3decades

MIRA INFORM REPORT

Report No. :	491033
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	ATLANTIS GLOBAL LINE LOJISTIK HIZMETLERI SANAYI VE TICARET LTD. STI.

Registered Office :	Yesilkoy Mah. Ataturk Cad. Egs Bloklari B1-B2 Blok No:12/78 Bakirkoy 34149 Istanbul

Country :	Turkey

Financials (as on) :	31.12.2016

Date of Incorporation :	23.11.2012

Com. Reg. No.:	843178

Legal Form :	Limited Company

Line of Business :	The firm operates as a broker at transportation sector.

No. of Employees :	5

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Turkey

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

NOTES

Full name of the firm was missing at your inquiry.

COMPANY IDENTIFICATION

NAME

ATLANTIS GLOBAL LINE LOJISTIK HIZMETLERI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

Yesilkoy Mah. Ataturk Cad. Egs Bloklari B1-B2 Blok No:12/78 Bakirkoy 34149 Istanbul / Turkey

PHONE NUMBER

90-212-517 57 70

LEGAL STATUS AND HISTORY

TAX OFFICE	Bakirkoy
TAX NO	1020423308
REGISTRATION NUMBER	843178
REGISTERED OFFICE	Istanbul Chamber of Commerce
COMMERCIAL REGISTRY	Istanbul Commercial Registry

DATE ESTABLISHED

23.11.2012

ESTABLISHMENT GAZETTE DATE/NO

29.11.2012/8204

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 200.000

PAID-IN CAPITAL

TL 200.000

HISTORY

Previous Address :	Mesihpasa Mah. Ordu Cad. Laleli Is Merkezi No:89 K:4/301 Fatih Istanbul / Changed on : 14.05.2015/(Commercial Gazette Date /Number 21.05.2015 /8824)
Previous Address :	Yesilkoy Mah. Ataturk Cad. Egs Business Park B2 Blok No:12/18 Bakirkoy Istanbul / Changed on : 10.05.2016/(Commercial Gazette Date /Number 16.05.2016 /9076)
Previous Address :	Kustepe Mah. Mecidiyekoy Yolu Cad. Trump Towers Res. No:12/327 Sisli Istanbul / Changed on : 05.12.2016/(Commercial Gazette Date /Number 09.12.2016 /9216)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Sayedeh Zohreh Saeidi	20 %
Ghasem Beheshtifar	20 %
Mohammad Jebreeil Zadeh	20 %
Fatameh Beheshtimoez	20 %
Seyed Mohammad Ali Saeidi	20 %

DIRECTORS

Seyed Mohammad Ali Saeidi

Ghasem Beheshtifar

OPERATIONS

BUSINESS ACTIVITIES

The firm operates as a broker at transportation sector.

NACE CODE

I .63.40

NUMBER OF EMPLOYEES

NET SALES

6.694.778 TL	(2015)
10.905.170 TL	(2016)
48.608.149 TL	(01.01-30.09.2017)

REMARKS ON PRODUCTION

None

EXPORT VALUE

6.694.778 TL	(2015)
10.900.901 TL	(2016)
48.565.776 TL	(01.01-30.09.2017)

NOTES ON EXPORT

The export value is due to foreign service income.

HEAD OFFICE ADDRESS

Yesilkoy Mah. Ataturk Cad. Egs Bloklari B1-B2 Blok No:12/78 Bakirkoy Istanbul / Turkey

TREND OF BUSINESS	There was an upwards trend in 2016. There appears an upwards trend in the first 9 months of 2017.
SIZE OF BUSINESS	Modest

FINANCE

MAIN DEALING BANKS

T. Is Bankasi Aksaray Branch

T. Is Bankasi Cennet Mahallesi Branch

CREDIT FACILITIES

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

	(2015) TL	(2016) TL	(01.01-30.09.2017) TL
Net Sales	6.694.778	10.905.170	48.608.149
Profit (Loss) Before Tax	-31.844	3.101	34.658
Stockholders' Equity	168.500	163.151
Total Assets	635.721	426.273
Current Assets	626.390	417.870
Non-Current Assets	9.331	8.403
Current Liabilities	467.221	247.610
Long-Term Liabilities		15.512
Gross Profit (loss)	665.932	-381.424	382.462
Operating Profit (loss)	-114.815	-527.163	34.118
Net Profit (loss)	-35.922	-5.349	34.658

COMMENT ON FINANCIAL POSITION

Capitalization	Satisfactory As of 31.12.2016
Liquidity	High As of 31.12.2016
Profitability	Operating Loss in 2015 Net Loss in 2015 Gross Loss in 2016 Operating Loss in 2016 Net Loss in 2016 Low Operating Profitability (01.01-30.09.2017) Low Net Profitability (01.01-30.09.2017)
Gap between average collection and payable periods	In order in 2016
General Financial Position	Fair

