MIRA INFORM REPORT

Report No. :	491402
Report Date :	15.02.2018

IDENTIFICATION DETAILS

Name :	COSKAR GIDA SANAYI PAZARLAMA VE DIS TICARET LTD. STI.
Country :	Turkey
Financials (as on) :	30.06.2016
Date of Incorporation :	23.11.1994
Com. Reg. No.:	204
Legal Form :	Limited Company
Line of Business :	Subject engaged in Wholesale trade of toys
No. of Employees :	3

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	39.000 USD
Status :	Satisfactory
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.

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

Note

REMARKS

The phone number stated at your inquiry "90-486-616 16 32" is out of order.

COMPANY IDENTIFICATION

NAME	COSKAR GIDA SANAYI PAZARLAMA VE DIS TICARET LTD. STI.
HEAD OFFICE ADDRESS	Ali Bey Mah. Meydanbasi Sok. No:23 Cizre 73200 Sirnak / Turkey
PHONE NUMBER	90-342-325 27 73 (Branch Office) 90-533-429 75 54

LEGAL STATUS AND HISTORY

TAX OFFICE

Cizre

TAX NO

2120042720

REGISTRATION NUMBER

204

REGISTERED OFFICE

Cizre Chamber of Commerce and Industry

COMMERCIAL REGISTRY

Cizre Commercial Registry

DATE ESTABLISHED

23.11.1994

ESTABLISHMENT GAZETTE DATE/NO

29.11.1994/3670

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 250.000

PAID-IN CAPITAL

TL 250.000

HISTORY

Previous Registered Capital :	TL 50.000 / Changed on : 21.06.2011/(Commercial Gazette Date /Number 01.07.2011 /7849)
Previous Shareholder :	Please vide Previous Shareholders section for the former shareholders' names. / Changed on : 09.06.2014/(Commercial Gazette Date /Number 18.06.2014 /8593)

PREVIOUS SHAREHOLDERS

Kemal Coskun	52,50 %
Metin Coskun	47,50 %

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Metin Coskun

100 %

DIRECTORS

Metin Coskun ( General Manager )

OPERATIONS

BUSINESS ACTIVITIES

Wholesale trade of toys.

NACE CODE

G .51.47

SECTOR

Commerce

NUMBER OF EMPLOYEES

3

NET SALES

1.942.958 TL	(2012)
2.518.881 TL	(2013)
2.816.909 TL	(2014)
4.831 TL Thousand	(2015)
1.548 TL Thousand	(01.01-30.06.2016)

CAPACITY

None

PRODUCTION

None

EXPORT VALUE

1.942.958 TL	(2012)
2.518.881 TL	(2013)
2.816.909 TL	(2014)
4.831 TL Thousand	(2015)
1.548 TL Thousand	(01.01-30.06.2016)

EXPORT COUNTRIES

Iraq

MERCHANDISE EXPORTED

Toys

HEAD OFFICE ADDRESS

Ali Bey Mah. Meydanbasi Sok. No:23 Cizre Sirnak / Turkey

BRANCHES

Branch Office : Batman/Turkey

Branch Office : Gaziantep/Turkey

NOTES ON INVESTMENTS

None

TREND OF BUSINESS

There was an upwards trend in 2014 and 2015. There appears a decline at business volume in nominal terms in the first 6 months of 2016. However, there appears an upwards trend in the first 6 months of 2016 when compared to 2013.

SIZE OF BUSINESS

Lower-Moderate

FINANCE

MAIN DEALING BANKS

T. Is Bankasi Cizre Branch

T. Vakiflar Bankasi Cizre Branch

CREDIT FACILITIES

The subject company is making active use of credit facilities.

PAYMENT BEHAVIOUR

No Complaints

KEY FINANCIAL ELEMENTS

	(2015) TL Thousand	(01.01-30.06.2016) TL Thousand
Net Sales	4.831	1.548
Profit (Loss) Before Tax	43	17
Stockholders' Equity	405	422
Total Assets	1.815	1.127
Current Assets	1.813	1.125
Non-Current Assets	2	2
Long-Term Liabilities	1.410	705
Gross Profit (loss)	80	46
Operating Profit (loss)	43	17
Net Profit (loss)	43	17

REMARKS ON KEY FINANCIAL ELEMENTS

The profit before tax figure of 2016 is TL 50.359.

COMMENT ON FINANCIAL POSITION

Capitalization	Satisfactory As of 30.06.2016
Liquidity	Good As of 30.06.2016
Profitability	Low Operating Profitability in 2015 Low Net Profitability in 2015 Low Operating Profitability (01.01-30.06.2016) Low Net Profitability (01.01-30.06.2016)
General Financial Position	In Order
Remarks on General Financial Position	Recent financial figures are not available; the firm declines to provide fresh financial data.

