|
|
|
MIRA INFORM REPORT
|
Report No. : |
495415 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SEVAN DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Karacailyas Mah. Bahceler Cad. No:1/2 Akdeniz 33260 Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
09.10.1991 |
|
|
|
|
Com. Reg. No.: |
11491 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Processing, Packaging and Trade of Pulse, Spice, Snack and Dried
Fruit. |
|
|
|
|
No. of Employees : |
35 |
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 |
|
Maximum Credit Limit : |
810.000 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.
The growth of Turkish GDP since 2016 has revealed the 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 |
SEVAN DIS TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
Karacailyas Mah. Bahceler Cad. No:1/2 Akdeniz 33260 Mersin / Turkey |
|
PHONE NUMBER |
90-324-221 38 40 |
|
FAX NUMBER |
90-324-221 86 97 |
|
WEB-ADDRESS |
www.sevan.com.tr |
|
E-MAIL |
info@sevan.com.tr |
LEGAL
STATUS AND HISTORY
|
|
|
|
TAX OFFICE |
Uray |
||||||||||
|
TAX NO |
7640028495 |
||||||||||
|
REGISTRATION NUMBER |
11491 |
||||||||||
|
REGISTERED OFFICE |
Mersin Chamber of Commerce and Industry |
||||||||||
|
COMMERCIAL REGISTRY |
Mersin Commercial Registry |
||||||||||
|
DATE ESTABLISHED |
09.10.1991 |
||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
18.10.1991/2884 |
||||||||||
|
LEGAL FORM |
Limited Company |
||||||||||
|
TYPE OF COMPANY |
Private |
||||||||||
|
REGISTERED CAPITAL |
TL 6.825.000 |
||||||||||
|
PAID-IN CAPITAL |
TL 6.825.000 |
||||||||||
|
HISTORY |
|
||||||||||
|
PREVIOUS SHAREHOLDERS |
|
OWNERSHIP
/ MANAGEMENT
|
|
|
|
SHAREHOLDERS |
|
||||||
|
DIRECTORS |
|
|
Risal Irmak ( General Manager ) |
OPERATIONS
|
|
BUSINESS ACTIVITIES |
Processing, packaging and trade of pulse, spice, snack and dried
fruit. |
||||||||||||||||||||||||||
|
NACE CODE |
G .51.21 |
||||||||||||||||||||||||||
|
SECTOR |
Commerce |
||||||||||||||||||||||||||
|
TRADEMARKS OWNED |
Sevan |
||||||||||||||||||||||||||
|
NUMBER OF EMPLOYEES |
35 |
||||||||||||||||||||||||||
|
NET SALES |
|
||||||||||||||||||||||||||
|
IMPORT COUNTRIES |
Canada China India Ethiopia Austria |
||||||||||||||||||||||||||
|
MERCHANDISE IMPORTED |
Haricot bean Lentil Rice Sesame |
|
EXPORT VALUE |
|
||||||||||||||||||||||||||
|
EXPORT COUNTRIES |
Sweden France Denmark Canada Iraq Germany Greece Norway U.K. Iran Bulgaria U.A.E. U.S.A. Russia |
||||||||||||||||||||||||||
|
MERCHANDISE EXPORTED |
Boiled and pounded wheat Chickpea Lentil |
||||||||||||||||||||||||||
|
HEAD OFFICE ADDRESS |
Karacailyas Mah. Bahceler Cad. No:1/2 Akdeniz Mersin / Turkey |
||||||||||||||||||||||||||
|
BRANCHES |
Warehouse : Karacailyas Mah. Bahceler Cad. No:3-6
Akdeniz Mersin/Turkey Head Office/Workshop : Karacailyas Mah. Bahceler Cad. No:1/2
Akdeniz Mersin/Turkey |
|
TREND OF BUSINESS |
There was an upwards trend in 2016 and 2017. |
|
SIZE OF BUSINESS |
Large |
FINANCE
|
|
|
|
MAIN DEALING BANKS |
Turk Ekonomi Bankasi Merkez Branch T. Is Bankasi Liman Branch T. Garanti Bankasi Merkez Branch Akbank Liman Branch Yapi ve Kredi Bankasi Liman Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
The subject company is making active use of credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
|
COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Fair As of 31.12.2016 |
|
Liquidity |
Insufficient As of 31.12.2016 |
|
Remarks On Liquidity |
The unfavorable gap between average collection and average payable period
has an adverse effect on liquidity.
