MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SERCAN MEFRUSAT DEKORASYON PAZARLAMA SAN .VE TIC. LTD.STI. |
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Registered Office : |
Turkali Mah. Nuzhetiye Cad. No:52/A Besiktas-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
29.11.1993 |
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Com. Reg. No.: |
306198 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of Doormat |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Note:
The door number of the address has been changed from “44/4” to “52/A” by
the Municipality.
COMPANY IDENTIFICATION
|
NAME |
: |
SERCAN MEFRUSAT DEKORASYON PAZARLAMA SAN .VE TIC. LTD.STI. |
|
ADDRESS |
: |
Head Office: Turkali Mah. Nuzhetiye Cad.
No:52/A Besiktas-Istanbul/Turkey Branch: Tahtakale-Istanbul/Turkey |
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PHONE NUMBER |
: |
90-212-258 76 94 |
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FAX NUMBER |
: |
90-212-227 69 27 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Besiktas / 7610054370 |
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REGISTRATION NUMBER |
: |
306198 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
29.11.1993 (Commercial Registry Gazette Date/No:03.12.1993/3419
) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 175,000 |
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PAID-IN CAPITAL |
: |
YTL 175,000 |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Habib Demirci Muzaffer Demirci |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Habib Demirci Muzaffer Demirci |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of doormat |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
5 |
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NET SALES |
: |
(YTL)
590,400 844,449 691,006 |
(2005) (2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Italy, Germany, China, India |
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MERCHANDISE
IMPORTED |
: |
Doormat |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Turkali Mah. Nuzhetiye Cad.
No:52/A Besiktas-Istanbul (rented) Branch: Tahtakale-Istanbul |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There was an upwards trend in 2006. |
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SIZE OF BUSINESS |
: |
Lower-moderate |
FINANCE
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MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Besiktas branch in
Istanbul Akbank Barbaros Bulvari branch in Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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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 31.12.2006. However 54 % of “total
liabilities and equity” was consisting of loans from shareholders” indicating
not too high indebtedness to third parties. |
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LIQUIDITY |
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Liquidity may be regarded as being high disregarding loans from shareholders
from current liabilities as of 31.12.2006. |
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PROFITABILITY |
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Low |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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In Order |
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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 80,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE
SHEETS
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YTL |
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31.12.06 |
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CURRENT ASSETS |
723.482 |
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0,90 |
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Cash and Banks |
95.613 |
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0,12 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
137.831 |
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0,17 |
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Other Receivable |
0 |
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0,00 |
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Inventories |
404.765 |
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0,50 |
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Advances Given |
74.601 |
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0,09 |
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Other Current Assets |
10.672 |
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0,01 |
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NON-CURRENT
ASSETS |
81.337 |
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0,10 |
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Long-term Receivable |
0 |
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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) |
81.742 |
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0,10 |
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Intangible Assets |
-608 |
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0,00 |
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Other Non-Current Assets |
203 |
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0,00 |
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TOTAL ASSETS |
804.819 |
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1,00 |
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CURRENT
LIABILITIES |
593.954 |
|
0,74 |
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Financial Loans |
0 |
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0,00 |
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Accounts Payable |
143.746 |
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0,18 |
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Loans from Shareholders |
436.920 |
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0,54 |
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Other Short-term Payable |
0 |
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0,00 |
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Advances from Customers |
8.417 |
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0,01 |
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Taxes Payable |
5.982 |
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0,01 |
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Provisions |
-1.111 |
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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 |
210.865 |
|
0,26 |
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Paid-in Capital |
175.000 |
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0,22 |
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Inflation Adjustment of Capital |
130.209 |
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0,16 |
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Reserves |
26.312 |
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0,03 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-126.277 |
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-0,16 |
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Net Profit (loss) |
5.621 |
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0,01 |
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TOTAL
LIABILITIES AND EQUITY |
804.819 |
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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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2006 |
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|
1.1.-30.09.2007 |
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Net Sales |
844.449 |
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1,00 |
|
691.006 |
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1,00 |
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Cost of
Goods Sold |
705.379 |
|
0,84 |
|
562.678 |
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0,81 |
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Gross Profit |
139.070 |
|
0,16 |
|
128.328 |
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0,19 |
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Operating
Expenses |
129.175 |
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0,15 |
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114.486 |
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0,17 |
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Operating Profit |
9.895 |
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0,01 |
|
13.842 |
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0,02 |
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Other
Income |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Expenses |
2.530 |
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0,00 |
|
1.267 |
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0,00 |
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Financial
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Profit (loss) Before Tax |
7.365 |
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0,01 |
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12.575 |
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0,02 |
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Tax
Payable |
1.744 |
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0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
5.621 |
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0,01 |
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12.575 |
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0,02 |
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FINANCIAL RATIOS
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2006 |
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1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,22 |
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-- |
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Acid-Test Ratio |
0,39 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,50 |
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-- |
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Short-term Receivable/Total Assets |
0,17 |
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-- |
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Tangible Assets/Total Assets |
0,10 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,74 |
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-- |
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Stockholders' Equity Turnover |
4,00 |
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-- |
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Asset Turnover |
1,05 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,26 |
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-- |
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Current Liabilities/Total Assets |
0,74 |
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-- |
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Financial Leverage |
0,74 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,03 |
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-- |
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Operating Profit Margin |
0,01 |
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|
0,02 |
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Net Profit Margin |
0,01 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
58,76 |
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-- |
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Average Payable Period (days) |
73,36 |
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-- |
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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%)