MIRA
INFORM REPORT
|
Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CAGATAY DERI TEKSTIL GIDA SANAYI VE TICARET LTD STI |
|
|
|
|
Formerly Known As : |
CAGATAY DERI TEKSTIL MOBILYA HEDIYELIK ESYA INSAAT SANAYI VE TICARET
LTD STI |
|
|
|
|
Registered Office : |
Sumer Mah 8 Sk. No. 54-56 Dukkan 1, Casever Apt., Zeytinburnu-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15.01.1999 |
|
|
|
|
Com. Reg. No.: |
412637 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of leather products such as leather-wear, footwear etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
NAME : CAGATAY DERI TEKSTIL GIDA SANAYI VE TICARET LTD. STI.
ADDRESS : Head Office: Sumer Mah. 8. Sk. No:54-56 Dukkan 1 Cansever Apt.
Zeytinburnu – Istanbul / Turkey
PHONE NUMBER : 90-212-665 13 07
FAX NUMBER : 90-212-510
67 70
LEGAL STATUS AND
HISTORY
TAX OFFICE / NO : Zeytinburnu
/ 2160137455
REGISTRATION NUMBER : 412637
REGISTERED OFFICE : Istanbul
Chamber of Commerce
DATE ESTABLISHED : 15.01.1999
(Commercial Registry Gazette Date/No: 27.01.1999 / 4718)
LEGAL FORM : Limited Company
TYPE OF COMPANY : Private
REGISTERED CAPITAL : YTL
5,000
PAID-IN CAPITAL : YTL
5,000
HISTORY
Previous Name :
CAGATAY DERI TEKSTIL MOBILYA HEDIYELIK ESYA INSAAT SANAYI VE TICARET LTD. STI.
Name Changed On : 27.09.2004 (Commercial Registry Gazette
Date/No: 30.09.20047 / 6147)
OWNERSHIP /
MANAGEMENT
SHAREHOLDERS :
Rahman Karapasaoglu 95 %
Gokhan Sezer 5 %
GROUP PARENT COMPANY
: None
SUBSIDIARIES : None
DIRECTORS : Rahman Karapasaoglu
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of leather products such as
leather-wear, footwear etc. |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
10 |
|
|
NET SALES |
: |
(YTL) 39,443 48,960 54,270 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
The firm has not performed any imports yet.
It is planning to import leather products from Spain, Italy, India and
Pakistan. |
|
|
EXPORT VALUE |
: |
None |
|
|
PREMISES |
: |
Head Office: Sumer Mah. 8. Sk. No:54-56
Dukkan 1 Cansever Apt. Zeytinburnu – Istanbul (rented) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
SIZE OF BUSINESS :
Small
FINANCE
MAIN DEALING BANKERS : Yapi ve Kredi Bankasi Bulvar branch
in Istanbul
CREDIT FACILITIES : No credit facility has come to our
knowledge.
PAYMENT BEHAVIOUR : No payment delays have come to our knowledge.
COMMENT ON FINANCIAL
POSITION
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)
YTL 362,640 of total liabilities and equity was due to loans from shareholders but the subject had negative stockholders’ equity as of 31.12.2006.
LIQUIDITY
Liquidity may be
regarded as being high as of 31.12.2006 disregarding loans from shareholders
from current liabilities.
PROFITABILITY
The subject had heavy gross, operating and net losses in 2006 and had heavy operating and net losses between 01.01.30.09.2007.
GAP BETWEEN COLLECTION-PAYMENT PERIODS
Favorable In 2006
GENERAL FINANCIAL POSITION
Poor
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION: We
are of the opinion that, business relation is not admissible with the subject
unless there is full security.
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
BALANCE SHEETS
YTL
31.12.06
CURRENT ASSETS 110.268 0,72
Cash and Banks 57.769 0,38
Marketable Securities 0 0,00
Account Receivable 11.852 0,08
Other Receivable 0 0,00
Inventories 14.831 0,10
Advances Given 0 0,00
Other Current Assets 25.816 0,17
NON-CURRENT ASSETS 42.968 0,28
Long-term Receivable 0 0,00
Financial Assets 0 0,00
Tangible Fixed Assets (net) 41.178 0,27
Intangible Assets 1.790 0,01
Other Non-Current Assets 0 0,00
TOTAL ASSETS 153.236 1,00
CURRENT LIABILITIES 393.613 2,57
Financial Loans 0 0,00
Accounts Payable 26.088 0,17
Loans from Shareholders 362.640 2,37
Other Short-term Payable 0 0,00
Advances from Customers 3.955 0,03
Taxes Payable 930 0,01
Provisions 0 0,00
Other Current Liabilities 0 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 -240.377 -1,57
TOTAL LIABILITIES AND EQUITY 153.236 1,00
INCOME STATEMENTS
YTL YTL
2006 1.1.-30.09.2007
Net Sales 48.960 1,00 54.270 1,00
Cost of Goods Sold 99.127 2,02 35.000 0,64
Gross Profit -50.167 -1,02 19.270 0,36
Operating Expenses 63.031 1,29 40.097 0,74
Operating Profit -113.198 -2,31 -20.827 -0,38
Other Income 17.685 0,36 0 0,00
Other Expenses 8.892 0,18 0 0,00
Financial Expenses 0 0,00 0 0,00
Profit (loss) Before Tax -104.405 -2,13 -20.827 -0,38
Tax Payable 0 0,00 0 0,00
Net Profit (loss) -104.405 -2,13 -20.827 -0,38
FINANCIAL RATIOS
2006 1.1.-30.09.2007
LIQUIDITY RATIOS
Current Ratio 0,28 --
Acid-Test Ratio 0,18 --
ASSET STRUCTURE RATIOS
Inventory/Total Assets 0,10
--
Short-term Receivable/Total Assets 0,08
--
Tangible Assets/Total Assets 0,27 --
TURNOVER RATIOS
Inventory Turnover 6,68 --
Stockholders' Equity Turnover -0,20 --
Asset Turnover 0,32 --
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets -1,57 --
Current Liabilities/Total Assets 2,57 --
Financial Leverage 2,57 --
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq. 0,43 --
Operating Profit Margin -2,31 -0,38
Net Profit Margin -2,13 -0,38
COLLECTION-PAYMENT
Average Collection Period (days) 87,15 --
Average Payable Period (days) 94,74 --
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%)