MIRA INFORM REPORT

 

 

Report Date :

22.12.2008

 

 

IDENTIFICATION DETAILS

 

Name :

ACEM IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Fevzi Pasa Cad. No:221 Fatih Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2008

 

 

Date of Incorporation :

31.08.1990

 

 

Com. Reg. No.:

267975

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of Durable Goods, Carpets, White Goods, Computers etc

 

 

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 190.000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

COMPANY IDENTIFICATION

 

NAME

:

ACEM IC VE DIS TICARET LTD. STI.

ADDRESS

:

Head Office/Store : Fevzi Pasa Cad. No:221 Fatih Istanbul / Turkey

Branch: Masko Mobilyacilar Sitesi 3 B-1 No:38 Ikitelli Istanbul / Turkey

PHONE NUMBER

:

90-212-523 53 95 (Head Office/Store)

90-212-675 12 22 (Branch)

FAX NUMBER

:

90-212-635 40 74 (Head Office/Store)

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE / NO

:

Marmara Kurumlar / 0040051634

REGISTRATION NUMBER

:

267975

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

31.08.1990 (Commercial Registry Gazette Date/No: 12.09.1990/2607)

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

YTL 1.000.000

PAID-IN CAPITAL

:

YTL 1.000.000

HISTORY

:

 

 

 

Previous Registered Capital

:YTL 45.000

 

 

Regist. Capital Changed on

:20.06.2005 (Commercial Registry Gazette Date/No: 23.06.2005/6331)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

 

:

Selahattin Kaya

Mehmet Kaya

Necattin Kaya

33,3350 %

33,3325 %

33,3325 %

 

GROUP PARENT COMPANY

 

:

None

SISTER COMPANIES

:

Ipek Hali Dayanikli Tuketim Mallari Sanayi Ticaret Ltd. Sti.

 

DIRECTORS

 

:

Selahattin Kaya

Mehmet Kaya

Necattin Kaya

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of durable goods, carpets, white goods, computers etc…

 

SECTOR

 

:

Commerce

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

(YTL)

5.848.719

6.137.229

5.384.608

 

(2006)

(2007)

(01.01.-30.09.2008)

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India, China, Egypt

 

MERCHANDISE IMPORTED

 

:

Carpet

EXPORT VALUE

:

(YTL)

207.453

634.138

342.842

 

 

(2006)

(2007)

(01.01.-30.09.2008)

 

EXPORT COUNTRIES

 

:

Saudi Arabia, Iran, Iraq, Germany, Northern Cyprus Turkish Republic

MERCHANDISE EXPORTED

 

:

Carpets, household goods…

 

PREMISES

:

Head Office/Store : Fevzi Pasa Cad. No:221 Fatih Istanbul (rented)

 

Branch: Levent Cad. 1. Levent Istanbul (rented)

 

Branch: Masko Mobilyacilar Sitesi 3B-1 No:38 Ikitelli Istanbul (rented)

 

Warehouse: Masko Mobilyacilar Sitesi 8D Blok No:10 Ikitelli Istanbul (rented)

 

Warehouse: Masko Mobilyacilar Sitesi No:12 Ikitelli Istanbul (rented)

 

Warehouse: Masko Mobilyacilar Sitesi 4B 842 No:15 Ikitelli Istanbul (rented)

 

 

 

TREND OF BUSINESS

:

There was a slowdown at sales volume in real terms in 2007 but there appears an upwards trend at sales volume in the first 9 months of 2008.

 

 

 

SIZE OF BUSINESS

:

Upper-medium

 

 

FINANCE

 

MAIN DEALING BANKERS

:

Kuveyt Turk Katilim Bankasi Fatih branch in Istanbul

T. Is Bankasi Findikzade branch in Istanbul

Turkiye Finans Katilim Bankasi Findikzade branch in Istanbul

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

COMMENT ON FINANCIAL POSITION

 

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

Capitalization was low as of 31.12.2007. A part of liabilities was due to loans from shareholders but major part of liabilities was to third parties as of 31.12.2007.

 

LIQUIDITY

 

Satisfactory

 

As of 31.12.2007

PROFITABILITY

 

Fair

In 2007

Low

 

Between 01.01.-30.09.2008

GAP BETWEEN COLLECTION-PAYMENT

PERIODS

 

Unfavorable

 

In 2007

GENERAL FINANCIAL

POSITION

 

Passable

 

 

CREDIT OPINION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of USD 190.000 may be granted to the subject company.