CREDIT OPINION WITHOUT OBLIGATION

	Incr. in producers’ price index	Average USD/TL	Average EUR/TL	Average GBP/ TL
( 2015 )	5,71 %	2,7230	3,0254	4,1661
( 2016 )	9,94 %	3,0292	3,3349	4,1006
( 01.01-30.09.2017)	9,78 %	3,5731	3,9855	4,5746
( 2017 )	15,47 %	3,6337	4,1120	4,7059
( 01.01-31.01.2018)	0,99 %	3,7698	4,6025	5,2223

BALANCE SHEETS

	31.12.2015 ( Full Year ) TL		31.12.2016 ( Full Year ) TL
CURRENT ASSETS	626.390	0,99	417.870	0,98
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	198.903	0,31	29.425	0,07
Marketable Securities	0	0,00	0	0,00
Account Receivable	0	0,00	172.431	0,40
Other Receivable	34.991	0,06	66.028	0,15
Inventories	345.258	0,54	0	0,00
Advances Given	0	0,00	0	0,00
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	47.238	0,07	149.986	0,35
NON-CURRENT ASSETS	9.331	0,01	8.403	0,02
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)	7.639	0,01	6.711	0,02
Intangible Assets	1.692	0,00	1.692	0,00
Deferred Tax Assets	0	0,00	0	0,00
Other Non-Current Assets	0	0,00	0	0,00
TOTAL ASSETS	635.721	1,00	426.273	1,00
CURRENT LIABILITIES	467.221	0,73	247.610	0,58
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00
Accounts Payable	59.247	0,09	130.277	0,31
Loans from Shareholders	151.812	0,24	0	0,00
Other Short-term Payable	176.199	0,28	4.561	0,01
Advances from Customers	0	0,00	0	0,00
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	78.686	0,12	109.111	0,26
Provisions	1.277	0,00	3.661	0,01
Other Current Liabilities	0	0,00	0	0,00
LONG-TERM LIABILITIES	0	0,00	15.512	0,04
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	15.512	0,04
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	168.500	0,27	163.151	0,38
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	200.000	0,31	200.000	0,47
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	4.637	0,01	4.637	0,01
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	-215	0,00	-36.137	-0,08
Net Profit (loss)	-35.922	-0,06	-5.349	-0,01
TOTAL LIABILITIES AND EQUITY	635.721	1,00	426.273	1,00

INCOME STATEMENTS

	(2015) ( Full Year ) TL		(2016) ( Full Year ) TL		(01.01-30.09.2017) ( Interim Period ) TL
Net Sales	6.694.778	1,00	10.905.170	1,00	48.608.149	1,00
Cost of Goods Sold	6.028.846	0,90	11.286.594	1,03	48.225.687	0,99
Gross Profit	665.932	0,10	-381.424	-0,03	382.462	0,01
Operating Expenses	780.747	0,12	145.739	0,01	348.344	0,01
Operating Profit	-114.815	-0,02	-527.163	-0,05	34.118	0,00
Other Income	423.332	0,06	882.356	0,08	395.474	0,01
Other Expenses	340.361	0,05	352.092	0,03	394.934	0,01
Financial Expenses	0	0,00	0	0,00	0	0,00
Minority Interests	0	0,00	0	0,00	0	0,00
Profit (loss) of consolidated firms	0	0,00	0	0,00	0	0,00
Profit (loss) Before Tax	-31.844	0,00	3.101	0,00	34.658	0,00
Tax Payable	4.078	0,00	8.450	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00	0	0,00
Net Profit (loss)	-35.922	-0,01	-5.349	0,00	34.658	0,00

LAST FINANCIAL STATEMENT DETAILS

	TL
Cash	4.856
Banks	24.569
Doubtful Trade Receivables	0
Other Miscellaneous Receivables (in Other Receivable)	66.028
Overdue, Delayed or Deferred Tax by Installments and Other Liabilities	101.282

FINANCIAL RATIOS

	(2015)	(2016)
LIQUIDITY RATIOS
Current Ratio	1,34	1,69
Acid-Test Ratio	0,50	1,08
Cash Ratio	0,43	0,12
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,54	0,00
Short-term Receivable/Total Assets	0,06	0,56
Tangible Assets/Total Assets	0,01	0,02
TURNOVER RATIOS
Inventory Turnover	17,46
Stockholders' Equity Turnover	39,73	66,84
Asset Turnover	10,53	25,58
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,27	0,38
Current Liabilities/Total Assets	0,73	0,58
Financial Leverage	0,73	0,62
Gearing Percentage	2,77	1,61
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	-0,21	-0,03
Operating Profit Margin	-0,02	-0,05
Net Profit Margin	-0,01	0,00
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	0,00	5,69
Average Payable Period (days)	3,54	4,65
WORKING CAPITAL	159169,00	170260,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
TL	1	INR 16.87

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TPT

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.