MIRA INFORM REPORT

 

 

Report No. :

340002

Report Date :

10.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FEDERAL DIS TICARET A.S.

 

 

Registered Office :

1.Organize Sanayi Bolgesi 1.Yol No:25/301 Hanli Arifye Sakarya

 

 

Country :

Turkey

 

 

Date of Incorporation :

03.06.1997

 

 

Com. Reg. No.:

12063

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of electrical products.

 

 

No. of Employee :

2

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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 – 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

 

 

 

 

REMARKS                       :        Full name of the firm was missing at your inquiry. The registered full name of the

firm having the address stated at your inquiry is “FEDERAL DIS TICARET A.S.” and “FEDERAL FOREIGN TRADE CO” is name of the firm in English.

 

 

COMPANY IDENTIFICATION

 

NAME

:

FEDERAL DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 1.Yol No:25/301 Hanli Arifye Sakarya / Turkey

PHONE NUMBER

:

90-264-276 42 10

 

FAX NUMBER

:

90-264-275 41 81

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ali Fuat Cebesoy

TAX NO

:

3850102292

REGISTRATION NUMBER

:

12063

REGISTERED OFFICE

:

Adapazari Chamber of Commerce and Industry

DATE ESTABLISHED

:

03.06.1997

ESTABLISHMENT GAZETTE DATE/NO

:

16.06.1997/4311

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Nurdogan

76,50 %

Ismail Kurt

12,50 %

Mehmet Mesut Nurdogan

4 %

Irfan Nurdogan

4 %

Ummu Nurdogan

3 %

 

 

GROUP

:

FEDERAL GROUP OF COMPANIES

 

SISTER COMPANIES

:

BILMART MADENCILIK ELEKTROTEKNIK YATIRIM VE TICARET A.S.

FEDERAL AYDINLATMA ELEKTRONIK SANAYI VE TICARET LTD. STI.

FEDERAL ELEKTRIK YATIRIM VE TICARET A.S.

FEDERAL MERMER MADENCILIK ELEKTRIK INSAAT TAAHHUT TICARET VE SANAYI A.S.

FEDERAL PAZARLAMA VE TICARET A.S.

FEDERAL SUS BITKILERI FIDANCILIK SANAYI VE TICARET LTD. STI.

MAYA MADENCILIK SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Mustafa Nurdogan

Chairman

Irfan Nurdogan

Vice-Chairman

Ismail Kurt

Member

Mehmet Mesut Nurdogan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of electrical products.

 

NACE CODE

:

G .51.43

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Electrical products

 

EXPORT COUNTRIES

:

Saudi Arabia

Egypt

Bangladesh

Bulgaria

U.K.

Kuwait

Algeria

 

MERCHANDISE  EXPORTED

:

Electrical products

 

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 1.Yol No:25/301 Hanli Arifye Sakarya / Turkey

 

INVESTMENTS

:

None

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Erenler Branch

Turk Ekonomi Bankasi Sakarya Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.29

UK Pound

1

Rs.101.89

Euro

1

Rs.73.98

 

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

 

--

 

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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