MIRA INFORM REPORT

 

 

Report Date :

20.08.2007

 

IDENTIFICATION DETAILS

 

Name :

ISTANBUL GUMUS HEDIYELIK ESYA SANAYI TICARET LTD.STI.

 

 

Registered Office :

Kapali Carsi Serif Aga Sok Cevahir Bedesteni No:48 Eminonu-Istanbul /

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01.03.2005 (Commercial Registry Gazette Date/No:07.03.2005/6254)

 

 

Com. Reg. No.:

547439

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Designing, processing and wholesale and retail trade of silver accessories such as ear rings, necklaces

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 COMPANY IDENTIFICATION

 

NAME

:

ISTANBUL GUMUS HEDIYELIK ESYA SANAYI TICARET LTD.STI.

ADDRESS

:

Head Office/Workshop: Kapali Carsi Serif Aga Sok Cevahir Bedesteni No:48 Eminonu-Istanbul / Turkey

PHONE NUMBER

:

90-212-513 12 45

FAX NUMBER

:

90-212-527 53 76

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE / NO

:

Nuruosmaniye / 4810463559

REGISTRATION NUMBER

:

547439

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

01.03.2005 (Commercial Registry Gazette Date/No:07.03.2005/6254)

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

YTL 30,000

PAID-IN CAPITAL

:

YTL 30,000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

 

:

Irfan Aktas

Perihan Yalcin

 

50 %
50 %

 

SISTER COMPANIES

:

Declared to be: None

 

GROUP PARENT COMPANY

 

:

None

SUBSIDIARIES

 

:

None

DIRECTORS

:

Irfan Aktas

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Designing, processing and wholesale and retail trade of silver accessories such as ear rings, necklaces…

 

SECTOR

 

:

Commerce

TRADEMARK(S)

:

None

 

NUMBER OF EMPLOYEES

:

3

 

NET SALES

:

(YTL)

101,184

249,213

 

(01.03-31.12.2005)

(2006)

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

 

:

Silver accessories, semi-precious stones

EXPORT

:

None

 

 

PREMISES

:

Head Office/Workshop: Kapali Carsi Serif Aga Sok Cevahir Bedesteni No:48 Eminonu-Istanbul

 

Branch: Kapali Carsi Serif Aga Sok No:3-4 Cevahir Bedesteni Eminonu-Istanbul (rented)

 

FIXED CAPITAL INVESTMENTS

:

None

 

 

COMMERCIAL MORALITY

:

Good

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

MAIN DEALING BANKERS

:

Yapi ve Kredi Bankasi Levent Carsi branch in Istanbul

Garanti Bankasi Cagaloglu branch in Istanbul

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No complaints have been heard regarding payments from banks.

 

According to the official registries since its establishment on 01.03.2005 until 15.07.2007, there are no protested bills and non-paid cheques registered in the name of  “Istanbul Gumus”

 

 

 

COMMENT ON FINANCIAL POSITION

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

Capitalization was fair as of 31.12.2006. However it has to be noted that, 20 % of total liabilities and equity was consisting of loans from shareholders rather than liabilities to third parties as of 31.12.2006 indicating not too high  indebtedness to third parties.

 

LIQUIDITY

 

Current ratio was high but acid test ratio was very low as of 31.12.2006. As the firm had negative cash and banks acid test ratio is still very low even if disregarding loans from shareholders from current liabilities.

 

PROFITABILITY

 

Good

 

In 2006

GAP BETWEEN COLLECTION-PAYMENT

PERIODS

 

Favorable

 

In 2006

GENERAL FINANCIAL

POSITION

 

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average YTL/$

Average YTL/EUR

Average YTL/GBP

(2005)

2.66 %

1.3499

1.6882

2.4623

(2006)

11.58 %

1.4309

1.7987

2.6377

(1.1.-31.07.2007)

3,05 %

1.3633

1.8196

2.6989

 

 

                                          

 

 

BALANCE SHEETS

 

 

 

YTL

 

 

 

YTL

 

 

 

 

 

31.12.05

 

 

 

31.12.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

57.205

 

1,00

 

114.705

 

1,00

 

 

 Cash and Banks

2.424

 

0,04

 

-34.212

 

-0,30

 

 

 Marketable Securities

0

 

0,00

 

0

 

0,00

 

 

 Account Receivable

36.616

 

0,64

 

36.560

 

0,32

 

 

 Other Receivable

0

 

0,00

 

0

 

0,00

 

 

 Inventories

16.593

 

0,29

 

104.534

 

0,91

 

 

 Advances Given

0

 

0,00

 

0

 

0,00

 

 

