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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

487240

Report Date :

23.01.2018

 

IDENTIFICATION DETAILS

 

Name :

ALGAN IC VE DIS TICARET LTD. STI

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83418 Nolu Cad. No:7 Sehitkamil  27500  Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

12.08.2007

 

 

Com. Reg. No.:

30279

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of carpet, textile products and furniture.

 

 

No. of Employees :

9

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 

 

 

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 name and address

 

 

 

NAME

ALGAN IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi 83418 Nolu Cad. No:7 Sehitkamil  27500  Gaziantep / Turkey

PHONE NUMBER

90-342-357 05 00

 

FAX NUMBER

90-342 357 05 03

 

WEB-ADDRESS

www.angelcarpet.com

E-MAIL

info@angelcarpet.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Sehitkamil

TAX NO

0520523406

REGISTRATION NUMBER

30279

REGISTERED OFFICE

Gaziantep Chamber of Commerce

COMMERCIAL REGISTRY

Gaziantep Commercial Registry

DATE ESTABLISHED

24.08.2007

ESTABLISHMENT GAZETTE DATE/NO

12.08.2007/6893

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   600.000

PAID-IN CAPITAL

TL   600.000

HISTORY

Previous Registered Capital   :  

TL 200.000    / Changed on : 23.11.2012/(Commercial Gazette Date /Number 04.12.2012 /8207)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders' names.    / Changed on : 03.03.2011/(Commercial Gazette Date /Number 09.03.2011 /7768)

PREVIOUS SHAREHOLDERS

Ekrem Algan

81 %

Mehmet Nuri Celik

19 %

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ekrem Algan

50 %

Halaf Algan

50 %

 

DIRECTORS

 

Halaf Algan 

Ekrem Algan 

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Wholesale trade of carpet, textile products and furniture.

 

NACE CODE

G .51.47

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

9

 

NET SALES

20.782.005 TL

(2010) 

25.092.570 TL

(2011) 

39.930 TL Thousand

(2012) 

47.385 TL Thousand

(2013) 

57.078 TL Thousand

(2014) 

56.280 TL Thousand

(2015) 

72.534 TL Thousand

(2016) 

62.461 TL Thousand

(01.01-30.09.2017) 

CAPACITY

None

 

PRODUCTION

None

 

EXPORT VALUE

20.670.752 TL

(2010)

25.092.570 TL

(2011)

39.854 TL Thousand

(2012)

46.075 TL Thousand

(2013)

56.767 TL Thousand

(2014)

56.260 TL Thousand

(2015)

72.514 TL Thousand

(2016)

62.449 TL Thousand

(01.01-30.09.2017)

 

EXPORT COUNTRIES

Bosnia and Herzegovina

Kyrgyzstan

Spain

Germany

Sweden

Egypt

Pakistan

Saudi Arabia

Russia

Libya

Tunisia

Morocco

Poland

Switzerland

Bulgaria

Japan

Belgium

Malaysia

 

MERCHANDISE  EXPORTED

Carpet

Furniture

Slipper

Textile products

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi 83418 Nolu Cad. No:7 Sehitkamil   Gaziantep / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

TREND OF BUSINESS

There was a decline at business volume in nominal terms in 2015. There was an upwards trend in 2016. Trend of business appears to be steady in the first 9 months of 2017.

SIZE OF BUSINESS

Large

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Sehitkamil Branch

ING Bank Gaziantep Ticari Branch

T. Is Bankasi Gaziantep Ticari Branch

T. Garanti Bankasi Gaziantep Ticari Branch

Yapi ve Kredi Bankasi Zeugma Branch

T. Halk Bankasi Gaziantep Ticari Branch

 

CREDIT FACILITIES

 

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

 

Slow 

KEY FINANCIAL ELEMENTS

 

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

56.280

72.534

62.461

Profit (Loss) Before Tax

454

539

468

Stockholders' Equity

1.810

2.240

 

Total Assets

33.699

41.466

 

Current Assets

32.827

40.376

 

Non-Current Assets

872

1.090

 

Current Liabilities

31.759

39.226

 

Long-Term Liabilities

130

 

 

Gross Profit (loss)

3.936

3.928

3.837

Operating Profit (loss)

1.987

810

545

Net Profit (loss)

363

430

468

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2016

Liquidity

Satisfactory As of 31.12.2016

Profitability

Fair Operating Profitability  in 2015

Low Net Profitability  in 2015

Low Operating Profitability  in 2016

Low Net Profitability  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

Favorable in 2016

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 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

 ( 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

 

 

 financials

 

BALANCE SHEETS

 

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

32.827

0,97

40.376

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

201

0,01

314

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

28.196

0,84

35.975

0,87

Other Receivable

1.334

0,04

572

0,01

Inventories

2.644

0,08

2.877

0,07

Advances Given

22

0,00

46

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

430

0,01

592

0,01

NON-CURRENT ASSETS

872

0,03

1.090

0,03

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)

872

0,03

1.056

0,03

Intangible Assets

0

0,00

34

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

33.699

1,00

41.466

1,00

CURRENT LIABILITIES

31.759

0,94

39.226

0,95

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

389

0,01

152

0,00

Accounts Payable

31.296

0,93

38.726

0,93

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

8

0,00

Advances from Customers

48

0,00

215

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

26

0,00

125

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

130

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

130

0,00

0

0,00

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

1.810

0,05

2.240

0,05

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

600

0,02

600

0,01

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

847

0,03

1.210

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

363

0,01

430

0,01

TOTAL LIABILITIES AND EQUITY

33.699

1,00

41.466

1,00

 

INCOME STATEMENTS

 

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-30.09.2017)  ( Interim Period )  TL Thousand

 

Net Sales

56.280

1,00

72.534

1,00

62.461

1,00

Cost of Goods Sold

52.344

0,93

68.606

0,95

58.624

0,94

Gross Profit

3.936

0,07

3.928

0,05

3.837

0,06

Operating Expenses

1.949

0,03

3.118

0,04

3.292

0,05

Operating Profit

1.987

0,04

810

0,01

545

0,01

Other Income

5.603

0,10

13.375

0,18

13.647

0,22

Other Expenses

7.094

0,13

13.624

0,19

13.722

0,22

Financial Expenses

42

0,00

22

0,00

2

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

454

0,01

539

0,01

468

0,01

Tax Payable

91

0,00

109

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

363

0,01

430

0,01

468

0,01

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

140

Banks

174

Doubtful Trade Receivables

0

Other Miscellaneous Receivables (in Other Receivable)

572

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

13.254

Loss from Foreign Currency Exchange

13.671

 

FINANCIAL RATIOS

 

 

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

1,03

1,03

Acid-Test Ratio

0,94

0,94

Cash Ratio

0,01

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,08

0,07

Short-term Receivable/Total Assets

0,88

0,88

Tangible Assets/Total Assets

0,03

0,03

TURNOVER RATIOS

 

Inventory Turnover

19,80

23,85

Stockholders' Equity Turnover

31,09

32,38

Asset Turnover

1,67

1,75

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,05

0,05

Current Liabilities/Total Assets

0,94

0,95

Financial Leverage

0,95

0,95

Gearing Percentage

17,62

17,51

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,20

0,19

Operating Profit Margin

0,04

0,01

Net Profit Margin

0,01

0,01

Interest Cover

11,81

25,50

COLLECTION-PAYMENT

 

Average Collection Period (days)

180,36

178,55

Average Payable Period (days)

215,24

203,21

WORKING CAPITAL

1068,00

1150,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.89

UK Pound

1

INR 88.59

Euro

1

INR 78.12

TRY

1

INR 16.88

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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.