MIRA INFORM REPORT

 

 

Report Date :

24.11.2014

 

IDENTIFICATION DETAILS

 

Name :

PARSIS COMMERCE DIS TICARET LTD. STI.

 

 

Registered Office :

Zekeriyakoy Mah. Kilyos Cad. Cimka Sitesi B Blok D:20 Sariyer Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.06.2010

 

 

Com. Reg. No.:

737421

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of various kind of products on demand.

 

 

No of Employees :

Not Available

 

 

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

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

PARSIS COMMERCE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Zekeriyakoy Mah. Kilyos Cad. Cimka Sitesi B Blok D:20 Sariyer Istanbul / Turkey

WEB-ADDRESS

:

www.parsiscommerce.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sariyer

TAX NO

:

7220467060

REGISTRATION NUMBER

:

737421

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

01.06.2010

ESTABLISHMENT GAZETTE DATE/NO

:

07.06.2010/7579

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

 

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Name

:

Parsis Commerce Ithalat Ihracat Pazarlama Ticaret Ltd. Sti.

Changed On

:

07.09.2010 (Commercial Gazette Date /Number 16.09.2010/ 7649)

Previous Registered Capital

:

TL 10.000

Changed On

:

20.03.2013 (Commercial Gazette Date /Number 26.03.2013/ 8286)

Previous Address

:

Organize Birlik Sanayi Sitesi 1. Yol No:78 Beylikduzu Istanbul

Changed On

:

20.03.2013 (Commercial Gazette Date /Number 26.03.2013/ 8286)

Previous Shareholder

:

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

Changed On

:

11.02.2013 (Commercial Gazette Date /Number 15.02.2013/ 8259)

 

 

 

PREVIOUS SHAREHOLDERS

:

Seyedehhajar Zaferanchi

99 %

Serap Birol

1 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Seyedehhajar Zaferanchi

56 %

Hossein Azami Kharaghani

44 %

 

 

REMARKS ON SHAREHOLDERS

:

The shareholders are Iranian.

SUBSIDIARIES

:

None

 

DIRECTORS

:

Seyedehhajar Zaferanchi

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of various kind of products on demand.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

0

 

REMARKS ON NUMBER OF EMPLOYEES

:

The firm has no employees. Operations are carried out by the shareholders.

NET SALES

:

611 TL

(2013) 

1.449 TL

(01.01-30.09.2014) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Iran

 

MERCHANDISE IMPORTED

:

Various kind of products

 

EXPORT VALUE

:

0 TL

(2013)

0 TL

(01.01-30.09.2014)

 

 

HEAD OFFICE ADDRESS

:

Zekeriyakoy Mah. Kilyos Cad. Cimka Sitesi B Blok D:20 Sariyer Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL

(01.01-30.09.2014) TL

 

 

 

Net Sales

611

1.449

 

 

 

Profit (Loss) Before Tax

-21.012

-50.290

 

 

 

Stockholders' Equity

66.256

 

 

 

 

Total Assets

101.459

 

 

 

 

Current Assets

101.459

 

 

 

 

Non-Current Assets

0

 

 

 

 

Current Liabilities

35.203

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

611

1.449

 

 

 

Operating Profit (loss)

-21.012

-50.355

 

 

 

Net Profit (loss)

-21.012

-50.290

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Satisfactory As of 31.12.2013

Remarks on Capitalization

Liabilities consist mainly of loans from shareholders.  The loss of 1.1.-30.09.2014 is expected to have a negative effect on equity total.

Liquidity

High As of 31.12.2013

Remarks On Liquidity

Liabilities consist mainly of loans from shareholders.

Profitability

The firm has heavy losses in 2013 and 1.1.-30.09.2014 as its sales volume is very low.

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-31.10.2014)

8,22 %

2,1739

2,9177

3,6143

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL

 

 

 

CURRENT ASSETS

101.459

1,00

 

 

Not Detailed Current Assets

0

0,00

 

 

Cash and Banks

100.236

0,99

 

 

Marketable Securities

0

0,00

 

 

Account Receivable

0

0,00

 

 

Other Receivable

0

0,00

 

 

Inventories

0

0,00

 

 

Advances Given

0

0,00

 

 

Accumulated Construction Expense

0

0,00

 

 

Other Current Assets

1.223

0,01

 

 

NON-CURRENT ASSETS

0

0,00

 

 

Not Detailed Non-Current Assets

0

0,00

 

 

Long-term Receivable

0

0,00

 

 

Financial Assets

0

0,00

 

 

Tangible Fixed Assets (net)

0

0,00

 

 

Intangible Assets

0

0,00

 

 

Deferred Tax Assets

0

0,00

 

 

Other Non-Current Assets

0

0,00

 

 

TOTAL ASSETS

101.459

1,00

 

 

CURRENT LIABILITIES

35.203

0,35

 

 

Not Detailed Current Liabilities

0

0,00

 

 

Financial Loans

0

0,00

 

 

Accounts Payable

3.280

0,03

 

 

Loans from Shareholders

27.959

0,28

 

 

Other Short-term Payable

0

0,00

 

 

Advances from Customers

0

0,00

 

 

Accumulated Construction Income

0

0,00

 

 

Taxes Payable

3.964

0,04

 

 

Provisions

0

0,00

 

 

Other Current Liabilities

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

 

 

Financial Loans

0

0,00

 

 

Securities Issued

0

0,00

 

 

Long-term Payable

0

0,00

 

 

Loans from Shareholders

0

0,00

 

 

Other Long-term Liabilities

0

0,00

 

 

Provisions

0

0,00

 

 

STOCKHOLDERS' EQUITY

66.256

0,65

 

 

Not Detailed Stockholders' Equity

0

0,00

 

 

Paid-in Capital

100.000

0,99

 

 

Cross Shareholding Adjustment of Capital

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

 

 

Reserves

0

0,00

 

 

Revaluation Fund

0

0,00

 

 

Accumulated Losses(-)

-12.732

-0,13

 

 

Net Profit (loss)

-21.012

-0,21

 

 

TOTAL LIABILITIES AND EQUITY

101.459

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. 

 

TL 999 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement, TL 199 of the other income is due to "Other Ordinary Income" . 

 

At the last income statement TL 134 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

INCOME STATEMENTS

 

 

(2013) TL

 

(01.01-30.09.2014) TL

 

Net Sales

611

1,00

1.449

1,00

Cost of Goods Sold

0

0,00

0

0,00

Gross Profit

611

1,00

1.449

1,00

Operating Expenses

21.623

35,39

51.804

35,75

Operating Profit

-21.012

-34,39

-50.355

-34,75

Other Income

0

0,00

199

0,14

Other Expenses

0

0,00

134

0,09

Financial Expenses

0

0,00

0

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

-21.012

-34,39

-50.290

-34,71

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-21.012

-34,39

-50.290

-34,71

 

 

 

FINANCIAL RATIOS

 

 

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,88

 

Acid-Test Ratio

2,85

 

Cash Ratio

2,85

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

 

Short-term Receivable/Total Assets

0,00

 

Tangible Assets/Total Assets

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

Stockholders' Equity Turnover

0,01

 

Asset Turnover

0,01

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,65

 

Current Liabilities/Total Assets

0,35

 

Financial Leverage

0,35

 

Gearing Percentage

0,53

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,32

 

Operating Profit Margin

-34,39

 

Net Profit Margin

-34,39

 

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

0,00

 

Average Payable Period (days)

 

 

WORKING CAPITAL

66256,00

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.