 

Gross Profit (loss)

3.850.299

1.995.471

2.116.912

3.745.697

3.047

Operating Profit (loss)

1.644.780

-301.998

503.387

1.713.729

1.234

Net Profit (loss)

84.955

75.613

280.784

496.496

1.214

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2012

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

High Operating Profitability  in 2009

Low Net Profitability  in 2009

Operating Loss  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

Fair Operating Profitability  in 2013

Fair Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 (31.12.2009)  TL

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)  TL

 

CURRENT ASSETS

25.461.743

1,00

35.795.893

1,00

47.751.459

0,89

42.121.856

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

940.749

0,04

1.796.352

0,05

2.586.748

0,05

3.803.058

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

12.746.632

0,50

15.697.437

0,44

28.521.630

0,53

19.136.729

0,40

Other Receivable

37.129

0,00

28.327

0,00

220.194

0,00

0

0,00

Inventories

8.010.555

0,31

5.610.681

0,16

1.596.558

0,03

8.706.355

0,18

Advances Given

0

0,00

3.716.938

0,10

1.334.294

0,02

1.108.643

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.726.678

0,15

8.946.158

0,25

13.492.035

0,25

9.367.071

0,19

NON-CURRENT ASSETS

113.348

0,00

112.964

0,00

5.728.085

0,11

6.066.280

0,13

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)

94.737

0,00

111.566

0,00

5.078.797

0,09

5.130.065

0,11

Intangible Assets

17.275

0,00

0

0,00

75.153

0,00

214.377

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.336

0,00

1.398

0,00

574.135

0,01

721.838

0,01

TOTAL ASSETS

25.575.091

1,00

35.908.857

1,00

53.479.544

1,00

48.188.136

1,00

CURRENT LIABILITIES

9.492.166

0,37

19.888.150

0,55

15.799.518

0,30

15.667.930

0,33

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.731.560

0,07

4.470.463

0,12

0

0,00

2.264

0,00

Accounts Payable

5.238.619

0,20

7.267.324

0,20

2.811.491

0,05

4.659.529

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.296.072

0,09

7.394.548

0,21

11.863.759

0,22

7.562.550

0,16

Advances from Customers

194.588

0,01

722.057

0,02

1.033.003

0,02

3.169.160

0,07

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

27.860

0,00

32.078

0,00

76.087

0,00

274.427

0,01

Provisions

3.467

0,00

0

0,00

11.658

0,00

0

0,00

Other Current Liabilities

0

0,00

1.680

0,00

3.520

0,00

0

0,00

LONG-TERM LIABILITIES

994.144

0,04

637.385

0,02

19.689.499

0,37

13.591.935

0,28

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

17.846.763

0,33

12.814.994

0,27

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

994.144

0,04

637.385

0,02

1.842.736

0,03

776.941

0,02

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

15.088.781

0,59

15.383.322

0,43

17.990.527

0,34

18.928.271

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.550.000

0,49

12.550.000

0,35

12.550.000

0,23

12.550.000

0,26

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.701.357

0,07

1.849.862

0,05

3.823.915

0,07

4.225.511

0,09

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

887.809

0,03

1.053.630

0,03

1.234.698

0,02

1.552.653

0,03

Revaluation Fund

81.957

0,00

89.229

0,00

101.130

0,00

103.611

0,00

Accumulated Losses(-)

-217.297

-0,01

-235.012

-0,01

0

0,00

0

0,00

Net Profit (loss)

84.955

0,00

75.613

0,00

280.784

0,01

496.496

0,01

TOTAL LIABILITIES AND EQUITY

25.575.091

1,00

35.908.857

1,00

53.479.544

1,00

48.188.136

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.                                                                                                                  

 In the sub-items of "Account Receivable", TL 0 is "Doubtful Trade Receivables"  at the last balance sheet.  

 

 TL 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                             

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

15.811.786

1,00

26.944.580

1,00

41.836.325

1,00

32.733.601

1,00

40.619

1,00

Cost of Goods Sold

11.961.487

0,76

24.949.109

0,93

39.719.413

0,95

28.987.904

0,89

37.572

0,92

Gross Profit

3.850.299

0,24

1.995.471

0,07

2.116.912

0,05

3.745.697

0,11

3.047

0,08

Operating Expenses

2.205.519

0,14

2.297.469

0,09

1.613.525

0,04

2.031.968

0,06

1.813

0,04

Operating Profit

1.644.780

0,10

-301.998

-0,01

503.387

0,01

1.713.729

0,05

1.234

0,03

Other Income

3.409.378

0,22

2.934.824

0,11

7.584.088

0,18

3.561.251

0,11

7.355

0,18

Other Expenses

4.856.078

0,31

2.453.628

0,09

7.317.290

0,17

3.429.767

0,10

6.690

0,16

Financial Expenses

63.333

0,00

60.084

0,00

358.626

0,01

1.128.279

0,03

685

0,02

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

134.747

0,01

119.114

0,00

411.559

0,01

716.934

0,02

1.214

0,03

Tax Payable

49.792

0,00

43.501

0,00

130.775

0,00

220.438

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

84.955

0,01

75.613

0,00

280.784

0,01

496.496

0,02

1.214

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

2,68

1,80

3,02

2,69

Acid-Test Ratio

1,45

0,88

1,98

1,46

Cash Ratio

0,10

0,09

0,16

0,24

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,31

0,16

0,03

0,18

Short-term Receivable/Total Assets

0,50

0,44

0,54

0,40

Tangible Assets/Total Assets

0,00

0,00

0,09

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

1,49

4,45

24,88

3,33

Stockholders' Equity Turnover

1,05

1,75

2,33

1,73

Asset Turnover

0,62

0,75

0,78

0,68

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,43

0,34

0,39

Current Liabilities/Total Assets

0,37

0,55

0,30

0,33

Financial Leverage

0,41

0,57

0,66

0,61

Gearing Percentage

0,69

1,33

1,97

1,55

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,00

0,02

0,03

Operating Profit Margin

0,10

-0,01

0,01

0,05

Net Profit Margin

0,01

0,00

0,01

0,02

Interest Cover

3,13

2,98

2,15

1,64

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

290,21

209,73

245,43

210,46

Average Payable Period (days)

157,66

104,86

25,48

57,87

WORKING CAPITAL

15969577,00

15907743,00

31951941,00

26453926,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.20

UK Pound

1

Rs.101.68

Euro

1

Rs.83.55

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NNA

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.