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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510882

Report Date :

29.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SELEKS IC VE DIS TICARET A.S.

 

 

Registered Office :

Buyuk Kayacik Mah. 407. Sok No:8/A Selcuklu  42250 Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

26.10.1994

 

 

Com. Reg. No.:

18661

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of machines which produced by its sister company named IMAS Makina Sanayi A.S. 

 

 

No. of Employees :

1

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

 

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring 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               

(30.09.2017)

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

 

 

 

NOTES

Address at your inquiry is the former address.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

SELEKS IC VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

Buyuk Kayacik Mah. 407. Sok No:8/A Selcuklu  42250 Konya / Turkey

PHONE NUMBER

90-332-239 01 41

 

 

 

LEGAL STATUS AND HISTORY

 

 

 

TAX OFFICE

Selcuk

TAX NO

7600007495

REGISTRATION NUMBER

18661

REGISTERED OFFICE

Konya Chamber of Commerce

COMMERCIAL REGISTRY

Konya Commercial Registry

DATE ESTABLISHED

26.10.1994

ESTABLISHMENT GAZETTE DATE/NO

14.11.1994/3659

 

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   2.414.110

PAID-IN CAPITAL

TL   2.414.110

HISTORY

Previous Registered Capital   :  

TL 200.000    / Changed on : 29.06.2012/(Commercial Gazette Date /Number 06.07.2012 /8106)

Previous Address   :  

B. Kayacik Mah. 2. Organize Sanayi Bolgesi (K.O.S. Bolgesi) Lalehan Cad. No:61/A B4 Selcuklu    / Changed on : 02.01.2017/(Commercial Gazette Date /Number 13.01.2017 /9241)

Merger   :  

The subject took over and merged with "Invito Kuyumculuk Ticaret A.S."    / Changed on : 29.06.2012/(Commercial Gazette Date /Number 06.07.2012 /8106)

Merger   :  

The subject took over and merged with "Afta Isletmecilik Danismanlik Insaat Iletisim Sanayi ve Ticaret A.S. "    / Changed on : 29.06.2012/(Commercial Gazette Date /Number 06.07.2012 /8106)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ittifak Holding A.S.

63,10 %

Selva Gida Sanayi A.S.

27,83 %

Big Planlama Yonetim Ve Musavirlik A.S.

9,07 %

 

 

 

- Name Of Shareholder:

 

Ittifak Holding A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

4830004793

Registration Number Of Shareholder:

19645

 

- Name Of Shareholder:

 

Selva Gida Sanayi A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

7600029218

Registration Number Of Shareholder:

19231

 

- Name Of Shareholder:

 

Big Planlama Yonetim Ve Musavirlik A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

4830055298

Registration Number Of Shareholder:

21142

 

GROUP PARENT COMPANY

ITTIFAK HOLDING A.S.

SISTER COMPANIES

 

 

 

- ADEN DIJITAL HIZMETLER LOJISTIK IC VE DIS TICARET SANAYI A.S. ( Origin: Turkey,  Tax Number: 0680213847,  Registration Number: 20455 )

- ADESE ALISVERIS MERKEZLERI TICARET A.S. ( Origin: Turkey,  Tax Number: 0070063989,  Registration Number: 19230 )

- AES SIGORTA ARACILIK HIZMETLERI A.S. ( Origin: Turkey,  Tax Number: 7810212240,  Registration Number: 21229 )

- AFEN ENERJI URETIM SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 0080789047,  Registration Number: 41508 )

- BELYA TURIZM INSAAT ENERJI BILISIM SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 1630051385,  Registration Number: 18949 )

- BIG PLANLAMA YONETIM VE MUSAVIRLIK A.S. ( Origin: Turkey,  Tax Number: 4830055298,  Registration Number: 21142 )

- ERPA ENERJI URETIM SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 3680266180,  Registration Number: 41506 )

- IMAS MAKINA SANAYI A.S. ( Origin: Turkey,  Tax Number: 4830004841,  Registration Number: 19954 )

- IRENT OTO KIRALAMA TICARET A.S. ( Origin: Turkey,  Tax Number: 4800065218,  Registration Number: 19643 )

- ITTIFAK HOLDING A.S. ( Origin: Turkey,  Tax Number: 4830004793,  Registration Number: 19645 )

- KONESTAS KONYA GIDA PETROL HAYVANCILIK EGITIMCILIK SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 5760033177,  Registration Number: 21027 )

- KULE YONETIM ORGANIZASYON VE DANISMANLIK A.S. ( Origin: Turkey,  Tax Number: 4660189041,  Registration Number: 26771 )

- SEHA INSAAT MUHENDISLIK MADENCILIK TURIZM SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 7580039362,  Registration Number: 19892 )

- SELET ENTEGRE ET VE SUT URUNLERI SANAYI VE TICARET A.S. ( Origin: Turkey,  Tax Number: 4830004859,  Registration Number: 20069 )

- SELVA GIDA SANAYI A.S. ( Origin: Turkey,  Tax Number: 7600029218,  Registration Number: 19231 )

- SELVA IC VE DIS TICARET A.S. ( Origin: Turkey,  Tax Number: 3320403495,  Registration Number: 24814 )

 

 

BOARD OF DIRECTORS

 

Tahir Atila ( Chairman )

Hasan Ozulku ( Vice-Chairman )

Cemil Cosgun ( Member )

 

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

Wholesale trade of machines which produced by its sister company named IMAS Makina Sanayi A.S. 

