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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

487435

Report Date :

24.01.2018

 

IDENTIFICATION DETAILS

 

Name :

SOYTAS DIS TICARET LTD. STI.

 

 

Registered Office :

Hastane Mah. Hadimkoy-Istanbul Cad. No:12 Arnavutkoy 34555  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

23.02.2009

 

 

Com. Reg. No.:

692000

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of PVC Panels and Decorative Door Panels.

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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.

 

 

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

SOYTAS DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

Hastane Mah. Hadimkoy-Istanbul Cad. No:12 Arnavutkoy 34555  Istanbul / Turkey

PHONE NUMBER

90-212-858 22 22

 

FAX NUMBER

90-212-858 21 22

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Buyukcekmece

TAX NO

7770408743

REGISTRATION NUMBER

692000

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

23.02.2009

ESTABLISHMENT GAZETTE DATE/NO

27.02.2009/7259

 

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   100.000

PAID-IN CAPITAL

TL   100.000

HISTORY

Previous Address   :  

Cakmakli Mah. Halil Fahri Orman Cad. 23. Sok. No:7 Esenyurt Istanbul    / Changed on : 26.03.2010/(Commercial Gazette Date /Number 01.04.2010 /7534)

Previous Address   :  

Akcaburgaz Mah. 23. Sok. No:9 Esenyurt Istanbul    / Changed on : 06.02.2013/(Commercial Gazette Date /Number 12.02.2013 /8256)

 

 

OWNERSHIP/ MANAGEMENT

 

 

 

SHAREHOLDERS

Hasan Soygun

50 %

Sezai Karakus

50 %

 

DIRECTORS

 

Hilmi Soygun 

Hasan Soygun 

Sezai Karakus ( General Manager )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Trade of pvc panels and decorative door panels.

 

NACE CODE

G .51.90

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

15

 

NET SALES

19.312 TL Thousand

(2014) 

17.196 TL Thousand

(2015) 

19.510 TL Thousand

(2016) 

16.256 TL Thousand

(01.01-30.09.2017) 

 

CAPACITY

None

 

PRODUCTION

None

 

EXPORT VALUE

19.279 TL Thousand

(2014)

17.148 TL Thousand

(2015)

19.194 TL Thousand

(2016)

16.130 TL Thousand

(01.01-30.09.2017)

 

EXPORT COUNTRIES

Turkmenistan

India

Bulgaria

Iraq

Northern Cyprus Turkish Republic

Poland

Slovenia

Slovakia

Spain

Algeria

Croatia

Romania

Moldova

 

MERCHANDISE  EXPORTED

Pvc panels

 

HEAD OFFICE ADDRESS

Hastane Mah. Hadimkoy-Istanbul Cad. No:12 Arnavutkoy  Istanbul / Turkey

 

BRANCHES

Branch Office  :  Akcaburgaz Mah. 23. Sokak No:9/11 34522 Esenyurt Istanbul/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

Medium

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Hadimkoy Ticari Branch

Yapi ve Kredi Bankasi Hadimkoy Ticari Branch

 

CREDIT FACILITIES

 

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

19.312

17.196

19.510

16.256

Profit (Loss) Before Tax

778

507

728

846

Stockholders' Equity

1.636

1.924

2.506

 

Total Assets

6.061

4.989

5.166

 

Current Assets

6.061

4.989

5.166

 

Current Liabilities

4.425

3.065

2.660

 

Gross Profit (loss)

1.359

705

884

1.402

Operating Profit (loss)

590

52

74

569

Net Profit (loss)

602

287

582

846

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2016

Liquidity

Satisfactory As of 31.12.2016

Profitability

Fair Operating Profitability  in 2014

In Order Net Profitability  in 2014

Low Operating Profitability  in 2015

Low Net Profitability  in 2015

Low Operating Profitability  in 2016

Fair Net Profitability  in 2016

Fair Operating Profitability (01.01-30.09.2017)

Good Net Profitability (01.01-30.09.2017)

