MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BEKIROGULLARI TEKSTIL SANAYI VE DIS TICARET LTD. STI. |
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Registered Office : |
Yusuf Pasa Mah. Avrupa Pasaji Zemin Kat No:17 Sanliurfa/ |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.10.2000 (Commercial Registry Gazette Date/No: 31.10.2000/5164) |
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Com. Reg. No.: |
6364 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of tea |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BEKIROGULLARI TEKSTIL SANAYI VE DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Yusuf Pasa Mah. Avrupa Pasaji Zemin Kat No:17
Sanliurfa/Turkey |
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PHONE NUMBER |
: |
90-414-216 32 74 |
|
FAX NUMBER |
: |
None |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Topcu Meydani/3880221202 |
|
REGISTRATION NUMBER |
: |
6364 |
|
REGISTERED OFFICE |
: |
Sanliurfa Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
25.10.2000 (Commercial Registry Gazette Date/No: 31.10.2000/5164) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 250,000 |
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HISTORY |
: |
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Previous Name |
: Flusan Uluslar Arasi Nakliyat Petrol Insaat Sanayi ve Ticaret Ltd.
Sti. |
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Name Changed On |
: 16.07.2004(Commercial Registry Gazette Date/No:22.07.2004/6098) |
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Previous Registered Capital |
: YTL 20,000 |
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Regist. Capital Changed on |
: 21.06.2007(Commercial Registry Gazette Date/No:27.06.2007/6839) This increase is decided to be financed by cash. According to the
capital increase decision ¼ of the increase has to be paid within 3 months
following the date of capital increase and the rest has to be paid until
30.06.2009. |
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Other Historical Events |
: The shareholder Mahmut Demir sold
25% of the shares at the company to Feyyad Altundag on 16.07.2004
(Commercial Registry Gazette Date/No:22.07.2004/6098) The shareholder Feyyad
Altundag sold 25% of the shares at
the company to Mustafa Fener on 21.06.2007 (Commercial Registry Gazette
Date/No:27.06.2007/6839) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Abdullah Altundag Mustafa Fener |
75 % 25 % |
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SISTER COMPANIES |
: |
Altundag Ticaret Abdullah Altundag (sole-proprietorship) |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Abdullah Altundag |
General Manager |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of tea |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
|
NET SALES |
: |
(YTL) None None 263,271 |
(2005) (2006) (1.1.-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
None None USD 195,888 |
(2005) (2006) (1.1.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Sri Lanka |
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MERCHANDISE IMPORTED |
: |
Tea |
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EXPORT VALUE |
: |
None None YTL 263,271 |
(2005) (2006) (1.1.-30.09.2007) |
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EXPORT COUNTRIES |
: |
UAE |
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MERCHANDISE EXPORTED |
: |
Tea |
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PREMISES |
: |
Head Office: Yusuf Pasa Mah. Avrupa Pasaji Zemin kat No:17 Sanliurfa
(rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
The subject which did not perform any sales in 2005 and 2006 started actively
operating in 2007. |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Small |
FINANCE
|
MAIN DEALING BANKERS |
: |
Sekerbank Sanliurfa branch in Sanliurfa Oyakbank Sanliurfa branch in Sanliurfa Garanti Bankasi Sanliurfa branch in Sanliurfa |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.10.2007,
there are no protested bills and non-paid cheques registered in the former
name of “Flusan Uluslar” or the
current name “Bekirogullari Tekstil” of the subject company. But the subject
which did not perform any sales in 2005 and 2006 started actively operating
in 2007. |
COMMENT ON FINANCIAL
POSITION
|
GENERAL FINANCIAL POSITION |
|
The subject which did not perform any sales in 2005 and 2006 had loss in
2005 but had YTL 149 net profit in 2006 due to other income. As the subject
was not actively operating in 2005 and 2006 it had nearly no indebtedness to
third parties in 2005 and 2006. The subject which started trading in 2007 had in order profitability
in the first 9 months of 2007 and the registered capital was increased from
YTL 20,000 to YTL 250,000 on 21.06.2007.This increase is decided to be
financed by cash. According to the capital increase decision ¼ of the
increase has to be paid within 3 months following the date of capital
increase and the rest has to be paid until 30.06.2009. |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of EUR 13,000 may be granted
to the subject company. |
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|
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.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
BALANCE SHEETS
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
31.12.05 |
|
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|
31.12.06 |
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CURRENT ASSETS |
17.645 |
|
0,98 |
|
18.192 |
|
1,00 |
|
|
Cash and Banks |
111 |
|
0,01 |
|
811 |
|
0,04 |
|
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Receivable |
15.315 |
|
0,85 |
|
15.315 |
|
0,84 |
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Inventories |
1.725 |
|
0,10 |
|
1.725 |
|
0,09 |
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
494 |
|
0,03 |
|
341 |
|
0,02 |
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NON-CURRENT ASSETS |
398 |
|
0,02 |
|
0 |
|
0,00 |