 

 

 

 

 

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.-30.11.2008)

12.08 %

1.2682

1.8727

2.3877

 

 

                                    

 

BALANCE SHEETS

 

 

 

YTL

 

 

 

 

 

31.12.07

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

9.097.694

 

0,95

 

 

 Cash and Banks

247.271

 

0,03

 

 

 Marketable Securities

0

 

0,00

 

 

 Account Receivable

5.046.425

 

0,53

 

 

 Other Receivable

0

 

0,00

 

 

 Inventories

2.779.851

 

0,29

 

 

 Advances Given

851.239

 

0,09

 

 

 Other Current Assets

172.908

 

0,02

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

455.078

 

0,05

 

 

 Long-term Receivable

139

 

0,00

 

 

 Financial Assets

15.000

 

0,00

 

 

 Tangible Fixed Assets (net)

117.561

 

0,01

 

 

 Intangible Assets

113.481

 

0,01

 

 

 Other Non-Current Assets

208.897

 

0,02

 

 

 

 

 

 

 

 

TOTAL ASSETS

9.552.772

 

1,00

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

7.750.400

 

0,81

 

 

 Financial Loans

2.857.281

 

0,30

 

 

 Accounts Payable

2.823.407

 

0,30

 

 

 Loans from Shareholders

834.793

 

0,09

 

 

 Other Short-term Payable

0

 

0,00

 

 

 Advances from Customers

1.198.889

 

0,13

 

 

 Taxes Payable

25.954

 

0,00

 

 

 Provisions

0

 

0,00

 

 

 Other Current Liabilities

10.076

 

0,00

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

0

 

0,00

 

 

 Financial Loans

0

 

0,00

 

 

 Securities Issued

0

 

0,00

 

 

 Long-term Payable

0

 

0,00

 

 

 Loans from Shareholders

0

 

0,00

 

 

 Other Long-term Liabilities

0

 

0,00

 

 

 Provisions

0

 

0,00

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

1.802.372

 

0,19

 

 

 Paid-in Capital

1.000.000

 

0,10

 

 

 Inflation Adjustment of Capital

909.050

 

0,10

 

 

 Reserves

695.672

 

0,07

 

 

 Revaluation Fund

0

 

0,00

 

 

 Accumulated Losses(-)

-939.355

 

-0,10

 

 

 Net Profit (loss)

137.005

 

0,01

 

 

TOTAL LIABILITIES AND EQUITY

9.552.772

 

1,00

 

INCOME STATEMENTS

 

 

 

YTL

 

 

 

YTL

 

 

 

 

 

2007

 

 

 

01.01.-30.09.2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

6.137.229

 

1,00

 

5.384.608

 

1,00

 

 

 Cost of Goods Sold

4.827.655

 

0,79

 

4.316.511

 

0,80

 

 

Gross Profit

1.309.574

 

0,21

 

1.068.097

 

0,20

 

 

 Operating Expenses

779.127

 

0,13

 

764.310

 

0,14

 

 

Operating Profit

530.447

 

0,09

 

303.787

 

0,06

 

 

 Other Income

114.945

 

0,02

 

11.699

 

0,00

 

 

 Other Expenses

73.134

 

0,01

 

14.706

 

0,00

 

 

 Financial Expenses

398.753

 

0,06

 

277.326

 

0,05

 

 

Profit (loss) Before Tax

173.505

 

0,03

 

23.454

 

0,00

 

 

 Tax Payable

36.500

 

0,01

 

0

 

0,00

 

 

Net Profit (loss)

137.005

 

0,02

 

23.454

 

0,00

 

 

 

FİNANCAL RATİO

 

 

2007

 

 

 

01.01.-30.09.2008

 

 

 

 

LIQUIDITY RATIOS

 

 

 

 

 

 

 

 

 

Current Ratio

1,17

 

 

 

--

 

 

 

 

Acid-Test Ratio

0,68

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

 

 

 

 

Inventory/Total Assets

0,29

 

 

 

--

 

 

 

 

Short-term Receivable/Total Assets

0,53

 

 

 

--

 

 

 

 

Tangible Assets/Total Assets

0,01

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TURNOVER RATIOS

 

 

 

 

 

 

 

 

 

Inventory Turnover

1,74

 

 

 

--

 

 

 

 

Stockholders' Equity Turnover

3,41

 

 

 

--

 

 

 

 

Asset Turnover

0,64

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STRUCTURE

 

 

 

 

 

 

 

 

 

Stockholders' Equity/Total Assets

0,19

 

 

 

--

 

 

 

 

Current Liabilities/Total Assets

0,81

 

 

 

--

 

 

 

 

Financial Leverage

0,81

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY RATIOS

 

 

 

 

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,08

 

 

 

--

 

 

 

 

Operating Profit Margin

0,09

 

 

 

0,06

 

 

 

 

Net Profit Margin

0,02

 

 

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTION-PAYMENT

 

 

 

 

 

 

 

 

 

Average Collection Period (days)

296,02

 

 

 

--

 

 

 

 

Average Payable Period (days)

210,54

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.39

UK Pound

1

Rs.70.65

Euro

1

Rs.66.33

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions