MIRA INFORM REPORT

 

 

Report No. :

507951

Report Date :

11.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

RITEKS DIS TICARET LTD. STI.

 

 

Registered Office :

Merkez Mah. Siracevizler Cad. No:38 Sisli 34384 Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

10.01.1995

 

 

Com. Reg. No.:

324446

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of various kind of products mainly ready-wear.

 

 

No. of Employees :

4

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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.

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

RITEKS DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

Merkez Mah. Siracevizler Cad. No:38 Sisli 34384 Istanbul / Turkey

PHONE NUMBER

90-212-230 18 23

90-212-231 64 38

90-212-241 39 86

 

FAX NUMBER

90-212-241 53 14

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Sisli

TAX NO

2140033817

REGISTRATION NUMBER

324446

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

10.01.1995

ESTABLISHMENT GAZETTE DATE/NO

17.01.1995/3705

 

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   100.000

HISTORY

Previous Name   :  

Coskun Pazarlama Ve Tekstil Ithalat Ihracat Sanayi Ve Ticaret Ltd. Sti.    / Changed on : 09.04.1996/(Commercial Gazette Date /Number 15.04.1996 /4019)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders' names.    / Changed on : 03.02.2017/(Commercial Gazette Date /Number 09.02.2017 /9260)

PREVIOUS SHAREHOLDERS

Ferit Barut

66 %

Mustafa Nacar

34 %

 

 

OWNERSHIP/ MANAGEMENT

 

 

 

SHAREHOLDERS

Mustafa Nacar

50 %

Ferit Barut

30 %

Gokay Yalcin

20 %

 

SISTER COMPANIES

 

 

 

- AL BABARITEKS DIS TICARET LTD. STI. ( Origin: Turkey,  Tax Number: 0460695002,  Registration Number: 129342-5 )

- FIBA TEKSTIL URUNLERI SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 3870003697,  Registration Number: 115661 )

 

 

DIRECTORS

 

Ferit Barut 

Mustafa Nacar ( General Manager )

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Wholesale trade of various kind of products mainly ready-wear.

 

NACE CODE

G .51.90

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

4

 

 

CAPACITY

None

 

PRODUCTION

None

 

IMPORT COUNTRIES

Germany

 

MERCHANDISE IMPORTED

Ceramic sand

 

EXPORT COUNTRIES

Jordan

Israel

 

MERCHANDISE  EXPORTED

Various kind of products

 

HEAD OFFICE ADDRESS

Merkez Mah. Siracevizler Cad. No:38 Sisli  Istanbul / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Siracevizler Branch

T. Garanti Bankasi Siracevizler Branch

 

PAYMENT BEHAVIOUR

 

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Profit (Loss) Before Tax

177.645

111.943

390.344

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The firm is profitable.                                                                                     

 

The firm has a small amount of capital. The liability of the shareholders is limited to the capital.

 

 

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

 ( 01.01-30.04.2018)

8,03 %

3,8698

4,7268

5,3753

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.38

UK Pound

1

INR 91.39

Euro

1

INR 79.89

TRY

1

INR 15.82

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.