MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MOTIF MENSUCAT SANAYI VE TICARET LTD. STI. |
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|
Registered Office : |
Demirtas Organize Sanayi Bolgesi Papatya Sokak No:12 K.1/B Bursa |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.12.2002 |
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Com. Reg. No.: |
53150 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of Fabric |
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 640,000 |
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|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MOTIF MENSUCAT SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/ Warehouse : Demirtas Organize
Sanayi Bolgesi Papatya Sokak No:12 K.1/B Bursa/Turkey |
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PHONE NUMBER |
: |
90-224-261 61 08 |
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FAX NUMBER |
: |
90-224-261 61 18 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 6220338536 |
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REGISTRATION NUMBER |
: |
53150 |
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REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
10.12.2002 (Commercial Registry Gazette
Date/No: 26.12.2002 / 5705) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 1,250,000 |
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PAID-IN CAPITAL |
: |
YTL 1,250,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 10,000 |
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|
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Regist. Capital
Changed on |
:02.08.2004 (Commercial Registry Gazette Date/No:11.08.2004/6112) |
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Previous
Registered Capital |
:YTL 250,000 |
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|
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Regist. Capital
Changed on |
:04.09.2006 (Commercial Registry Gazette
Date/No:22.09.2006/ 6648) |
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Previous Address |
:Yeni Yalova Yolu Buttim Is Merkezi E Blok
Kat:4 No:1305 Osmangazi / Bursa |
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Address Changed On |
:06.09.2005 (Commercial Registry Gazette
Date/No:23.09.2005/6396) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Sedat Usluy Muharrem Cuneyt Karakoc |
50 % 50 % |
|
GROUP PARENT COMPANY |
: |
None |
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|
SISTER COMPANIES |
: |
-Buhara Dokum-Insaat Sanayi ve Ticaret
Ltd. Sti. |
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|
SUBSIDIARIES |
: |
None |
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|
DIRECTORS |
: |
Sedat Usluy Muharrem Cuneyt Karakoc |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of fabric The subject orders fabric to be
manufactured in the name of the subject company to contract manufacturers. |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
15 |
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NET SALES |
: |
(YTL) 7,132,248 6,625,061 1,899,526 |
(2006) (2007) (01.01-31.03.2008) |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(USD) 1,000,000 550,000 |
(2007) (01.01-30.06.2008) |
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE
IMPORTED |
: |
Fabric |
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EXPORT VALUE |
: |
(YTL) 3,205,715 1,043,769 263,940 |
(2006) (2007) (01.01-31.03.2008) |
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EXPORT COUNTRIES |
: |
India, Denmark, Mexico, Slovenia, Russia,
Bulgaria, Poland, Spain, Belgium… |
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|
MERCHANDISE
EXPORTED |
: |
Fabric |
|
|
PREMISES |
: |
Head Office/ Warehouse: Demirtas Organize
Sanayi Bolgesi Papatya Sokak No:12 K.1/B Bursa (rented) Liaison Office :Buttim Is Merkezi E Blok
Bursa (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007. |
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SIZE OF BUSINESS |
: |
Lower-medium |
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FINANCE
|
MAIN DEALING BANKERS |
: |
Tekstilbank Bursa branch in Bursa Fortisbank Demirtas branch in Bursa Turk Ekonomi Bankasi Demirtas branch in
Bursa Kuveyt Turk Katilim Bankasi Demirtas
branch in Bursa |
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CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was satisfactory as of 31.12.2007. Furthermore it has to
be noted that, 32 % of total liabilities and equity was due to loans from
shareholders rather than liabilities to third parties as of 31.12.2007
indicating not too high indebtedness to third parties. |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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In order |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable/Short |
In 2007 |
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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 640,000 may be granted to the
subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
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|
31.12.07 |
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CURRENT ASSETS |
4.494.905 |
|
0,98 |
|
3.926.500 |
|
0,98 |
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Cash and Banks |
586.582 |
|
0,13 |
|
745.925 |
|
0,19 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
794.350 |
|
0,17 |
|
1.237.806 |
|
0,31 |
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Other
Receivable |
1.250 |
|
0,00 |
|
75.907 |
|
0,02 |
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Inventories |
2.218.610 |
|
0,49 |
|
1.169.176 |
|
0,29 |
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Advances
Given |
152.234 |
|
0,03 |
|
441.478 |
|
0,11 |
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Other
