MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TORRINI DERICILIK SANAYI VE TICARET LTD. STI. |
|
|
|
|
Formerly Known As : |
AYBERK DERICILIK SAN. VE TIC. LTD. STI. |
|
|
|
|
Registered Office : |
Kazli Cesme Mah. Bes Kardesler 1. Sok. No:13 Zeytinburnu-Istanbul |
|
|
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
11.12.2000 |
|
|
|
|
Com. Reg. No.: |
449533 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Leather Ready-Wear |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TORRINI DERICILIK SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Production Plant: Kazli
Cesme Mah. Bes Kardesler 1. Sok. No:13 Zeytinburnu-Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-664 08 88 |
|
FAX NUMBER |
: |
90-212-664 81 18 |
LEGAL STATUS AND HISTORY
|
TAX NO |
: |
1090143379 |
|
|
|
REGISTRATION NUMBER |
: |
449533 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
11.12.2000 (Commercial Registry Gazette
Date/No:14.12.2000/5196) |
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|
|
LEGAL FORM |
: |
Limited Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 1,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL
795,984 (as of 31.12.2007) |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:Ayberk Dericilik San. ve Tic. Ltd. Sti. |
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|
|
|
Name Changed On |
: 05.01.2001 (Commercial Registry Gazette
Date/No:11.01.2001/5212) |
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|
|
|
Previous
Registered Capital |
:YTL 200,000 |
|
|
|
|
Regist. Capital Changed on |
:31.08.2007 (Commercial Registry Gazette
Date/No:05.09.2007/6888) |
|
|
|
|
Previous Address |
:Yenidogan Mah. 42/3 Sok. No:9
Zeytinburnu-Istanbul |
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|
|
Address Changed On |
:22.11.2007 (Commercial Registry Gazette
Date/No:27.11.2007/6945) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ayhan Ozgur Ilhan Ozgur |
80 % 20 % |
|
SISTER COMPANIES |
: |
- Torrini Deri Konfeksiyon San. ve Dis
Tic. Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ayhan Ozgur Ilhan Ozgur |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of leather
ready-wear |
||
|
SECTOR |
: |
Leather ready-wear |
||
|
NUMBER OF
EMPLOYEES |
: |
47 |
||
|
NET SALES |
: |
(YTL) 4,543,665 5,507,949 6,129,646 325,883 |
(2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
IMPORT VALUE |
: |
USD 594,400 +
EUR 996,052 YTL 2,017,865 None |
(2006) (2007) (01.01.-31.03.2008) |
|
|
IMPORT COUNTRIES |
: |
Spain, Italy, Pakistan |
||
|
MERCHANDISE
IMPORTED |
: |
Leather |
||
|
EXPORT VALUE |
: |
(YTL) 2,890,349 4,535,630 5,493,761 6,053,922 325,883 |
(2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
United Arab Emirates, Russia, Finland,
Greece, Italy, Canada, Iceland… |
|
MERCHANDISE
EXPORTED |
: |
Leather ready-wear |
|
PREMISES |
: |
Head Office & Production Plant: Kazli
Cesme Mah. Bes Kardesler 1. Sok. No:13 Zeytinburnu-Istanbul (rented) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Zeytinburnu branch
in Istanbul Garanti Bankasi Zeytinburnu branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about some payment delays in the former
years which were resolved later on but no payment delays have come to our knowledge
in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Insufficient |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
Low |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
Profitability was fair in 2007. The firm had operating and net losses
in the first 3 months of 2008. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
||
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.446.928 |
|
0,77 |
|
1.965.914 |
|
0,48 |
|
|
|
Cash and Banks |
599.923 |
|
0,13 |
|
430.403 |
|
0,11 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
37.749 |
|
0,01 |
|
305.197 |
|
0,07 |
|
|
|
Other Receivable |
79.485 |
|
0,02 |
|
48.338 |
|
0,01 |
|
|
|
Inventories |
