MIRA INFORM REPORT

 

 

Report No. :

341649

Report Date :

23.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AGT DIS TICARET A.S.

 

 

Registered Office :

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy Antalya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.01.2007

 

 

Com. Reg. No.:

50966-53246

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of furniture components and door.

 

 

No. of Employees :

10

 

 

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 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

:

AGT DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy Antalya / Turkey

PHONE NUMBER

:

90-242-249 17 17

FAX NUMBER

:

90-242-249 17 27

WEB-ADDRESS

:

www.agt.com.tr

E-MAIL

:

agt@agt.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no.

 

TAX OFFICE

:

Antalya Kurumlar

TAX NO

:

0080803848

REMARKS ON TAX NO

:

The tax number was changed from "0080731305" to "0080803848" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

50966-53246

REGISTERED OFFICE

:

Antalya Chamber of Commerce and Industry

DATE ESTABLISHED

:

08.01.2007

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.2007/6728

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 10.07.2013/ 8360)

Previous Name

:

Agt Ahsap Sanayi ve Ticaret Ltd. Sti.

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 10.07.2013/ 8360)

Previous Name

:

AGT Ahsap Sanayi ve  Ticaret A.S.

Changed On

:

17.04.2014 (Commercial Gazette Date /Number 30.04.2014/ 8560)

Previous Registered Capital

:

TL 500.000

Changed On

:

29.01.2013 (Commercial Gazette Date /Number 06.02.2013/ 8252)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

17.04.2014 (Commercial Gazette Date /Number 30.04.2014/ 8560)

Merger

:

The subject took over and merged with " Agt Marmara Ahsap Urunleri Dagitim Sanayi ve Ticaret Ltd. Sti.".

Changed On

:

29.01.2013 (Commercial Gazette Date /Number 06.02.2013/ 8252)

Merger

:

The subject took over and merged with " I Lojistik Tasimacilik Insaat Turizm Ticaret Ltd. Sti."

Changed On

:

17.04.2014 (Commercial Gazette Date /Number 30.04.2014/ 8560)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Semih Soylemez

50 %

Mustafa Hulusi Soylemez

50 %

 

 

SISTER COMPANIES

:

AGT AGAC SANAYI VE TICARET A.S.

SUBSIDIARIES

:

AGT AGAC SANAYI VE TICARET A.S.

BOARD OF DIRECTORS

:

Mehmet Semih Soylemez

Chairman

Mustafa Hulusi Soylemez

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of furniture components and door.

NACE CODE

:

 G .52.44

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

NET SALES

:

66.868.695 TL

(2009) 

90.965.177 TL

(2010) 

100.213.123 TL

(2011) 

94.063.946 TL

(2012) 

95.004.663 TL

(2013) 

 

 

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 fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

CAPACITY

:

None

PRODUCTION

:

None

EXPORT VALUE

:

62.002.265 TL

(2009)

87.662.939 TL

(2010)

99.554.917 TL

(2011)

91.681.676 TL

(2012)

91.675.533 TL

(2013)

56.702.524 USD

(2014)

 

 

EXPORT COUNTRIES

:

Russia

India

U.A.E.

Jordan

Sudan

Egypt

Libya

Macedonia Republic

Uzbekistan

Moldova

Albania

Saudi Arabia

MERCHANDISE  EXPORTED

:

Funiture components

 

HEAD OFFICE ADDRESS

:

Antalya Organize Sanayi Bolgesi Akdeniz Bulvari 5158 Ada Yenikoy Antalya / Turkey

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Antalya Ticari Branch

Garanti Bankasi Organize Sanayi Subesi Branch

T. Halk Bankasi Antalya Ticari Branch

T. Is Bankasi Akdeniz Kurumsal Branch

T. Vakiflar Bankasi Lara Branch

Yapi ve Kredi Bankasi Aspendos 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

:

 

(2012) TL

(2013) TL

 

 

 

Net Sales

94.063.946

95.004.663

 

 

 

Profit (Loss) Before Tax

409.676

2.229.264

 

 

 

Stockholders' Equity

4.835.664

5.989.976

 

 

 

Total Assets

14.892.289

19.308.072

 

 

 

Current Assets

13.838.941

18.509.371

 

 

 

Non-Current Assets

1.053.348

798.701

 

 

 

Current Liabilities

1.505.547

7.121.384

 

 

 

Long-Term Liabilities

8.551.078

6.196.712

 

 

 

Gross Profit (loss)

5.333.867

5.902.002

 

 

 

Operating Profit (loss)

422.547

1.923.547

 

 

 

Net Profit (loss)

326.313

1.889.317

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is financed by merger.