CREDIT LIMIT

CREDIT LIMIT

:

39.000 USD

	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
( 2015 )	5,71 %	2,7230	3,0254	4,1661
( 01.01-30.06.2016)	3,19 %	2,9056	3,2257	4,1605
( 2016 )	9,94 %	3,0292	3,3349	4,1006
( 01.01-31.01.2018)	0,99 %	3,7698	4,6025	5,2223

Financials

BALANCE SHEETS

	31.12.2015 ( Full Year ) TL Thousand		30.06.2016 ( Interim Period ) TL Thousand
CURRENT ASSETS	1.813	1,00	1.125	1,00
Not Detailed Current Assets	0	0,00	0	0,00
Cash and Banks	28	0,02	11	0,01
Marketable Securities	0	0,00	0	0,00
Account Receivable	1.615	0,89	780	0,69
Other Receivable	0	0,00	0	0,00
Inventories	0	0,00	163	0,14
Advances Given	0	0,00	0	0,00
Accumulated Construction Expense	0	0,00	0	0,00
Other Current Assets	170	0,09	171	0,15
NON-CURRENT ASSETS	2	0,00	2	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)	2	0,00	2	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	1.815	1,00	1.127	1,00
CURRENT LIABILITIES	0	0,00	0	0,00
Not Detailed Current Liabilities	0	0,00	0	0,00
Financial Loans	0	0,00	0	0,00
Accounts Payable	0	0,00	0	0,00
Loans from Shareholders	0	0,00	0	0,00
Other Short-term Payable	0	0,00	0	0,00
Advances from Customers	0	0,00	0	0,00
Accumulated Construction Income	0	0,00	0	0,00
Taxes Payable	0	0,00	0	0,00
Provisions	0	0,00	0	0,00
Other Current Liabilities	0	0,00	0	0,00
LONG-TERM LIABILITIES	1.410	0,78	705	0,63
Not Detailed Long-term Liabilities	0	0,00	0	0,00
Financial Loans	1.410	0,78	705	0,63
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	405	0,22	422	0,37
Not Detailed Stockholders' Equity	0	0,00	0	0,00
Paid-in Capital	250	0,14	250	0,22
Cross Shareholding Adjustment of Capital	0	0,00	0	0,00
Inflation Adjustment of Capital	7	0,00	7	0,01
Equity of Consolidated Firms	0	0,00	0	0,00
Reserves	105	0,06	148	0,13
Revaluation Fund	0	0,00	0	0,00
Accumulated Losses(-)	0	0,00	0	0,00
Net Profit (loss)	43	0,02	17	0,02
TOTAL LIABILITIES AND EQUITY	1.815	1,00	1.127	1,00

INCOME STATEMENTS

	(2015) ( Full Year ) TL Thousand		(01.01-30.06.2016) ( Interim Period ) TL Thousand
Net Sales	4.831	1,00	1.548	1,00
Cost of Goods Sold	4.751	0,98	1.502	0,97
Gross Profit	80	0,02	46	0,03
Operating Expenses	37	0,01	29	0,02
Operating Profit	43	0,01	17	0,01
Other Income	0	0,00	0	0,00
Other Expenses	0	0,00	0	0,00
Financial Expenses	0	0,00	0	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	43	0,01	17	0,01
Tax Payable	0	0,00	0	0,00
Postponed Tax Gain	0	0,00	0	0,00
Net Profit (loss)	43	0,01	17	0,01

LAST FINANCIAL STATEMENT DETAILS

	TL Thousand
Cash	11
Banks	0
Doubtful Trade Receivables	0

FINANCIAL RATIOS

	(2015)	(01.01-30.06.2016)
LIQUIDITY RATIOS
Current Ratio
Acid-Test Ratio
Cash Ratio
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,00	0,14
Short-term Receivable/Total Assets	0,89	0,69
Tangible Assets/Total Assets	0,00	0,00
TURNOVER RATIOS
Inventory Turnover		9,21
Stockholders' Equity Turnover	11,93	3,67
Asset Turnover	2,66	1,37
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,22	0,37
Current Liabilities/Total Assets	0,00	0,00
Financial Leverage	0,78	0,63
Gearing Percentage	3,48	1,67
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,11	0,04
Operating Profit Margin	0,01	0,01
Net Profit Margin	0,01	0,01
Interest Cover
COLLECTION-PAYMENT
Average Collection Period (days)	120,35	181,40
Average Payable Period (days)	0,00	0,00
WORKING CAPITAL	1813,00	1125,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.13
UK Pound	1	INR 89.17
Euro	1	INR 79.39
TRY	1	INR 16.97

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

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.