 

NACE CODE

G .51.87

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

1

 

NET SALES

2.788 TL Thousand

(2016) 

3.641 TL Thousand

(2017) 

 

REMARKS ON CAPACITY

None

 

REMARKS ON PRODUCTION

None

 

EXPORT VALUE

2.783 TL Thousand

(2016)

3.638 TL Thousand

(2017)

 

EXPORT COUNTRIES

Ukraine

Korea

Egypt

Bulgaria

U.A.E.

Russia

Germany

Australia

 

MERCHANDISE  EXPORTED

Machine

 

HEAD OFFICE ADDRESS

Buyuk Kayacik Mah. 407. Sok No:8/A Selcuklu   Konya / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

 

 

TREND OF BUSINESS

There was an upwards trend in 2017.

SIZE OF BUSINESS

Lower-Medium

 

 

FINANCE

 

 

 

 

CREDIT FACILITIES

 

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

 

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

 

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

2.788

3.641

Profit (Loss) Before Tax

-242

-189

Stockholders' Equity

1.230

1.041

Total Assets

2.806

3.927

Current Assets

2.804

3.900

Non-Current Assets

2

27

Current Liabilities

1.576

2.886

Gross Profit (loss)

2

24

Operating Profit (loss)

-143

-107

Net Profit (loss)

-242

-189

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2017

 

Liquidity

Satisfactory As of 31.12.2017

 

Remarks On Liquidity

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.                                                                                                                                                

 

Profitability

Operating Loss  in 2016

Net Loss  in 2016

Operating Loss  in 2017

Net Loss  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2017

General Financial Position

Not in order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-30.04.2018)

8,03 %

3,8698

4,7268

5,3753

 

 

BALANCE SHEETS

 

 

31.12.2016  ( Full Year  )  TL Thousand

 

31.12.2017  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

2.804

1,00

3.900

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

5

0,00

3

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.753

0,98

3.829

0,98

Other Receivable

0

0,00

0

0,00

Inventories

0

0,00

0

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

46

0,02

68

0,02

NON-CURRENT ASSETS

2

0,00

27

0,01

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)

0

0,00

25

0,01

Intangible Assets

2

0,00

2

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

2.806

1,00

3.927

1,00

CURRENT LIABILITIES

1.576

0,56

2.886

0,73

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

1.336

0,48

1.510

0,38

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

196

0,07

196

0,05

Advances from Customers

42

0,01

1.177

0,30

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

2

0,00

3

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

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

1.230

0,44

1.041

0,27

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.414

0,86

2.414

0,61

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

337

0,12

337

0,09

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-1.279

-0,46

-1.521

-0,39

Net Profit (loss)

-242

-0,09

-189

-0,05

TOTAL LIABILITIES AND EQUITY

2.806

1,00

3.927

1,00

 

 

INCOME STATEMENTS

 

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

2.788

1,00

3.641

1,00

Cost of Goods Sold

2.786

1,00

3.617

0,99

Gross Profit

2

0,00

24

0,01

Operating Expenses

145

0,05

131

0,04

Operating Profit

-143

-0,05

-107

-0,03

Other Income

142

0,05

91

0,02

Other Expenses

241

0,09

173

0,05

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

-242

-0,09

-189

-0,05

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-242

-0,09

-189

-0,05

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

2

Banks

1

Doubtful Trade Receivables

0

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Loss from Foreign Currency Exchange

173

 

 

FINANCIAL RATIOS

 

 

(2016)

(2017)

LIQUIDITY RATIOS

 

Current Ratio

1,78

1,35

Acid-Test Ratio

1,75

1,33

Cash Ratio

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,00

Short-term Receivable/Total Assets

0,98

0,98

Tangible Assets/Total Assets

0,00

0,01

TURNOVER RATIOS

 

Inventory Turnover

 

 

Stockholders' Equity Turnover

2,27

3,50

Asset Turnover

0,99

0,93

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,44

0,27

Current Liabilities/Total Assets

0,56

0,73

Financial Leverage

0,56

0,73

Gearing Percentage

1,28

2,77

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,20

-0,18

Operating Profit Margin

-0,05

-0,03

Net Profit Margin

-0,09

-0,05

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

355,48

378,59

Average Payable Period (days)

172,63

150,29

WORKING CAPITAL

1228,00

1014,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.44

UK Pound

1

INR 89.89

Euro

1

INR 79.00

TL

1

INR 14.80

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

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)

 

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.