Current Assets |
741.879 |
|
0,16 |
|
256.208 |
|
0,06 |
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NON-CURRENT ASSETS |
72.326 |
|
0,02 |
|
73.385 |
|
0,02 |
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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) |
69.584 |
|
0,02 |
|
68.100 |
|
0,02 |
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Intangible Assets |
2.742 |
|
0,00 |
|
2.742 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
2.543 |
|
0,00 |
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TOTAL ASSETS |
4.567.231 |
|
1,00 |
|
3.999.885 |
|
1,00 |
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CURRENT LIABILITIES |
3.193.210 |
|
0,70 |
|
2.286.541 |
|
0,57 |
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Financial
Loans |
5.244 |
|
0,00 |
|
119.707 |
|
0,03 |
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Accounts
Payable |
1.213.687 |
|
0,27 |
|
800.567 |
|
0,20 |
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Loans
from Shareholders |
1.779.930 |
|
0,39 |
|
1.272.590 |
|
0,32 |
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Other
Short-term Payable |
6.742 |
|
0,00 |
|
7.981 |
|
0,00 |
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Advances
from Customers |
78.922 |
|
0,02 |
|
29.299 |
|
0,01 |
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Taxes
Payable |
77.090 |
|
0,02 |
|
6.219 |
|
0,00 |
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Provisions |
31.595 |
|
0,01 |
|
50.178 |
|
0,01 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
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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 |
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0 |
|
0,00 |
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Loans
from Shareholders |
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 |
1.374.021 |
|
0,30 |
|
1.713.344 |
|
0,43 |
|
|
|
Paid-in
Capital |
1.138.613 |
|
0,25 |
|
1.250.000 |
|
0,31 |
|
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|
Inflation
Adjustment of Capital |
3.148 |
|
0,00 |
|
3.148 |
|
0,00 |
|
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Reserves |
24.784 |
|
0,01 |
|
261.637 |
|
0,07 |
|
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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) |
207.476 |
|
0,05 |
|
198.559 |
|
0,05 |
|
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|
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|
|
|
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TOTAL LIABILITIES AND EQUITY |
4.567.231 |
|
1,00 |
|
3.999.885 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
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|
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Net Sales |
7.132.248 |
|
1,00 |
|
6.625.061 |
|
1,00 |
|
|
|
Cost of Goods Sold |
5.807.963 |
|
0,81 |
|
5.730.656 |
|
0,86 |
|
|
|
Gross Profit |
1.324.285 |
|
0,19 |
|
894.405 |
|
0,14 |
|
|
|
Operating Expenses |
950.309 |
|
0,13 |
|
566.703 |
|
0,09 |
|
|
|
Operating Profit |
373.976 |
|
0,05 |
|
327.702 |
|
0,05 |
|
|
|
Other Income |
167.480 |
|
0,02 |
|
44.904 |
|
0,01 |
|
|
|
Other Expenses |
149.550 |
|
0,02 |
|
110.080 |
|
0,02 |
|
|
|
Financial Expenses |
132.561 |
|
0,02 |
|
13.789 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
259.345 |
|
0,04 |
|
248.737 |
|
0,04 |
|
|
|
Tax Payable |
51.869 |
|
0,01 |
|
50.178 |
|
0,01 |
|
|
|
Net Profit (loss) |
207.476 |
|
0,03 |
|
198.559 |
|
0,03 |
|
FINANCIAL
RATIOS
|
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2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,41 |
|
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|
1,72 |
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Acid-Test Ratio |
0,43 |
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|
|
0,90 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,49 |
|
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|
0,29 |
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|
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Short-term Receivable/Total Assets |
0,17 |
|
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|
0,33 |
|
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Tangible Assets/Total Assets |
0,02 |
|
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|
0,02 |
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TURNOVER RATIOS |
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Inventory Turnover |
2,62 |
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|
4,90 |
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|
|
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Stockholders' Equity Turnover |
5,19 |
|
|
|
3,87 |
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|
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Asset Turnover |
1,56 |
|
|
|
1,66 |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,30 |
|
|
|
0,43 |
|
|
|
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Current Liabilities/Total Assets |
0,70 |
|
|
|
0,57 |
|
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Financial Leverage |
0,70 |
|
|
|
0,57 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
0,12 |
|
|
|
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|
Operating Profit Margin |
0,05 |
|
|
|
0,05 |
|
|
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|
Net Profit Margin |
0,03 |
|
|
|
0,03 |
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COLLECTION-PAYMENT |
|
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|
|
|
|
|
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|
Average Collection Period (days) |
40,09 |
|
|
|
67,26 |
|
|
|
|
|
Average Payable Period (days) |
75,23 |
|
|
|
50,29 |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
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%)