 

Liquidity

High As of 31.12.2013

Remarks On Liquidity

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

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Fair Operating Profitability  in 2013

Fair Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Satisfactory

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL

 

CURRENT ASSETS

13.838.941

0,93

18.509.371

0,96

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.339.321

0,09

461.333

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

9.794.746

0,66

16.389.951

0,85

Other Receivable

121.165

0,01

7.848

0,00

Inventories

0

0,00

1.643.354

0,09

Advances Given

2.583.709

0,17

385

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

6.500

0,00

NON-CURRENT ASSETS

1.053.348

0,07

798.701

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

500.000

0,03

500.000

0,03

Tangible Fixed Assets (net)

0

0,00

0

0,00

Intangible Assets

0

0,00

1.823

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

553.348

0,04

296.878

0,02

TOTAL ASSETS

14.892.289

1,00

19.308.072

1,00

CURRENT LIABILITIES

1.505.547

0,10

7.121.384

0,37

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

155.225

0,01

6.045.451

0,31

Loans from Shareholders

500.663

0,03

122.692

0,01

Other Short-term Payable

14.666

0,00

13.060

0,00

Advances from Customers

761.028

0,05

703.011

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

73.965

0,00

105.995

0,01

Provisions

0

0,00

131.175

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

8.551.078

0,57

6.196.712

0,32

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

7.959.700

0,53

5.873.000

0,30

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

591.378

0,04

323.712

0,02

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.835.664

0,32

5.989.976

0,31

Not Detailed Stockholders' Equity

4.835.664

0,32

0

0,00

Paid-in Capital

0

0,00

1.000.000

0,05

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

0

0,00

4.296.147

0,22

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-1.195.488

-0,06

Net Profit (loss)

0

0,00

1.889.317

0,10

TOTAL LIABILITIES AND EQUITY

14.892.289

1,00

19.308.072

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.

 

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: 7.848, Other Receivable Total: 7.848

 

TL 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 14.327.761 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL 13.267.760 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2012) TL

 

(2013) TL

 

Net Sales

94.063.946

1,00

95.004.663

1,00

Cost of Goods Sold

88.730.079

0,94

89.102.661

0,94

Gross Profit

5.333.867

0,06

5.902.002

0,06

Operating Expenses

4.911.320

0,05

3.978.455

0,04

Operating Profit

422.547

0,00

1.923.547

0,02

Other Income

4.981.042

0,05

14.609.979

0,15

Other Expenses

4.516.655

0,05

13.955.191

0,15

Financial Expenses

477.258

0,01

349.071

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

409.676

0,00

2.229.264

0,02

Tax Payable

83.363

0,00

339.947

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

326.313

0,00

1.889.317

0,02

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

9,19

2,60

Acid-Test Ratio

7,48

2,37

Cash Ratio

0,89

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,09

Short-term Receivable/Total Assets

0,67

0,85

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

54,22

Stockholders' Equity Turnover

19,45

15,86

Asset Turnover

6,32

4,92

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,32

0,31

Current Liabilities/Total Assets

0,10

0,37

Financial Leverage

0,68

0,69

Gearing Percentage

2,08

2,22

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

0,32

Operating Profit Margin

0,00

0,02

Net Profit Margin

0,00

0,02

Interest Cover

1,86

7,39

COLLECTION-PAYMENT

 

Average Collection Period (days)

37,49

62,11

Average Payable Period (days)

0,63

24,43

WORKING CAPITAL

12333394,00

11387987,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.63

UK Pound

1

Rs.101.73

Euro

1

Rs.73.26

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

TRU

 

               

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.