MIRA
INFORM REPORT
|
Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
TRADE WOOL DIS TICARET LTD STI |
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Registered Office : |
Kumtepe Mevkii Balcik Koyu Gebze-Kocaeli |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.04.1998 |
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Com. Reg. No.: |
4749 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and trade of wool. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
TRADE WOOL DIS TICARET LTD STI |
|
ADDRESS |
: |
Head Office/Processing Plant: Kumtepe
Mevkii Balcik Koyu Gebze-Kocaeli / |
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PHONE NUMBER |
: |
90-262-751 20 80 |
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FAX NUMBER |
: |
90-262-751 20 84 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ilyasbey / 8590093245 |
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REGISTRATION NUMBER |
: |
4749 |
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REGISTERED OFFICE |
: |
Gebze Chamber of Commerce |
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DATE ESTABLISHED |
: |
20.04.1998 (Commercial Registry Gazette
Date/No:27.04.1998/4527) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 7,500,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 500,000 |
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Regist. Capital
Changed on |
:26.12.2005(Commercial Registry Gazette
Date/No:16.01.2006/6471) |
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Previous
Registered Capital |
:YTL 3,000,000 |
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Regist. Capital
Changed on |
:22.12.2006 (Commercial Registry Gazette Date/No:04.01.2007/6716) |
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Previous
Registered Capital |
:YTL 5,000,000 |
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Regist. Capital
Changed on |
: 29.06.2007 (Commercial Registry Gazette
Date/No: 06.07.2007/6846) 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 within 3 years. |
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Previous Address |
:Muallim Koyu Burgazalti Mevkii |
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Address Changed On |
:25.12.2003 (Commercial Registry Gazette Date/No:
29.01.2004/5978) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Hasan Muharrem Taviloglu Arzu Taviloglu |
90 % 10 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Hasan Muharrem Taviloglu Muzaffer Taviloglu |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Processing and trade of wool. |
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NUMBER OF
EMPLOYEES |
: |
55 |
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NET SALES |
: |
(YTL) 16,764,354 18,878,279 10,176,767 |
(2005) (2006) (01.01-30.06.2007) |
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CAPACITY |
: |
(Tons/Yr) 5,670 5,670 |
(2005) (2006) |
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PRODUCTION |
: |
The amount processed is as follows: |
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(Tons) 5,250 4,317 2,729 |
(2005) (2006) (01.01.-30.06.2007) |
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IMPORT VALUE |
: |
(USD) 1,480,809 946,589 1,120,000 |
(2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Wool |
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EXPORT VALUE |
: |
(YTL) 15,114,079 17,893,755 8,877,560 |
(2005) (2006) (01.01-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Shorn wool |
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PREMISES |
: |
Head Office/Processing Plant: Kumtepe Mevkii
Balcik Koyu Gebze-Kocaeli (9,000 sqm) (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
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MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi Gebze branch in
Kocaeli Asya Katilim Bankasi Gebze branch in
Kocaeli |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments
from banks. According to the official registries between 01.01.2000-15.08.2007, there are no protested bills and non-paid cheques registered in the name of “Trade Wool” |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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Capitalization was insufficient as of 31.12.2006. However 24 % of
total liabilities and equity was due to long-term loans from shareholders rather
than liabilities to third parties. So the firm’s indebtedness to third
parties was not too high as of 31.12.2006. It has to be noted that the
registered capital was increased from YTL 5,000,000 to YTL 7,500,000 on
29.06.2007. 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 within 3 years. So we expect
an improvement at equity total since then. |
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LIQUIDITY |
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Current ratio was high but acid- test ratio was fair as of 31.12.2006.
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PROFITABILITY |
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Low |
In 2006 |
Low |
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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Profitability was low in 2006 and in the first 6 months of 2007.