The liquid assets consist mainly of receivables the amount of cash and
banks or marketable securities (which are more liquid) are low.
|
|
Profitability |
Fair Operating Profitability in
2013 Low Net Profitability in 2013 Low Operating Profitability in
2014 Low Net Profitability in 2014 Fair Operating Profitability in
2015 Low Net Profitability in 2015 Fair Operating Profitability in
2016 Low Net Profitability in 2016 Fair Operating Profitability in
2017 Low Net Profitability in 2017 |
|
Gap between average collection and payable periods |
Unfavorable in 2016 |
|
General Financial Position |
Passable |
CREDIT
OPINION WITHOUT OBLIGATION
|
|
CREDIT LIMIT |
: |
810.000 USD |
|
|
Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2005 ) |
2,66 % |
1,3499 |
1,6882 |
2,4623 |
|
( 2006 ) |
11,58 % |
1,4309 |
1,7987 |
2,6377 |
|
( 2007 ) |
5,94 % |
1,3075 |
1,7901 |
2,6133 |
|
( 2008 ) |
8,11 % |
1,2858 |
1,8876 |
2,3708 |
|
( 2009 ) |
5,93 % |
1,5460 |
2,1529 |
2,4094 |
|
( 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 |
|
( 2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
|
( 01.01-31.01.2018) |
0,99 % |
3,7698 |
4,6025 |
5,2223 |
BALANCE
SHEETS
|
|
|
31.12.2013 ( Full Year
) TL Thousand |
|
31.12.2014 ( Full Year
) TL Thousand |
|
31.12.2015 ( Full Year
) TL Thousand |
|
31.12.2016 ( Full Year
) TL Thousand |
|
|
CURRENT ASSETS |
19.247 |
0,93 |
19.572 |
0,93 |
22.482 |
0,94 |
28.661 |
0,94 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
279 |
0,01 |
453 |
0,02 |
609 |
0,03 |
404 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
9.086 |
0,44 |
4.405 |
0,21 |
8.583 |
0,36 |
10.559 |
0,35 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
8.377 |
0,40 |
13.073 |
0,62 |
10.568 |
0,44 |
15.556 |
0,51 |
|
Advances Given |
130 |
0,01 |
8 |
0,00 |
889 |
0,04 |
17 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
1.375 |
0,07 |
1.633 |
0,08 |
1.833 |
0,08 |
2.125 |
0,07 |
|
NON-CURRENT ASSETS |
1.518 |
0,07 |
1.482 |
0,07 |
1.428 |
0,06 |
1.818 |
0,06 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
1.402 |
0,07 |
1.348 |
0,06 |
1.302 |
0,05 |
1.548 |
0,05 |
|
Intangible Assets |
116 |
0,01 |
134 |
0,01 |
126 |
0,01 |
110 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
160 |
0,01 |
|
TOTAL ASSETS |
20.765 |
1,00 |
21.054 |
1,00 |
23.910 |
1,00 |
30.479 |
1,00 |
|
CURRENT LIABILITIES |
11.098 |
0,53 |
11.178 |
0,53 |
13.931 |
0,58 |
19.765 |
0,65 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
8.135 |
0,39 |
6.386 |
0,30 |
7.866 |
0,33 |
13.266 |
0,44 |
|
Accounts Payable |
2.667 |
0,13 |
4.688 |
0,22 |
5.678 |
0,24 |
5.148 |
0,17 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
51 |
0,00 |
60 |
0,00 |
62 |
0,00 |
|
Advances from Customers |
144 |
0,01 |
15 |
0,00 |
369 |
0,02 |
1.203 |
0,04 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
36 |
0,00 |
49 |
0,00 |
39 |
0,00 |
64 |
0,00 |
|
Provisions |
109 |
0,01 |
-12 |
0,00 |
-82 |
0,00 |
22 |
0,00 |
|
Other Current Liabilities |
7 |
0,00 |
1 |
0,00 |
1 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
206 |
0,01 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
88 |
0,00 |
|
Securities Issued |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
114 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
4 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
9.667 |
0,47 |
9.876 |
0,47 |
9.979 |
0,42 |
10.508 |
0,34 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
