MIRA
INFORM REPORT
|
Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAHIN HALI NAIL SAHIN |
|
|
|
|
Registered Office : |
Tasdirek Cesme Sok. Halicilar Carsisi No:
10/15 Eminonu Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1988 |
|
|
|
|
Com. Reg. No.: |
492609 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Import and Domestic Trade of Hand Made Carpets |
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 |
|
Maximum Credit Limit : |
USD 75,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SAHIN HALI NAIL SAHIN |
|
ADDRESS |
: |
Head Office: Tasdirek Cesme Sok. Halicilar Carsisi No: 10/15 Eminonu Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-516 50 50 |
|
FAX NUMBER |
: |
90-212-516 50 51 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beyazit / 24481997666 From the beginning of year 2007, the
sole-proprietorships perform fiscal manipulations with personal ID number
instead of tax number. So the number of the subject changed from 7940029601
to 24481997666 for fiscal manipulations. |
|
REGISTRATION NUMBER |
: |
492609 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
The subject
is declared to be established on 1988. As the sole-proprietorships are not
obliged to be registered at commercial registry, it has not registered at
commercial registry until 2003. It was registered at istanbul Commercial
Registry in 26.02.2003 (Commercial Registry Gazette Date/No: 03.03.2003/5747) |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
The liability of the sole-proprietorships
is not limited to the capital. The owners of the sole-proprietorships are
responsible for the debts of the sole-proprietorships with all of their
personal wealth. |
OWNERSHIP / MANAGEMENT
|
OWNER |
: |
Nail Sahin The owner, Nail Sahin was born in 1965 and
he was graduated from university. Property owned by the owner is declared to
be as follows: -
A house in Sariyer Istanbul |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
GROUP PARENT COMPANY |
: |
None |
|
SUBSIDIARIES |
: |
None |
|
DIRECTORS |
: |
Nail Sahin |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of hand made
carpets The firm has declared that, it is the
distributor of the “Sumer Hali”. |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
None The work is carried out by the owner |
|
|
NET SALES |
: |
(YTL) 1,088,743 667,499 1,505,010 |
(2005) (2006) (2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT COUNTRIES |
: |
Pakistan, China, India |
|
MERCHANDISE
IMPORTED |
: |
Carpet |
|
EXPORT VALUE |
: |
None |
|
PREMISES |
: |
Head Office: Tasdirek Cesme Sok. Halicilar Carsisi No: 10/15 Eminonu Istanbul (owned) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF
BUSINESS |
: |
There was a decline
at business volume in nominal terms in 2006 but there was an upwards trend at
business volume in 2007. |
|
SIZE OF BUSINESS |
: |
Modest |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Nuruosmaniye branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the former
years but some of them were resolved later on and no payment delays have come
to our knowledge in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was in order as of 31.12.2007. Furthermore it has to be
noted that 42 % of total liabilities and equity was due to loans from
shareholders rather than liabilities to third parties as of 31.12.2007
indicating low indebtedness to third parties. |
|
|
LIQUIDITY |
|
|
Liquidity may be regarded as being high as of 31.12.2007 disregarding
loans from shareholders from current liabilities. |
|
|
PROFITABILITY |
|
|
In order |
In 2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
In 2006 |
|
GENERAL
FINANCIAL POSITION |
|
|
In order |
|
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 75,000 may be granted to the subject company. |
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
31.12.05 |
|
|
31.12.06 |
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
627.405 |
1.00 |
|
735.742 |
1.00 |
|
484.508 |
1.00 |
|
|
|
Cash and Banks |
111.361 |
0.18 |
|
11.819 |
0.02 |
|
-103.903 |
-0.21 |
|
|
|
Marketable Securities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Account Receivable |
147.733 |
0.24 |
|
269.793 |
0.37 |
|
222.282 |
0.46 |
|
|
|
Other Receivable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Inventories |
224.277 |
0.36 |
|
420.229 |
0.57 |
|
340.213 |
0.70 |
|
|
|
Advances Given |
140.189 |
0.22 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Current Assets |
