MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MEHMET DARBAZ |
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Registered Office : |
Universite Mahallesi E-5 Karayolu Uzeri No:30 Avcilar-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.07.2005. |
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Com. Reg. No.: |
626473 |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Trade of Carpet |
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 180.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REMARKS: “Evve Hali” which
is stated at your inquiry is the tradename of the establishment. The registered
full name of the establishment having the address at your inquiry is “MEHMET
DARBAZ” which is sole-proprietorship.
COMPANY IDENTIFICATION
|
NAME |
: |
MEHMET DARBAZ |
|
ADDRESS |
: |
Head Office: Universite Mahallesi E-5 Karayolu
Uzeri No:30 Avcilar-Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-509 69 98 |
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FAX NUMBER |
: |
90-212-695 83 14 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Avcilar / 20480113830 |
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REGISTRATION NUMBER |
: |
626473 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
The subject sole-proprietorship is
declared to be established on 04.07.2005. As the sole-proprietorships are not
obliged to be registered at commercial registry, it has not registered at
commercial registry until 16.05.2007. It was registered at Istanbul
Commercial Registry on 16.05.2007 (Commercial Registry Gazette
Date/No:22.05.2007/ 6813) |
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LEGAL FORM |
: |
Sole-Proprietorship |
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TYPE OF COMPANY |
: |
Private |
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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
|
SHAREHOLDERS |
: |
Mehmet Darbaz |
100 % |
|
REMARKS ON
SHAREHOLDERS |
: |
The owner, Mehmet Darbaz was born in 1964. |
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PROPERTIES OWNED BY THE OWNER/PARTNERS |
: |
Head office of the subject |
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SISTER COMPANIES |
: |
Senti Dis Ticaret Ltd. Sti. |
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DIRECTORS |
: |
Mehmet Darbaz |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of carpet |
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SECTOR |
: |
Commerce |
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TRADEMARKS
TRADED |
: |
Evve |
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NUMBER OF
EMPLOYEES |
: |
12 |
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NET SALES |
: |
(YTL) 917.920 1.478.318 1.069.141 |
(2006) (2007) (01.01.-30.09.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
India, China, Pakistan |
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MERCHANDISE
IMPORTED |
: |
Carpet |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Universite Mahallesi E-5
Karayolu Uzeri No:30 Avcilar-Istanbul (owned) |
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TREND OF BUSINESS |
: |
There
was an upwards trend at sales volume in 2007 but there appears a slowdown at
sales volume in the first 9 months of 2008. |
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SIZE
OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Avcilar branch in Istanbul Yapi ve Kredi Bankasi Avcilar branch in
Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We
are informed about a single payment delay in the last years which was
resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was fair as of 31.12.2007. A part of liabilities was
due to long term loans from owner but major part of liabilities was to third parties
as of 31.12.2007. However, the liability of the sole-proprietorships is not
limited to the capital. The owners of the sole-proprietorships are
responsible for the debtors of the sole-proprietorship with all of their
personal wealth. We are informed that, the owner of the subject owns the head
office of the subject. |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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High |
In 2007 |
In order |
Between 01.01.-30.09.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 180.000 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.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
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|
YTL |
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|
31.12.07 |
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CURRENT ASSETS |
1.188.585 |
|
0,87 |
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Cash and
Banks |
261.620 |
|
0,19 |
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Marketable Securities |
0 |
|
0,00 |
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Account
Receivable |
315.244 |
|
0,23 |
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Other
Receivable |
0 |
|
0,00 |
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Inventories |
395.228 |
|
0,29 |
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Advances
Given |
50.255 |
|
0,04 |
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Other Current
Assets |
166.238 |
|
0,12 |
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NON-CURRENT ASSETS |
170.270 |
|
0,13 |
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Long-term
Receivable |
20.200 |
|
0,01 |
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Financial
Assets |
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
144.083 |
|
0,11 |
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Intangible Assets |
1.572 |
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0,00 |
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Other
Non-Current Assets |
4.415 |
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0,00 |
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TOTAL ASSETS |
1.358.855 |
|
1,00 |
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CURRENT LIABILITIES |
478.592 |
|
0,35 |
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Financial
Loans |
69.067 |
|
0,05 |
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Accounts
Payable |
368.361 |
|
0,27 |
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Loans
from Owner |
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
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Advances
from Customers |
8.350 |
|
0,01 |
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Taxes
Payable |
12.639 |
|
0,01 |
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Provisions |
18.906 |
|
0,01 |
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Other
Current Liabilities |
1.269 |
|
0,00 |
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LONG-TERM LIABILITIES |
396.954 |
|
0,29 |
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Financial
Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
265.670 |
|
0,20 |
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Loans
from Owner |
131.284 |
|
0,10 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
483.309 |
|
0,36 |
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TOTAL LIABILITIES AND EQUITY |
1.358.855 |
|
1,00 |
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INCOME STATEMENTS
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YTL |
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YTL |
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|
2007 |
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|
1.1.-30.09.2008 |
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Net Sales |
1.478.318 |
|
1,00 |
|
1.069.141 |
|
1,00 |
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Cost of
Goods Sold |
1.151.254 |
|
0,78 |
|
796.405 |
|
0,74 |
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Gross Profit |
327.064 |
|
0,22 |
|
272.736 |
|
0,26 |
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Operating
Expenses |
187.339 |
|
0,13 |
|
204.326 |
|
0,19 |
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Operating Profit |
139.725 |
|
0,09 |
|
68.410 |
|
0,06 |
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Other
Income |
19.995 |
|
0,01 |
|
60.481 |
|
0,06 |
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Other Expenses |
6.586 |
|
0,00 |
|
52.328 |
|
0,05 |
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Financial
Expenses |
32.881 |
|
0,02 |
|
30.320 |
|
0,03 |
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Profit (loss) Before Tax |
120.253 |
|
0,08 |
|
46.243 |
|
0,04 |
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Tax
Payable |
36.944 |
|
0,02 |
|
0 |
|
0,00 |
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Net Profit (loss) |
83.309 |
|
0,06 |
|
46.243 |
|
0,04 |
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FINANCIAL RATIOS
|
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|
2007 |
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|
1.1.-30.09.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,48 |
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-- |
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Acid-Test Ratio |
1,21 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,29 |
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|
-- |
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Short-term Receivable/Total Assets |
0,23 |
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|
-- |
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Tangible Assets/Total Assets |
0,11 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,91 |
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|
-- |
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Stockholders' Equity Turnover |
3,06 |
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|
-- |
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Asset Turnover |
1,09 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,36 |
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|
-- |
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Current Liabilities/Total Assets |
0,35 |
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|
-- |
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Financial Leverage |
0,64 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,17 |
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|
-- |
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Operating Profit Margin |
0,09 |
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|
0,06 |
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Net Profit Margin |
0,06 |
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|
0,04 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
81,69 |
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|
-- |
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Average Payable Period (days) |
198,26 |
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|
-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)