6.825 |
0,33 |
6.825 |
0,32 |
6.825 |
0,29 |
6.825 |
0,22 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
2.200 |
0,11 |
2.842 |
0,13 |
3.051 |
0,13 |
3.154 |
0,10 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
642 |
0,03 |
209 |
0,01 |
103 |
0,00 |
529 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
20.765 |
1,00 |
21.054 |
1,00 |
23.910 |
1,00 |
30.479 |
1,00 |
INCOME
STATEMENTS
|
|
|
(2013) ( Full Year
) TL Thousand |
|
(2014) ( Full Year
) TL Thousand |
|
(2015) ( Full Year
) TL Thousand |
|
(2016) ( Full Year
) TL Thousand |
|
(2017) ( Full Year
) TL Thousand |
|
|
Net Sales |
43.280 |
1,00 |
47.539 |
1,00 |
47.953 |
1,00 |
67.678 |
1,00 |
90.569 |
1,00 |
|
Cost of Goods Sold |
40.848 |
0,94 |
45.648 |
0,96 |
45.347 |
0,95 |
63.938 |
0,94 |
86.072 |
0,95 |
|
Gross Profit |
2.432 |
0,06 |
1.891 |
0,04 |
2.606 |
0,05 |
3.740 |
0,06 |
4.497 |
0,05 |
|
Operating Expenses |
1.036 |
0,02 |
987 |
0,02 |
1.319 |
0,03 |
1.651 |
0,02 |
1.939 |
0,02 |
|
Operating Profit |
1.396 |
0,03 |
904 |
0,02 |
1.287 |
0,03 |
2.089 |
0,03 |
2.558 |
0,03 |
|
Other Income |
1.396 |
0,03 |
1.273 |
0,03 |
2.280 |
0,05 |
2.537 |
0,04 |
2.724 |
0,03 |
|
Other Expenses |
1.646 |
0,04 |
1.702 |
0,04 |
3.238 |
0,07 |
3.678 |
0,05 |
3.475 |
0,04 |
|
Financial Expenses |
297 |
0,01 |
173 |
0,00 |
190 |
0,00 |
277 |
0,00 |
727 |
0,01 |
|
Minority Interests |
0 |
0,00 |
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 |
0 |
0,00 |
|
Profit (loss) Before Tax |
849 |
0,02 |
302 |
0,01 |
139 |
0,00 |
671 |
0,01 |
1.080 |
0,01 |
|
Tax Payable |
207 |
0,00 |
93 |
0,00 |
36 |
0,00 |
142 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
642 |
0,01 |
209 |
0,00 |
103 |
0,00 |
529 |
0,01 |
1.080 |
0,01 |
LAST
FINANCIAL STATEMENT DETAILS
|
|
|
TL Thousand |
|
Cash |
3 |
|
Banks |
401 |
|
Doubtful Trade Receivables |
0 |
|
Overdue, Delayed or Deferred Tax by Installments and Other Liabilities |
0 |
FINANCIAL RATIOS
|
|
|
(2013) |
(2014) |
(2015) |
(2016) |
|
LIQUIDITY RATIOS |
|
|||
|
Current Ratio |
1,73 |
1,75 |
1,61 |
1,45 |
|
Acid-Test Ratio |
0,84 |
0,43 |
0,66 |
0,55 |
|
Cash Ratio |
0,03 |
0,04 |
0,04 |
0,02 |
|
ASSET STRUCTURE RATIOS |
|
|||
|
Inventory/Total Assets |
0,40 |
0,62 |
0,44 |
0,51 |
|
Short-term Receivable/Total Assets |
0,44 |
0,21 |
0,36 |
0,35 |
|
Tangible Assets/Total Assets |
0,07 |
0,06 |
0,05 |
0,05 |
|
TURNOVER RATIOS |
|
|||
|
Inventory Turnover |
4,88 |
3,49 |
4,29 |
4,11 |
|
Stockholders' Equity Turnover |
4,48 |
4,81 |
4,81 |
6,44 |
|
Asset Turnover |
2,08 |
2,26 |
2,01 |
2,22 |
|
FINANCIAL STRUCTURE |
|
|||
|
Stockholders' Equity/Total Assets |
0,47 |
0,47 |
0,42 |
0,34 |
|
Current Liabilities/Total Assets |
0,53 |
0,53 |
0,58 |
0,65 |
|
Financial Leverage |
0,53 |
0,53 |
0,58 |
0,66 |
|
Gearing Percentage |
1,15 |
1,13 |
1,40 |
1,90 |
|
PROFITABILITY RATIOS |
|
|||
|
Net Profit/Stockholders' Eq. |
0,07 |
0,02 |
0,01 |
0,05 |
|
Operating Profit Margin |
0,03 |
0,02 |
0,03 |
0,03 |
|
Net Profit Margin |
0,01 |
0,00 |
0,00 |
0,01 |
|
Interest Cover |
3,86 |
2,75 |
1,73 |
3,42 |
|
COLLECTION-PAYMENT |
|
|||
|
Average Collection Period (days) |
75,58 |
33,36 |
64,44 |
56,17 |
|
Average Payable Period (days) |
23,50 |
36,97 |
45,08 |
29,63 |
|
WORKING CAPITAL |
8149,00 |
8394,00 |
8551,00 |
8896,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
|
TL |
1 |
INR 17.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.