MIRA INFORM REPORT

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SRA DIS TICARET LTD. STI.

 

 

Registered Office :

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

06.07.2006

 

 

Com. Reg. No.:

594307

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite and marble. 

 

 

No. of Employees

11

 

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 – 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

:

SRA DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe Istanbul / Turkey

PHONE NUMBER

:

90-216-487 45 05

 

FAX NUMBER

:

90-216-487 43 85

 

WEB-ADDRESS

:

www.sratrading.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sultanbeyli

TAX NO

:

7810400800

REGISTRATION NUMBER

:

594307

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.07.2006

ESTABLISHMENT GAZETTE DATE/NO

:

12.07.2006/6597

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 20.000

Changed On

:

19.03.2009 (Commercial Gazette Date /Number 25.03.2009/ 7277)

Previous Registered Capital

:

TL 500.000

Changed On

:

31.05.2011 (Commercial Gazette Date /Number 06.06.2011/ 7830)

Previous Registered Capital

:

TL 1.200.000

Changed On

:

29.12.2011 (Commercial Gazette Date /Number 03.01.2012/ 7975)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

04.05.2012 (Commercial Gazette Date /Number 10.05.2012/ 8065)

Previous Address

:

Sogutlucesme Cad. Cilek Sok. Akel Is Hani No:1 K.4/67 Kadikoy-Istanbul

Changed On

:

21.04.2009 (Commercial Gazette Date /Number 28.04.2009/ 7300)

Previous Address

:

Hamidiye Mah. Eyyubi Cad. No:17 Sultanbeyli-Istanbul

Changed On

:

13.09.2011 (Commercial Gazette Date /Number 20.09.2011/ 7903)

Previous Shareholder

:

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

Changed On

:

21.04.2009 (Commercial Gazette Date /Number 28.04.2009/ 7300)

PREVIOUS SHAREHOLDERS

:

Selim Salo

42 %

Ahmet Murat Agun

42 %

Ramazan Ellialti

16 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Murat Agun

58 %

Selim Salo

42 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ahmet Murat Agun                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite and marble. 

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

1.656.078 TL

(2007) 

4.628.967 TL

(2008) 

7.350.608 TL

(2009) 

11.131.057 TL

(2010) 

26.049.761 TL

(2011) 

31.598 TL Thousand

(2012) 

59.595 TL Thousand

(2013) 

56.727 TL Thousand

(01.01-30.06.2014) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

22.000.000 TL

(2011)

31.000.000 TL

(2012)

 

 

IMPORT COUNTRIES

:

China

India

Spain

Italy

Vietnam

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

1.737 TL

(2007)

15.766 TL

(2008)

0 TL

(2009)

344.107 TL

(2010)

53.927 TL

(2011)

3.697 TL

(2012)

561 TL Thousand

(2013)

0 TL Thousand

(01.01-30.06.2014)

 

 

EXPORT COUNTRIES

:

China

Palestine

 

MERCHANDISE  EXPORTED

:

Granite

Marble

 

HEAD OFFICE ADDRESS

:

Akpinar Mahallesi Malkocoglu Caddesi Ballica Sokak No:10 Sancaktepe  Istanbul / Turkey

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears an upwards trend in  1.1 - 30.6.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Umraniye Branch

Asya Katilim Bankasi Sultanbeyli Branch

Garanti Bankasi Kurtkoy Uydukent Branch

Kuveyt Turk Katilim Bankasi Sultanbeyli Branch

T.Finans Katilim Bankasi Sahra-i Cedid 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

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.06.2014) TL Thousand

Net Sales

11.131.057

26.049.761

31.598

59.595

56.727

Profit (Loss) Before Tax

1.223.640

1.335.887

2.053

3.954

1.126

Stockholders' Equity

2.341.388

4.711.857

6.698

10.652

 

Total Assets

4.283.895

13.883.984

16.275

37.004

 

Current Assets

4.242.607

13.260.798

15.774

36.125

 

Non-Current Assets

41.288

623.186

501

879

 

Current Liabilities

1.942.507

9.172.127

9.577

26.352

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

1.783.398

3.452.797

4.688

7.544

2.586

Operating Profit (loss)

1.316.129

1.863.227

3.612

6.129

1.798

Net Profit (loss)

971.828

1.067.452

1.641

3.163

1.126

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

Good Net Profitability  in 2013

Fair Operating Profitability (01.01-30.06.2014)

Fair Net Profitability (01.01-30.06.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-31.08.2014)

6,33 %

2,1583

2,9382

3,6128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

4.242.607

0,99

13.260.798

0,96

15.774

0,97

36.125

0,98

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.948.440

0,45

1.741.461

0,13

1.096

0,07

3.613

0,10

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

718.432

0,17

8.554.471

0,62

12.266

0,75

29.815

0,81

 

 

Other Receivable

31.057

0,01

134.686

0,01

135

0,01

69

0,00

 