Liquidity was fair and capitalization was insufficient as of 31.12.2006 but indebtedness
to third parties was not too high and the registered capital was increased
from YTL 5,000,000 to YTL 7,500,000 on 29.06.2007. This increase is decided
to be financed by cash. So we expect an improvement at equity total since
then. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 870,000 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 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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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 |
15.926.127 |
|
0,86 |
|
18.537.870 |
|
0,87 |
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Cash and
Banks |
84.879 |
|
0,00 |
|
120.346 |
|
0,01 |
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Marketable
Securities |
0 |
|
0,00 |
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0 |
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0,00 |
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Account
Receivable |
5.270.712 |
|
0,28 |
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7.026.454 |
|
0,33 |
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Other
Receivable |
0 |
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0,00 |
|
56.311 |
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0,00 |
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Inventories |
5.367.703 |
|
0,29 |
|
6.764.693 |
|
0,32 |
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Advances
Given |
4.685.958 |
|
0,25 |
|
4.138.827 |
|
0,20 |
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Other
Current Assets |
516.875 |
|
0,03 |
|
431.239 |
|
0,02 |
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NON-CURRENT ASSETS |
2.602.148 |
|
0,14 |
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2.681.040 |
|
0,13 |
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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) |
2.586.650 |
|
0,14 |
|
2.637.038 |
|
0,12 |
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Intangible
Assets |
1.603 |
|
0,00 |
|
1.603 |
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0,00 |
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Other
Non-Current Assets |
13.895 |
|
0,00 |
|
42.399 |
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0,00 |
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TOTAL ASSETS |
18.528.275 |
|
1,00 |
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21.218.910 |
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1,00 |
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CURRENT LIABILITIES |
10.222.737 |
|
0,55 |
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10.087.164 |
|
0,48 |
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Financial
Loans |
6.287.083 |
|
0,34 |
|
6.801.941 |
|
0,32 |
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Accounts
Payable |
3.814.392 |
|
0,21 |
|
3.219.857 |
|
0,15 |
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Loans from
Shareholders |
0 |
|
0,00 |
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0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
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0 |
|
0,00 |
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Taxes
Payable |
107.846 |
|
0,01 |
|
15.751 |
|
0,00 |
|
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|
Provisions |
13.416 |
|
0,00 |
|
49.615 |
|
0,00 |
|
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
6.262.193 |
|
0,34 |
|
5.532.128 |
|
0,26 |
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Financial
Loans |
707.057 |
|
0,04 |
|
204.075 |
|
0,01 |
|
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Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Long-term
Payable |
737.560 |
|
0,04 |
|
201.060 |
|
0,01 |
|
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Loans from
Shareholders |
4.817.576 |
|
0,26 |
|
5.126.993 |
|
0,24 |
|
|
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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STOCKHOLDERS' EQUITY |
2.043.345 |
|
0,11 |
|
5.599.618 |
|
0,26 |
|
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Paid-in
Capital |
865.600 |
|
0,05 |
|
4.201.601 |
|
0,20 |
|
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Inflation
Adjustment of Capital |
285.561 |
|
0,02 |
|
285.561 |
|
0,01 |
|
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|
Reserves |
735.582 |
|
0,04 |
|
889.365 |
|
0,04 |
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Net Profit
(loss) |
156.602 |
|
0,01 |
|
223.091 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
18.528.275 |
|
1,00 |
|
21.218.910 |
|
1,00 |
|
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INCOME STATEMENTS |
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|
YTL |
|
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
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Net Sales |
16.764.354 |
|
1,00 |
|
18.878.279 |
|
1,00 |
|
10.176.767 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
15.300.212 |
|
0,91 |
|
16.618.201 |
|
0,88 |
|
9.377.507 |
|
0,92 |
|
|
|
Gross Profit |
1.464.142 |
|
0,09 |
|
2.260.078 |
|
0,12 |
|
799.260 |
|
0,08 |
|
|
|
Operating
Expenses |
193.376 |
|
0,01 |
|
58.882 |
|
0,00 |
|
41.432 |
|
0,00 |
|
|
|
Operating Profit |
1.270.766 |
|
0,08 |
|
2.201.196 |
|
0,12 |
|
757.828 |
|
0,07 |
|
|
|
Other
Income |
109.060 |
|
0,01 |
|
358.257 |
|
0,02 |
|
179.267 |
|
0,02 |
|
|
|
Other
Expenses |
319.348 |
|
0,02 |
|
1.334.224 |
|
0,07 |
|
245.057 |
|
0,02 |
|
|
|
Financial
Expenses |
831.716 |
|
0,05 |
|
925.977 |
|
0,05 |
|
442.828 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
228.762 |
|
0,01 |
|
299.252 |
|
0,02 |
|
249.210 |
|
0,02 |
|
|
|
Tax
Payable |
72.160 |
|
0,00 |
|
76.161 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
156.602 |
|
0,01 |
|
223.091 |
|
0,01 |
|
249.210 |
|
0,02 |
|
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,56 |
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|
1,84 |
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|
-- |
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Acid-Test Ratio |
0,52 |
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|
0,71 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,29 |
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|
0,32 |
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|
-- |
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Short-term Receivable/Total Assets |
0,28 |
|
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|
0,33 |
|
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|
-- |
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Tangible Assets/Total Assets |
0,14 |
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|
0,12 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,85 |
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|
2,46 |
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|
-- |
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Stockholders' Equity Turnover |
8,20 |
|
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|
3,37 |
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|
-- |
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Asset Turnover |
0,90 |
|
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|
0,89 |
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|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,11 |
|
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|
0,26 |
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|
-- |
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Current Liabilities/Total Assets |
0,55 |
|
|
|
0,48 |
|
|
|
-- |
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Financial Leverage |
0,89 |
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|
0,74 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,08 |
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|
0,04 |
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|
-- |
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Operating Profit Margin |
0,08 |
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|
0,12 |
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|
0,07 |
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Net Profit Margin |
0,01 |
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|
0,01 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
113,18 |
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|
133,99 |
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|
-- |
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Average Payable Period (days) |
107,10 |
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|
74,11 |
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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%)