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

In Order

 

 

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

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 

 

BALANCE SHEETS

 

 

31.12.2014 

(Full Year)  TL Thousand

 

31.12.2015 

(Full Year)  TL Thousand

 

31.12.2016

(Full Year)  TL Thousand

 

CURRENT ASSETS

6.061

1,00

4.989

1,00

5.166

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

5

0,00

572

0,11

181

0,04

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

5.388

0,89

3.860

0,77

4.211

0,82

Other Receivable

1

0,00

0

0,00

4

0,00

Inventories

389

0,06

242

0,05

500

0,10

Advances Given

74

0,01

58

0,01

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

204

0,03

257

0,05

270

0,05

NON-CURRENT ASSETS

0

0,00

0

0,00

0

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

6.061

1,00

4.989

1,00

5.166

1,00

CURRENT LIABILITIES

4.425

0,73

3.065

0,61

2.660

0,51

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

3.557

0,59

3.034

0,61

2.571

0,50

Loans from Shareholders

9

0,00

6

0,00

12

0,00

Other Short-term Payable

5

0,00

5

0,00

6

0,00

Advances from Customers

752

0,12

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

102

0,02

20

0,00

9

0,00

Provisions

0

0,00

0

0,00

62

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.636

0,27

1.924

0,39

2.506

0,49

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

100

0,02

100

0,02

100

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

1.048

0,17

1.650

0,33

1.937

0,37

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-114

-0,02

-113

-0,02

-113

-0,02

Net Profit (loss)

602

0,10

287

0,06

582

0,11

TOTAL LIABILITIES AND EQUITY

6.061

1,00

4.989

1,00

5.166

1,00

 

 

INCOME STATEMENTS

 

 

(2014) 

(Full Year)  TL Thousand

 

(2015) 

(Full Year)  TL Thousand

 

(2016) 

(Full Year)  TL Thousand

 

(01.01-30.09.2017)  (Interim Period )  TL Thousand

 

Net Sales

19.312

1,00

17.196

1,00

19.510

1,00

16.256

1,00

Cost of Goods Sold

17.953

0,93

16.491

0,96

18.626

0,95

14.854

0,91

Gross Profit

1.359

0,07

705

0,04

884

0,05

1.402

0,09

Operating Expenses

769

0,04

653

0,04

810

0,04

833

0,05

Operating Profit

590

0,03

52

0,00

74

0,00

569

0,04

Other Income

656

0,03

1.481

0,09

1.049

0,05

556

0,03

Other Expenses

468

0,02

1.026

0,06

395

0,02

279

0,02

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

778

0,04

507

0,03

728

0,04

846

0,05

Tax Payable

176

0,01

220

0,01

146

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

602

0,03

287

0,02

582

0,03

846

0,05

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

26

Banks

155

Doubtful Trade Receivables

98

Provision for Doubtful Trade Receivables

-98

Other Miscellaneous Receivables (in Other Receivable)

4

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

 

 

FINANCIAL RATIOS

 

 

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

1,37

1,63

1,94

Acid-Test Ratio

1,22

1,45

1,65

Cash Ratio

0,00

0,19

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,06

0,05

0,10

Short-term Receivable/Total Assets

0,89

0,77

0,82

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

46,15

68,14

37,25

Stockholders' Equity Turnover

11,80

8,94

7,79

Asset Turnover

3,19

3,45

3,78

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,27

0,39

0,49

Current Liabilities/Total Assets

0,73

0,61

0,51

Financial Leverage

0,73

0,61

0,51

Gearing Percentage

2,70

1,59

1,06

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,37

0,15

0,23

Operating Profit Margin

0,03

0,00

0,00

Net Profit Margin

0,03

0,02

0,03

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

100,44

80,81

77,70

Average Payable Period (days)

71,33

66,23

49,69

WORKING CAPITAL

1636,00

1924,00

2506,00

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.77

UK Pound

1

INR 89.20

Euro

1

INR 78.22

TRY

1

INR 16.90

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

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.