MIRA INFORM REPORT
|
Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELMAS ITHALAT IHRACAT VE TICARET LTD. STI.- |
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Registered Office : |
Tekstil Kent Galeria A 10 Blok No:12 Esenler-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.08.2002 |
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Com. Reg. No.: |
480859 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of Textile Dye |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 10.000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
ELMAS ITHALAT IHRACAT VE TICARET LTD. STI. |
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ADDRESS |
: |
Head Office: Tekstil Kent Galeria A 10
Blok No:12 Esenler-Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-438 02 98 |
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FAX NUMBER |
: |
90-212-438 02 99 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Atisalani / 3330436866 |
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REGISTRATION NUMBER |
: |
480859 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
08.08.2002 (Commercial Registry Gazette
Date/No:13.08.2002/5612) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 100.000 |
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PAID-IN CAPITAL |
: |
YTL 100.000 |
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HISTORY |
: |
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Previous Registered Capital |
:YTL 5.000 |
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Regist. Capital Changed on |
:29.12.2006 (Commercial Registry Gazette
Date/No:11.01.2007/6721) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Ali Elmas Abdullah Elmas Gulizar Elmas |
76 % 19 % 5
% |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ali Elmas |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of textile dye |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
5 |
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NET SALES |
: |
(YTL) 1.293.753 907.779 437.522 |
(2006) (2007) (01.01.-30.09.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(USD) 730.000 |
(2007) |
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REMARKS ON
IMPORT |
: |
The firm has amounts of import which is over its sales volume, the firm
is working with high amounts of inventories. |
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IMPORT COUNTRIES |
: |
India, Pakistan |
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MERCHANDISE
IMPORTED |
: |
Textile dye |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Tekstil Kent Galeria A 10 Blok
No:12 Esenler-Istanbul (rented) Warehouse: Hadimkoy-Istanbul (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 and there appears a decline at sales volume in the first 9
months of 2008. |
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SIZE OF BUSINESS |
: |
Modest |
FINANCE
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MAIN DEALING BANKERS |
: |
Akbank Yildiz Posta branch in Istanbul Yapi ve Kredi Bankasi Zeytinburnu branch in
Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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Capitalization was insufficient as of 31.12.2007. However it has to be
noted that, 29 % of total liabilities and equity was consisting of 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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Liquidity was good as of 31.12.2007 but there
was an unfavorable gap between the collection and payment periods adversely
affecting liquidity. |
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PROFITABILITY |
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Fair |
In 2007 |
Low |
Between 01.01.-30.09.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Passable |
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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 10.000 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 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
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(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE
SHEET
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YTL |
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31.12.07 |
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CURRENT ASSETS |
633.140 |
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0,96 |
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Cash and
Banks |
7.271 |
|
0,01 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
461.731 |
|
0,70 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
142.911 |
|
0,22 |
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Advances
Given |
20.022 |
|
0,03 |
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Other
Current Assets |
1.205 |
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0,00 |
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NON-CURRENT ASSETS |
25.774 |
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0,04 |
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Long-term Receivable |
495 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
25.279 |
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0,04 |
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Intangible Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
658.914 |
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1,00 |
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CURRENT LIABILITIES |
516.183 |
|
0,78 |
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Financial
Loans |
178.557 |
|
0,27 |
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Accounts
Payable |
141.379 |
|
0,21 |
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Loans
from Shareholders |
190.436 |
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0,29 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances
from Customers |
0 |
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0,00 |
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Taxes
Payable |
3.898 |
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0,01 |
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Provisions |
1.913 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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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 |
0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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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 |
142.731 |
|
0,22 |
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Paid-in
Capital |
100.000 |
|
0,15 |
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Reserves |
28.369 |
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0,04 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net
Profit (loss) |
14.362 |
|
0,02 |
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TOTAL LIABILITIES AND EQUITY |
658.914 |
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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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01.01.-30.09.2008 |
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Net Sales |
907.779 |
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1,00 |
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437.522 |
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1,00 |
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Cost of
Goods Sold |
836.401 |
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0,92 |
|
377.153 |
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0,86 |
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Gross Profit |
71.378 |
|
0,08 |
|
60.369 |
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0,14 |
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Operating
Expenses |
38.354 |
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0,04 |
|
43.263 |
|
0,10 |
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Operating Profit |
33.024 |
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0,04 |
|
17.106 |
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0,04 |
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Other
Income |
5.912 |
|
0,01 |
|
4.911 |
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0,01 |
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Other
Expenses |
2.902 |
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0,00 |
|
2.813 |
|
0,01 |
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Financial
Expenses |
18.011 |
|
0,02 |
|
14.194 |
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0,03 |
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Profit (loss) Before Tax |
18.023 |
|
0,02 |
|
5.010 |
|
0,01 |
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Tax
Payable |
3.661 |
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0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
14.362 |
|
0,02 |
|
5.010 |
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0,01 |
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FINANCIAL
RATIOS
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2007 |
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01.01.-30.09.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,23 |
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-- |
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Acid-Test Ratio |
0,91 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,22 |
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-- |
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Short-term Receivable/Total Assets |
0,70 |
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-- |
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Tangible Assets/Total Assets |
0,04 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
5,85 |
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-- |
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Stockholders' Equity Turnover |
6,36 |
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-- |
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Asset Turnover |
1,38 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,22 |
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-- |
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Current Liabilities/Total Assets |
0,78 |
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-- |
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Financial Leverage |
0,78 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,10 |
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|
-- |
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Operating Profit Margin |
0,04 |
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|
0,04 |
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Net Profit Margin |
0,02 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
183,31 |
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-- |
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Average Payable Period (days) |
60,85 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
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 |
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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%)