 Other Current Assets

1.572

 

0,03

 

7.823

 

0,07

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

279

 

0,00

 

279

 

0,00

 

 

 Long-term Receivable

0

 

0,00

 

0

 

0,00

 

 

 Financial Assets

0

 

0,00

 

0

 

0,00

 

 

 Tangible Fixed Assets (net)

279

 

0,00

 

279

 

0,00

 

 

 Intangible Assets

0

 

0,00

 

0

 

0,00

 

 

 Other Non-Current Assets

0

 

0,00

 

0

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

57.484

 

1,00

 

114.984

 

1,00

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

34.534

 

0,60

 

66.799

 

0,58

 

 

 Financial Loans

0

 

0,00

 

0

 

0,00

 

 

 Accounts Payable

10.736

 

0,19

 

41.003

 

0,36

 

 

 Loans from Shareholders

23.100

 

0,40

 

22.999

 

0,20

 

 

 Other Short-term Payable

0

 

0,00

 

381

 

0,00

 

 

 Advances from Customers

0

 

0,00

 

0

 

0,00

 

 

 Taxes Payable

542

 

0,01

 

2.260

 

0,02

 

 

 Provisions

156

 

0,00

 

156

 

0,00

 

 

 Other Current Liabilities

0

 

0,00

 

0

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

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

22.950

 

0,40

 

48.185

 

0,42

 

 

 Paid-in Capital

22.500

 

0,39

 

30.000

 

0,26

 

 

 Inflation Adjustment of Capital

-27

 

0,00

 

-27

 

0,00

 

 

 Reserves

0

 

0,00

 

477

 

0,00

 

 

 Revaluation Fund

0

 

0,00

 

0

 

0,00

 

 

 Accumulated Losses(-)

0

 

0,00

 

0

 

0,00

 

 

 Net Profit (loss)

477

 

0,01

 

17.735

 

0,15

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

57.484

 

1,00

 

114.984

 

1,00

 

 

 

INCOME STATEMENTS

 

 

YTL

 

 

 

YTL

 

 

 

 

 

01.03-31.12.2005

 

 

 

2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

101.184

 

1,00

 

249.213

 

1,00

 

 

 Cost of Goods Sold

93.620

 

0,93

 

218.184

 

0,88

 

 

Gross Profit

7.564

 

0,07

 

31.029

 

0,12

 

 

 Operating Expenses

7.901

 

0,08

 

15.436

 

0,06

 

 

Operating Profit

-337

 

0,00

 

15.593

 

0,06

 

 

 Other Income

1.018

 

0,01

 

2.142

 

0,01

 

 

 Other Expenses

0

 

0,00

 

0

 

0,00

 

 

 Financial Expenses

0

 

0,00

 

0

 

0,00

 

 

Profit (loss) Before Tax

681

 

0,01

 

17.735

 

0,07

 

 

 Tax Payable

204

 

0,00

 

0

 

0,00

 

 

Net Profit (loss)

477

 

0,00

 

17.735

 

0,07

 

 

 

FINANCIAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

01.03-31.12.2005

 

 

 

2006

 

 

 

 

LIQUIDITY RATIOS

 

 

 

 

 

 

 

 

 

Current Ratio

1,66

 

 

 

1,72

 

 

 

 

Acid-Test Ratio

1,13

 

 

 

0,04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

 

 

 

 

Inventory/Total Assets

0,29

 

 

 

0,91

 

 

 

 

Short-term Receivable/Total Assets

0,64

 

 

 

0,32

 

 

 

 

Tangible Assets/Total Assets

0,00

 

 

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TURNOVER RATIOS

 

 

 

 

 

 

 

 

 

Inventory Turnover

5,64

 

 

 

2,09

 

 

 

 

Stockholders' Equity Turnover

4,41

 

 

 

5,17

 

 

 

 

Asset Turnover

1,76

 

 

 

2,17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STRUCTURE

 

 

 

 

 

 

 

 

 

Stockholders' Equity/Total Assets

0,40

 

 

 

0,42

 

 

 

 

Current Liabilities/Total Assets

0,60

 

 

 

0,58

 

 

 

 

Financial Leverage

0,60

 

 

 

0,58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY RATIOS

 

 

 

 

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,02

 

 

 

0,37

 

 

 

 

Operating Profit Margin

0,00

 

 

 

0,06

 

 

 

 

Net Profit Margin

0,00

 

 

 

0,07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTION-PAYMENT

 

 

 

 

 

 

 

 

 

Average Collection Period (days)

130,28

 

 

 

52,81

 

 

 

 

Average Payable Period (days)

41,28

 

 

 

67,65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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