MIRA
INFORM REPORT
|
Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
KANDITAN TICARET MAYIR VE NESIM KANDITAN |
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Registered Office : |
IMC Bloklari 2. Blok No: 2308 Unkapani-Istanbul |
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Country : |
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Date of Incorporation : |
1996 |
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Legal Form : |
Partnership |
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Line of Business : |
Wholesale trade of bolts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
KANDITAN TICARET MAYIR VE NESIM KANDITAN |
|
ADDRESS |
: |
Head Office: IMC Bloklari 2. Blok No: 2308
Unkapani-Istanbul / |
|
PHONE NUMBER |
: |
90-212-522 93 10 |
|
FAX NUMBER |
: |
90-212-526 41 70 |
LEGAL STATUS AND
HISTORY
“KANDITAN TICARET MAYIR VE NESIM KANDITAN” is an ordinary-partnership of
“MAYIR KANDITAN” and “NESIM KANDITAN”. They operate as an ordinary-partnership
under the name of “KANDITAN TICARET MAYIR VE NESIM KANDITAN” but the partners
are registered at Commercial Registry separately.
The subject ordinary partnership started operating in 1996. However
ordinary partnerships are not registered at Commercial Registry as an ordinary
partnership. The partners can register at Commercial Registry as
sole-proprietorships.
The partner “Nesim Kanditan” was registered at Commercial Registry with
registration number “346527” and the partner “Mayir Kanditan” was registered at
Commercial Registry with registration number “346526” on 08.05.1996 (Commercial
Registry Gazette Date/No: 24.05.1996/4044).
From the beginning of year 2007, the sole proprietorships perform fiscal
manipulations with personal ID number instead of tax number. So the ID number
of the partner “Nesim Kanditan” is 12400934014, and ID number of “Mayir Kanditan”
is 12445932594
OWNERSHIP /
MANAGEMENT
|
PARTNERS |
: |
Nesim Kanditan Mayir Kanditan |
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|
-Nesim Kanditan who was born in 1960,
graduated from university and has a house in Levent-Istanbul -Mayir Kanditan who was born in 1924, graduated
from university and has houses in Gayrettepe and Adalar in Other companies owned by the partners are
declared to be : None |
|
DIRECTORS |
: |
Nesim Kanditan Mayir Kanditan |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Wholesale trade of bolts |
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|
SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
3 |
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NET SALES |
: |
(YTL) 882,566 833,917 793,068 463,611 |
(2004) (2005) (2006) (01.01-30.06.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT |
: |
The firm was importing bolts from |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office/Store: IMC Bloklari 2. Blok
No: 2308 Unkapani-Istanbul (owned by the partners) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Downwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Modest
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Unkapani branch in Yapi ve Kredi Bankasi Manifaturacilar
branch in |
|
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 01.01.2000-15.09.2007, there are no protested bills and non-paid
cheques registered in the name of the
subject. |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was low as of 31.12.2006. However it has to be noted
that, 89 % of total liabilities and equity was consisting of loans from
partners rather than liabilities to third parties. So indebtedness to parties
was very low as of 31.12.2006. Furthermore the liability of the ordinary
partnership is not limited to the capital. The partners of ordinary
partnership are responsible for the debts of the ordinary partnership with
all of their personal wealth. |
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LIQUIDITY |
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Good |
As of 31.12.2006 |
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PROFITABILITY |
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Good |
In 2006 |
In order |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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|
In Order |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 160,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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BALANCE SHEETS |
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YTL |
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YTL |
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
690.416 |
|
0,99 |
|
667.793 |
|
0,99 |
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Cash and
Banks |
316.422 |
|
0,45 |
|
399.855 |
|
0,60 |
|
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|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Account
Receivable |
321.788 |
|
0,46 |
|
185.035 |
|
0,28 |
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|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
Inventories |
45.272 |
|
0,06 |
|
76.945 |
|
0,11 |
|
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|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
6.934 |
|
0,01 |
|
5.958 |
|
0,01 |
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NON-CURRENT ASSETS |
8.230 |
|
0,01 |
|
4.115 |
|
0,01 |
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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) |
8.230 |
|
0,01 |
|
4.115 |
|
0,01 |
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Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
698.646 |
|
1,00 |
|
671.908 |
|
1,00 |
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CURRENT LIABILITIES |
655.712 |
|
0,94 |
|
632.186 |
|
0,94 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
0 |
|
0,00 |
|
27.400 |
|
0,04 |
|
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Loans from
Partners |
653.866 |
|
0,94 |
|
601.161 |
|
0,89 |
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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 |
|
|
|
Taxes
Payable |
1.846 |
|
0,00 |
|
3.625 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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
Partners |
0 |
|
0,00 |
|
0 |
|
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 |
42.934 |
|
0,06 |
|
39.722 |
|
0,06 |
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TOTAL LIABILITIES AND EQUITY |
698.646 |
|
1,00 |
|
671.908 |
|
1,00 |
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INCOME STATEMENTS |
||||||||||||
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|
YTL |
|
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
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Net Sales |
833.917 |
|
1,00 |
|
793.068 |
|
1,00 |
|
463.611 |
|
1,00 |
|
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Cost of
Goods Sold |
748.023 |
|
0,90 |
|
718.480 |
|
0,91 |
|
421.887 |
|
0,91 |
|
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|
Gross Profit |
85.894 |
|
0,10 |
|
74.588 |
|
0,09 |
|
41.724 |
|
0,09 |
|
|
|
Operating
Expenses |
42.960 |
|
0,05 |
|
34.866 |
|
0,04 |
|
21.140 |
|
0,05 |
|
|
|
Operating Profit |
42.934 |
|
0,05 |
|
39.722 |
|
0,05 |
|
20.584 |
|
0,04 |
|
|
|
Other Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
42.934 |
|
0,05 |
|
39.722 |
|
0,05 |
|
20.584 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
42.934 |
|
0,05 |
|
39.722 |
|
0,05 |
|
20.584 |
|
0,04 |
|
|
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FINANCIAL RATIOS |
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|
2005 |
|
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|
2006 |
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|
1.1.-30.06.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,05 |
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|
|
1,06 |
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|
-- |
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Acid-Test Ratio |
0,97 |
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|
0,93 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,06 |
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|
0,11 |
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|
-- |
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Short-term Receivable/Total Assets |
0,46 |
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|
0,28 |
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|
-- |
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Tangible Assets/Total Assets |
0,01 |
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|
0,01 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
16,52 |
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|
9,34 |
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|
-- |
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Stockholders' Equity Turnover |
19,42 |
|
|
|
19,97 |
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|
|
-- |
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Asset Turnover |
1,19 |
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|
|
1,18 |
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|
|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,06 |
|
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|
0,06 |
|
|
|
-- |
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|
|
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|
Current Liabilities/Total Assets |
0,94 |
|
|
|
0,94 |
|
|
|
-- |
|
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Financial Leverage |
0,94 |
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|
0,94 |
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|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
1,00 |
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|
1,00 |
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|
-- |
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Operating Profit Margin |
0,05 |
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|
0,05 |
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|
0,04 |
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Net Profit Margin |
0,05 |
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|
0,05 |
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|
0,04 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
138,92 |
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|
|
83,99 |
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|
|
-- |
|
|
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Average Payable Period (days) |
0,00 |
|
|
|
13,73 |
|
|
|
-- |
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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%)