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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

490343

Report Date :

09.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SINASI OTOMOTIV SANAYI VE TICARET IHRACAT A.S.

 

 

Registered Office :

Mimar Sinan Mah. Uskudar Cad. No:1 Yedpa Ticaret Merkezi A Cad. No:42 Atasehir 34779 Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

15.07.1981

 

 

Com. Reg. No.:

181381

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of automotive spare parts.

 

 

No. of Employees :

9

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

SINASI OTOMOTIV SANAYI VE TICARET IHRACAT A.S.

HEAD OFFICE ADDRESS

Mimar Sinan Mah. Uskudar Cad. No:1 Yedpa Ticaret Merkezi A Cad. No:42 Atasehir 34779 Istanbul / Turkey

PHONE NUMBER

90-216-471 00 41

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Kozyatagi

TAX NO

8130055457

REGISTRATION NUMBER

181381

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

15.07.1981

ESTABLISHMENT GAZETTE DATE/NO

17.08.1981/315

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   400.000

HISTORY

Previous Address   :  

Yeni Camlica Mah. Yedpa Ticaret Merkezi A Cad. No:40 Atasehir Istanbul    / Changed on : 23.01.2014/(Commercial Gazette Date /Number 29.01.2014 /8496)

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ismail Cem Alican

50 %

Murteza Sinasi

30 %

Roya Sinasi Ozel

20 %

 

BOARD OF DIRECTORS

 

Murteza Sinasi ( Chairman )

Ismail Cem Alican ( Vice-Chairman )

Roya Sinasi Ozel ( Member )

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Wholesale trade of automotive spare parts.

 

NACE CODE

G .50.30

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

9

 

CAPACITY

None

 

PRODUCTION

None

 

IMPORT COUNTRIES

Taiwan

Italy

China

India

 

MERCHANDISE IMPORTED

Automotive spare parts

 

EXPORT COUNTRIES

Germany

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

Automotive spare parts

 

HEAD OFFICE ADDRESS

Mimar Sinan Mah. Uskudar Cad. No:1 Yedpa Ticaret Merkezi A Cad. No:42 Atasehir  Istanbul / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                               

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Yapi ve Kredi Bankasi Yedpa Branch

 

PAYMENT BEHAVIOUR

 

No complaints

 

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Profit (Loss) Before Tax

289.788

326.276

253.088

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The firm is profitable.                                                                                     

 

The firm has a modest amount of capital. The liability of the shareholders is limited to the capital.

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.16

UK Pound

1

INR 89.19

Euro

1

INR 78.75

TRY

1

INR 16.88

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.