1.808.871 |
|
0,41 |
|
551.554 |
|
0,14 |
|
|
|
Advances Given |
666.474 |
|
0,15 |
|
270.871 |
|
0,07 |
|
|
|
Other Current Assets |
254.426 |
|
0,06 |
|
359.551 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.014.699 |
|
0,23 |
|
2.116.826 |
|
0,52 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
35.770 |
|
0,01 |
|
|
|
Financial Assets |
3.552 |
|
0,00 |
|
3.552 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
485.534 |
|
0,11 |
|
930.095 |
|
0,23 |
|
|
|
Intangible Assets |
524.247 |
|
0,12 |
|
1.144.132 |
|
0,28 |
|
|
|
Other Non-Current Assets |
1.366 |
|
0,00 |
|
3.277 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.461.627 |
|
1,00 |
|
4.082.740 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
3.665.644 |
|
0,82 |
|
2.790.326 |
|
0,68 |
|
|
|
Financial Loans |
2.112.577 |
|
0,47 |
|
2.122.486 |
|
0,52 |
|
|
|
Accounts Payable |
926.149 |
|
0,21 |
|
627.539 |
|
0,15 |
|
|
|
Loans from Shareholders |
8.111 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
575.232 |
|
0,13 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
43.186 |
|
0,01 |
|
40.468 |
|
0,01 |
|
|
|
Provisions |
389 |
|
0,00 |
|
-167 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
371.175 |
|
0,09 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
371.175 |
|
0,09 |
|
|
|
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 |
795.983 |
|
0,18 |
|
921.239 |
|
0,23 |
|
|
|
Paid-in Capital |
200.000 |
|
0,04 |
|
795.984 |
|
0,19 |
|
|
|
Inflation Adjustment of Capital |
108.048 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Reserves |
324.861 |
|
0,07 |
|
0 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
163.074 |
|
0,04 |
|
125.255 |
|
0,03 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.461.627 |
|
1,00 |
|
4.082.740 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.507.949 |
|
1,00 |
|
6.129.646 |
|
1,00 |
|
325.883 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.669.989 |
|
0,85 |
|
5.502.024 |
|
0,90 |
|
214.950 |
|
0,66 |
|
|
|
Gross Profit |
837.960 |
|
0,15 |
|
627.622 |
|
0,10 |
|
110.933 |
|
0,34 |
|
|
|
Operating
Expenses |
486.812 |
|
0,09 |
|
531.775 |
|
0,09 |
|
139.755 |
|
0,43 |
|
|
|
Operating Profit |
351.148 |
|
0,06 |
|
95.847 |
|
0,02 |
|
-28.822 |
|
-0,09 |
|
|
|
Other
Income |
587.663 |
|
0,11 |
|
508.674 |
|
0,08 |
|
64.730 |
|
0,20 |
|
|
|
Other
Expenses |
676.668 |
|
0,12 |
|
320.704 |
|
0,05 |
|
90.461 |
|
0,28 |
|
|
|
Financial
Expenses |
57.075 |
|
0,01 |
|
114.881 |
|
0,02 |
|
64.275 |
|
0,20 |
|
|
|
Profit (loss) Before Tax |
205.068 |
|
0,04 |
|
168.936 |
|
0,03 |
|
-118.828 |
|
-0,36 |
|
|
|
Tax
Payable |
41.994 |
|
0,01 |
|
43.681 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
163.074 |
|
0,03 |
|
125.255 |
|
0,02 |
|
-118.828 |
|
-0,36 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,94 |
|
|
|
0,70 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,20 |
|
|
|
0,28 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,41 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,03 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,11 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,58 |
|
|
|
9,98 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
6,92 |
|
|
|
6,65 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,23 |
|
|
|
1,50 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,18 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,82 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,82 |
|
|
|
0,77 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,20 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
0,02 |
|
|
|
-0,09 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
-0,36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
2,47 |
|
|
|
20,03 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
71,39 |
|
|
|
41,06 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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%)