 

Inventories

448.332

0,10

362.509

0,03

18

0,00

120

0,00

 

 

Advances Given

0

0,00

533.107

0,04

102

0,01

132

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

1.096.346

0,26

1.934.564

0,14

2.157

0,13

2.376

0,06

 

 

NON-CURRENT ASSETS

41.288

0,01

623.186

0,04

501

0,03

879

0,02

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

56

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)

36.496

0,01

444.408

0,03

312

0,02

741

0,02

 

 

Intangible Assets

4.722

0,00

178.778

0,01

179

0,01

126

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

14

0,00

0

0,00

10

0,00

12

0,00

 

 

TOTAL ASSETS

4.283.895

1,00

13.883.984

1,00

16.275

1,00

37.004

1,00

 

 

CURRENT LIABILITIES

1.942.507

0,45

9.172.127

0,66

9.577

0,59

26.352

0,71

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

996.627

0,23

5.206.696

0,38

6.455

0,40

14.082

0,38

 

 

Accounts Payable

482.663

0,11

2.232.323

0,16

2.306

0,14

11.725

0,32

 

 

Loans from Shareholders

4.743

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

248.300

0,06

7.800

0,00

27

0,00

0

0,00

 

 

Advances from Customers

0

0,00

1.445.685

0,10

445

0,03

445

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

10.454

0,00

11.188

0,00

17

0,00

0

0,00

 

 

Provisions

196.703

0,05

268.435

0,02

327

0,02

100

0,00

 

 

Other Current Liabilities

3.017

0,00

0

0,00

0

0,00

0

0,00

 

 

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

2.341.388

0,55

4.711.857

0,34

6.698

0,41

10.652

0,29

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

10.652

0,29

 

 

Paid-in Capital

500.000

0,12

3.000.000

0,22

5.000

0,31

0

0,00

 

 

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

869.560

0,20

644.405

0,05

57

0,00

0

0,00

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

971.828

0,23

1.067.452

0,08

1.641

0,10

0

0,00

 

 

TOTAL LIABILITIES AND EQUITY

4.283.895

1,00

13.883.984

1,00

16.275

1,00

37.004

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 thousand 20 is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:69,Other Receivable Total:69            

 

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

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.06.2014) TL Thousand

 

Net Sales

11.131.057

1,00

26.049.761

1,00

31.598

1,00

59.595

1,00

56.727

1,00

Cost of Goods Sold

9.347.659

0,84

22.596.964

0,87

26.910

0,85

52.051

0,87

54.141

0,95

Gross Profit

1.783.398

0,16

3.452.797

0,13

4.688

0,15

7.544

0,13

2.586

0,05

Operating Expenses

467.269

0,04

1.589.570

0,06

1.076

0,03

1.415

0,02

788

0,01

Operating Profit

1.316.129

0,12

1.863.227

0,07

3.612

0,11

6.129

0,10

1.798

0,03

Other Income

125.941

0,01

507.952

0,02

3

0,00

46

0,00

29

0,00

Other Expenses

137.171

0,01

810.754

0,03

1.010

0,03

1.514

0,03

2

0,00

Financial Expenses

81.259

0,01

224.538

0,01

552

0,02

707

0,01

699

0,01

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

1.223.640

0,11

1.335.887

0,05

2.053

0,06

3.954

0,07

1.126

0,02

Tax Payable

251.812

0,02

268.435

0,01

412

0,01

791

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)

971.828

0,09

1.067.452

0,04

1.641

0,05

3.163

0,05

1.126

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,18

1,45

1,65

1,37

 

Acid-Test Ratio

1,39

1,14

1,41

1,27

 

Cash Ratio

1,00

0,19

0,11

0,14

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,03

0,00

0,00

 

Short-term Receivable/Total Assets

0,17

0,63

0,76

0,81

 

Tangible Assets/Total Assets

0,01

0,03

0,02

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

20,85

62,33

1495,00

433,76

 

Stockholders' Equity Turnover

4,75

5,53

4,72

5,59

 

Asset Turnover

2,60

1,88

1,94

1,61

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,55

0,34

0,41

0,29

 

Current Liabilities/Total Assets

0,45

0,66

0,59

0,71

 

Financial Leverage

0,45

0,66

0,59

0,71

 

Gearing Percentage

0,83

1,95

1,43

2,47

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,42

0,23

0,24

0,30

 

Operating Profit Margin

0,12

0,07

0,11

0,10

 

Net Profit Margin

0,09

0,04

0,05

0,05

 

Interest Cover

16,06

6,95

4,72

6,59

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

23,24

118,22

139,75

180,11

 

Average Payable Period (days)

18,59

35,56

30,85

81,09

 

WORKING CAPITAL

2300100,00

4088671,00

6197,00

9773,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.83

UK Pound

1

Rs.98.15

Euro

1

Rs.78.66

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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

 

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

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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.