|
Report No. : |
337184 |
|
Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARA DIS TICARET A.S. |
|
|
|
|
Registered Office : |
Nasuh Akar Mah. 1. Cad. 1405. Sok. No:6/9 Balgat Ankara |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.03.2004 |
|
|
|
|
Com. Reg. No.: |
187313 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trade of Transmission Line Towers and Hardware’s. |
|
|
|
|
No. of Employees : |
24 |
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 : |
Slow but correct |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.
Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.
The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.
|
Source
: CIA |
COMPANY
IDENTIFICATION
|
|
|
||
|
NAME |
: |
SARA DIS TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Nasuh Akar Mah. 1. Cad. 1405. Sok. No:6/9 Balgat Ankara /
Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The address was changed from "Nasuh Akar Mah. 1. Cad.
24. Sok. No:6/9 Balgat" to "Nasuh Akar Mah. 1. Cad. 1405. Sok.
No:6/9 Balgat" by the municipality. |
|
PHONE NUMBER |
: |
90-312-285 24 24 |
|
FAX NUMBER |
: |
90-312-285 24 28 |
LEGAL
STATUS AND HISTORY
|
|
|
||||||||||||||
|
TAX OFFICE |
: |
Hitit |
||||||||||||
|
TAX NO |
: |
8000377380 |
||||||||||||
|
REGISTRATION NUMBER |
: |
187313 |
||||||||||||
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
||||||||||||
|
DATE ESTABLISHED |
: |
01.03.2004 |
||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
04.03.2004/6000 |
||||||||||||
|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||
|
REGISTERED CAPITAL |
: |
TL 200.000 |
||||||||||||
|
PAID-IN CAPITAL |
: |
TL 200.000 |
||||||||||||
|
HISTORY |
: |
|
||||||||||||
OWNERSHIP
/ MANAGEMENT
|
|
|
||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||||||||
|
GROUP |
: |
SA-RA GROUP OF COMPANIES |
||||||||||||
|
SISTER COMPANIES |
: |
MERMIRA TURIZM YATIRIM VE ISLETMECILIK A.S. MERTAY TURIZM YATIRIM VE ISLETMECILIK A.S. RH ENERJI INSAAT TURIZM SANAYI VE TICARET LTD. STI. SA-RA ENERJI INSAAT TICARET VE SANAYI A.S. SA-RA HABER REKLAM VE YAYINCILIK TICARET A.S. SARA TEKNOLOJI TESIS A.S. TEMDAS ENERJI YATIRIMLARI A.S. TURKTUR BELEK OTELCILIK TURIZM YATIRIM VE ISLETMECILIK
A.S. TURKTUR BODRUM OTELCILIK TURIZM YATIRIM VE ISLETMECILIK
A.S. TURKTUR MARMARIS OTELCILIK TURIZM YATIRIM VE ISLETMECILIK
A.S. |
||||||||||||
|
BOARD OF DIRECTORS |
: |
|
||||||||||||
OPERATIONS
|
|
|
||
|
BUSINESS ACTIVITIES |
: |
Trade of Transmission Line Towers and Hardware’s. |
|
NACE CODE |
: |
G .51.54 |
|
SECTOR |
: |
Commerce |
|
NUMBER OF EMPLOYEES |
: |
24 |
|
NET SALES |
: |
|
||||||||
|
REMARKS ON NET SALES |
: |
The net sales figure of 2012 is declared by the company.
There is no certification for this figure. |
||||||||
|
CAPACITY |
: |
None |
||||||||
|
PRODUCTION |
: |
None |
||||||||
|
IMPORT COUNTRIES |
: |
India Spain |
||||||||
|
MERCHANDISE IMPORTED |
: |
Hardware |
||||||||
|
EXPORT VALUE |
: |
|
||||||||
|
EXPORT COUNTRIES |
: |
Iraq Pakistan U.A.E. Yemen Kuwait Syria Lebanon |
||||||||
|
MERCHANDISE
EXPORTED |
: |
Lattice masts Towers |
||||||||
|
HEAD OFFICE ADDRESS |
: |
Nasuh Akar Mah. 1. Cad. 1405. Sok. No:6/9 Balgat Ankara /
Turkey |
||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2014. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MAIN DEALING BANKS |
: |
Denizbank Cukurambar Branch Garanti Bankasi Ankara Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
Slow but correct |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Insufficient As of 31.12.2014 |
|
Liquidity |
Good As of 31.12.2014 |
|
Remarks On Liquidity |
A part of current liabilities consist of short-term loans
from shareholders rather than liabilities to third parties. The unfavorable gap between average collection and average
payable period has an adverse effect on liquidity. The liquid assets consist mainly of receivables the amount
of cash&banks or marketable securities (which are more liquid) are low. |
|
Profitability |
Operating Loss in
2013 Low Net Profitability
in 2013 Operating Loss in
2014 Low Net Profitability
in 2014 |
|
Gap between average collection and payable periods |
Unfavorable in 2014 |
|
General Financial Position |
Passable |
CREDIT
OPINION WITHOUT OBLIGATION
|
|
|
Incr.