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Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
358 |
|
0,02 |
|
0 |
|
0,00 |
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Intangible Assets |
40 |
|
0,00 |
|
0 |
|
0,00 |
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Other Non-Current
Assets |
0 |
|
0,00 |
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0 |
|
0,00 |
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TOTAL ASSETS |
18.043 |
|
1,00 |
|
18.192 |
|
1,00 |
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CURRENT LIABILITIES |
268 |
|
0,01 |
|
268 |
|
0,01 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
268 |
|
0,01 |
|
268 |
|
0,01 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
17.775 |
|
0,99 |
|
17.924 |
|
0,99 |
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Paid-in
Capital |
20.000 |
|
1,11 |
|
20.000 |
|
1,10 |
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Inflation
Adjustment of Capital |
15.946 |
|
0,88 |
|
15.946 |
|
0,88 |
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Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-16.832 |
|
-0,93 |
|
-18.171 |
|
-1,00 |
|
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Net
Profit (loss) |
-1.339 |
|
-0,07 |
|
149 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
18.043 |
|
1,00 |
|
18.192 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
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Net Sales |
0 |
|
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|
0 |
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|
263.271 |
|
1,00 |
|
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Cost of
Goods Sold |
0 |
|
|
|
0 |
|
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|
250.776 |
|
0,95 |
|
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|
Gross Profit |
0 |
|
|
|
0 |
|
|
|
12.495 |
|
0,05 |
|
|
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Operating
Expenses |
1.339 |
|
|
|
340 |
|
|
|
0 |
|
0,00 |
|
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|
Operating Profit |
-1.339 |
|
|
|
-340 |
|
|
|
12.495 |
|
0,05 |
|
|
|
Other
Income |
0 |
|
|
|
489 |
|
|
|
0 |
|
0,00 |
|
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|
Other
Expenses |
0 |
|
|
|
0 |
|
|
|
0 |
|
0,00 |
|
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Financial
Expenses |
0 |
|
|
|
0 |
|
|
|
0 |
|
0,00 |
|
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|
Profit (loss) Before Tax |
-1.339 |
|
|
|
149 |
|
|
|
12.495 |
|
0,05 |
|
|
|
Tax
Payable |
0 |
|
|
|
0 |
|
|
|
0 |
|
0,00 |
|
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Net Profit (loss) |
-1.339 |
|
|
|
149 |
|
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|
12.495 |
|
0,05 |
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FINANCIAL RATIOS
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2005 |
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2006 |
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1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
65,84 |
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|
67,88 |
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-- |
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Acid-Test Ratio |
57,56 |
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|
60,17 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,10 |
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|
0,09 |
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|
-- |
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Short-term Receivable/Total Assets |
0,85 |
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|
0,84 |
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|
-- |
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Tangible Assets/Total Assets |
0,02 |
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|
0,00 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
0,00 |
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|
0,00 |
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-- |
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Stockholders' Equity Turnover |
0,00 |
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|
0,00 |
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-- |
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Asset Turnover |
0,00 |
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|
0,00 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,99 |
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|
0,99 |
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|
-- |
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Current Liabilities/Total Assets |
0,01 |
|
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|
0,01 |
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|
-- |
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Financial Leverage |
0,01 |
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|
0,01 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
-0,08 |
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|
0,01 |
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-- |
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Operating Profit Margin |
--- |
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|
--- |
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|
0,05 |
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Net Profit Margin |
--- |
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|
--- |
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|
0,05 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
--- |
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--- |
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|
-- |
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Average Payable Period (days) |
--- |
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|
--- |
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-- |
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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%)