3.845 |
0.01 |
|
33.901 |
0.05 |
|
25.916 |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
0 |
0.00 |
|
0 |
0.00 |
|
1.821 |
0.00 |
|
|
|
Long-term Receivable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Financial Assets |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Tangible Fixed Assets (net) |
0 |
0.00 |
|
0 |
0.00 |
|
1.821 |
0.00 |
|
|
|
Intangible Assets |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Non-Current Assets |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
627.405 |
1.00 |
|
735.742 |
1.00 |
|
486.329 |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
478.775 |
0.76 |
|
562.522 |
0.76 |
|
264.851 |
0.54 |
|
|
|
Financial Loans |
376.849 |
0.60 |
|
294.749 |
0.40 |
|
42.349 |
0.09 |
|
|
|
Accounts Payable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Loans from Shareholders |
83.780 |
0.13 |
|
252.065 |
0.34 |
|
202.138 |
0.42 |
|
|
|
Other Short-term Payable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Advances from Customers |
12.382 |
0.02 |
|
12.382 |
0.02 |
|
12.383 |
0.03 |
|
|
|
Taxes Payable |
2.568 |
0.00 |
|
1.158 |
0.00 |
|
868 |
0.00 |
|
|
|
Provisions |
3.196 |
0.01 |
|
2.168 |
0.00 |
|
7.113 |
0.01 |
|
|
|
Other Current Liabilities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Financial Loans |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Securities Issued |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Long-term Payable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Loans from Shareholders |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Long-term Liabilities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Provisions |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
148.630 |
0.24 |
|
173.220 |
0.24 |
|
221.478 |
0.46 |
|
|
|
Paid-in Capital |
30.000 |
0.05 |
|
30.000 |
0.04 |
|
30.000 |
0.06 |
|
|
|
Inflation Adjustment of
Capital |
27.800 |
0.04 |
|
27.800 |
0.04 |
|
27.800 |
0.06 |
|
|
|
Reserves |
63.223 |
0.10 |
|
90.830 |
0.12 |
|
115.420 |
0.24 |
|
|
|
Revaluation Fund |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Accumulated Losses(-) |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
27.607 |
0.04 |
|
24.590 |
0.03 |
|
48.258 |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
627.405 |
1.00 |
|
735.742 |
1.00 |
|
486.329 |
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2005 |
|
|
2006 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.088.743 |
1.00 |
|
667.499 |
1.00 |
|
1.505.010 |
1.00 |
|
|
|
Cost of Goods Sold |
1.039.309 |
0.95 |
|
624.159 |
0.94 |
|
1.404.014 |
0.93 |
|
|
|
Gross Profit |
49.434 |
0.05 |
|
43.340 |
0.06 |
|
100.996 |
0.07 |
|
|
|
Operating Expenses |
10.931 |
0.01 |
|
11.243 |
0.02 |
|
34.316 |
0.02 |
|
|
|
Operating Profit |
38.503 |
0.04 |
|
32.097 |
0.05 |
|
66.680 |
0.04 |
|
|
|
Other Income |
0 |
0.00 |
|
1.961 |
0.00 |
|
2.164 |
0.00 |
|
|
|
Other Expenses |
0 |
0.00 |
|
2.579 |
0.00 |
|
2.516 |
0.00 |
|
|
|
Financial Expenses |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Profit (loss) Before Tax |
38.503 |
0.04 |
|
31.479 |
0.05 |
|
66.328 |
0.04 |
|
|
|
Tax Payable |
10.896 |
0.01 |
|
6.889 |
0.01 |
|
18.070 |
0.01 |
|
|
|
Net Profit (loss) |
27.607 |
0.03 |
|
24.590 |
0.04 |
|
48.258 |
0.03 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
2006 |
|
|
2007 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1.31 |
|
|
1.31 |
|
|
1.83 |
|
|
|
|
Acid-Test Ratio |
0.54 |
|
|
0.50 |
|
|
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.36 |
|
|
0.57 |
|
|
0.70 |
|
|
|
|
Short-term Receivable/Total Assets |
0.24 |
|
|
0.37 |
|
|
0.46 |
|
|
|
|
Tangible Assets/Total Assets |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4.63 |
|
|
1.49 |
|
|
4.13 |
|
|
|
|
Stockholders' Equity Turnover |
7.33 |
|
|
3.85 |
|
|
6.80 |
|
|
|
|
Asset Turnover |
1.74 |
|
|
0.91 |
|
|
3.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.24 |
|
|
0.24 |
|
|
0.46 |
|
|
|
|
Current Liabilities/Total Assets |
0.76 |
|
|
0.76 |
|
|
0.54 |
|
|
|
|
Financial Leverage |
0.76 |
|
|
0.76 |
|
|
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0.19 |
|
|
0.14 |
|
|
0.22 |
|
|
|
|
Operating Profit Margin |
0.04 |
|
|
0.05 |
|
|
0.04 |
|
|
|
|
Net Profit Margin |
0.03 |
|
|
0.04 |
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
48.85 |
|
|
145.51 |
|
|
53.17 |
|
|
|
|
Average Payable Period (days) |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
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%)