in producers’ price index |
Average
USD/TL |
Average
EUR/TL |
Average
GBP/ TL |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
|
( 01.01-31.07.2015) |
5,15 % |
2,5858 |
2,8956 |
3,9782 |
BALANCE
SHEETS
|
||||
|
|
( 31.12.2013 ) TL Thousand |
|
( 31.12.2014 ) TL Thousand |
|
|
CURRENT ASSETS |
18.653 |
1,00 |
14.029 |
1,00 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
887 |
0,05 |
265 |
0,02 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
16.462 |
0,88 |
12.767 |
0,91 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
136 |
0,01 |
233 |
0,02 |
|
Advances Given |
898 |
0,05 |
736 |
0,05 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
270 |
0,01 |
28 |
0,00 |
|
NON-CURRENT ASSETS |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
0 |
0,00 |
0 |
0,00 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
TOTAL ASSETS |
18.653 |
1,00 |
14.029 |
1,00 |
|
CURRENT LIABILITIES |
16.592 |
0,89 |
11.578 |
0,83 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
Accounts Payable |
1.484 |
0,08 |
1.337 |
0,10 |
|
Loans from Shareholders |
349 |
0,02 |
645 |
0,05 |
|
Other Short-term Payable |
45 |
0,00 |
81 |
0,01 |
|
Advances from Customers |
14.473 |
0,78 |
9.111 |
0,65 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
59 |
0,00 |
143 |
0,01 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
182 |
0,01 |
261 |
0,02 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
Securities Issued |
0 |
0,00 |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
2.061 |
0,11 |
2.451 |
0,17 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
2.451 |
0,17 |
|
Paid-in Capital |
200 |
0,01 |
0 |
0,00 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
1.441 |
0,08 |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
420 |
0,02 |
0 |
0,00 |
|
TOTAL LIABILITIES AND EQUITY |
18.653 |
1,00 |
14.029 |
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 0 is "Doubtful Trade Receivables" at the last balance sheet. TL thousand 0 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 thousand 2.760 of the
other income is due to "Profit from Foreign Currency Exchange". |
INCOME
STATEMENTS
|
||||
|
|
(2013)
TL Thousand |
|
(2014)
TL Thousand |
|
|
Net Sales |
37.893 |
1,00 |
66.092 |
1,00 |
|
Cost of Goods Sold |
35.685 |
0,94 |
62.502 |
0,95 |
|
Gross Profit |
2.208 |
0,06 |
3.590 |
0,05 |
|
Operating Expenses |
3.290 |
0,09 |
4.186 |
0,06 |
|
Operating Profit |
-1.082 |
-0,03 |
-596 |
-0,01 |
|
Other Income |
4.383 |
0,12 |
2.800 |
0,04 |
|
Other Expenses |
2.776 |
0,07 |
1.443 |
0,02 |
|
Financial Expenses |
0 |
0,00 |
258 |
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 |
525 |
0,01 |
503 |
0,01 |
|
Tax Payable |
105 |
0,00 |
100 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
420 |
0,01 |
403 |
0,01 |
FINANCIAL RATIOS
|
||
|
|
(2013) |
(2014) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,12 |
1,21 |
|
Acid-Test Ratio |
1,05 |
1,13 |
|
Cash Ratio |
0,05 |
0,02 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,01 |
0,02 |
|
Short-term Receivable/Total Assets |
0,88 |
0,91 |
|
Tangible Assets/Total Assets |
0,00 |
0,00 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
262,39 |
268,25 |
|
Stockholders' Equity Turnover |
18,39 |
26,97 |
|
Asset Turnover |
2,03 |
4,71 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,11 |
0,17 |
|
Current Liabilities/Total Assets |
0,89 |
0,83 |
|
Financial Leverage |
0,89 |
0,83 |
|
Gearing Percentage |
8,05 |
4,72 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,20 |
0,16 |
|
Operating Profit Margin |
-0,03 |
-0,01 |
|
Net Profit Margin |
0,01 |
0,01 |
|
Interest Cover |
|
2,95 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
156,40 |
69,54 |
|
Average Payable Period (days) |
14,97 |
7,70 |
|
WORKING CAPITAL |
2061,00 |
2451,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.23 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.
s