MIRA INFORM REPORT
|
Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALMODE TEKSTIL VE EV GERECLERI SANAYI TICARET LTD STI |
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|
|
Registered Office : |
Kartaltepe Mah. Incirli
Cad. No:88/A Bakirkoy Istanbul |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.11.2002 |
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Com. Reg. No.: |
485867 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of carpet, rug, home textile products, giftware and glassware
and manufacture of carpet on a small scale. |
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 1.4 million |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ALMODE TEKSTIL VE EV GERECLERI SANAYI TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/ Store: Kartaltepe Mah. Incirli Cad. No:88/A Bakirkoy
Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-466 20 21 |
|
FAX NUMBER |
: |
90-212-466 20 23 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bakirkoy / 0550277698 |
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REGISTRATION NUMBER |
: |
485867 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
07.11.2002 (Commercial Registry Gazette Date/No:12.11.2002/5675) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 4,000,000 |
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PAID-IN CAPITAL |
: |
YTL 4,000,000 |
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|
HISTORY |
: |
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Previous Registered Capital |
:YTL 5,000 |
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Regist. Capital Changed on |
:12.09.2005 (Commercial Registry Gazette
Date/No:19.09.2005/6392) |
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Previous Registered Capital |
:YTL 500,000 |
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Regist. Capital Changed on |
:24.07.2007 (Commercial Registry Gazette
Date/No: 30.07.2007/6862) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Hasan Erkesim Selim Erkesim |
95 % 5 % |
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SISTER COMPANIES |
: |
Konak Hali Mobilya Ev Aletleri Tekstil Elektronik
Insaat San. ve Tic. Ltd. Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTOR |
: |
Hasan Erkesim |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of carpet, rug, home textile products, giftware and glassware
and manufacture of carpet on a small scale. |
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||
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TRADEMARKS |
: |
None |
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||
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NUMBER OF EMPLOYEES |
: |
48 |
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NET SALES |
: |
(YTL) 827,752 3,051,304 5,172,935 5,857,773 7,662,548 |
(2003) (2004) (2005) (2006) (2007) |
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CAPACITY |
: |
(Sqm. / Yr) 5,400 |
(2007) |
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IMPORT VALUE |
: |
USD 1,287,000 + EUR 264,785 USD 1,877,574 + EUR 179,682 |
(2006) (2007) |
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IMPORT COUNTRIES |
: |
India, China, Belgium, Nepal… |
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MERCHANDISE IMPORTED |
: |
Carpet |
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EXPORT VALUE |
: |
YTL 3,010 YTL 9,911 None None None |
(2003) (2004) (2005) (2006) (2007) |
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EXPORT COUNTRIES |
: |
Italy, Nigeria |
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MERCHANDISE EXPORTED |
: |
Carpets, hand-woven rugs… |
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PREMISES |
: |
Head Office / Store: Kartaltepe Mah. Incirli Cad. No:88/A Bakirkoy
Istanbul (300 sqm)(rented) Workshop: Alkop Cad. Aluminyumcular Sitesi A-5 Blok No:1 Hadimkoy Istanbul (200 sqm) (rented) There are 2 rented warehouses and 5 stores in Istanbul |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Kuveyt Turk Katilim Bankasi Bakirkoy branch in Istanbul Albaraka Turk Katilim Bankasi Bakirkoy branch in Istanbul T. Is Bankasi Bakirkoy branch in Istanbul Garanti Bankasi Bakirkoy branch in Istanbul Akbank Bakirkoy branch in Istanbul Yapi Kredi Bankasi Bakirkoy branch in Istanbul Fortisbank Bakirkoy branch in Istanbul Asya Katilim Bankasi Bakirkoy branch in Istanbul HSBC Bank Tesvikiye branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have
come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
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In order |
As of 31.12.2007 |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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Good |
In 2007 |
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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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In order |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 1.4 million may be granted to the subject company. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE
SHEETS
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
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|
31.12.07 |
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CURRENT ASSETS |
9.701.014 |
|
0,96 |
|
9.251.194 |
|
0,96 |
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Cash and
Banks |
965.272 |
|
0,10 |
|
1.213.407 |
|
0,13 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Account
Receivable |
2.588.678 |
|
0,26 |
|
4.209.657 |
|
0,43 |
|
|
|
Other
Receivable |
1.653 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
2.781.064 |
|
0,28 |
|
2.432.669 |
|
0,25 |
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Advances
Given |
2.722.752 |
|
0,27 |
|
546.241 |
|
0,06 |
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Other
Current Assets |
641.595 |
|
0,06 |
|
849.220 |
|
0,09 |
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NON-CURRENT ASSETS |
391.946 |
|
0,04 |
|
428.134 |
|
0,04 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
179.586 |
|
0,02 |
|
239.482 |
|
0,02 |
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Intangible Assets |
187.675 |
|
0,02 |
|
165.039 |
|
0,02 |
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Other
Non-Current Assets |
24.685 |
|
0,00 |
|
23.613 |
|
0,00 |
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TOTAL ASSETS |
10.092.960 |
|
1,00 |
|
9.679.328 |
|
1,00 |
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CURRENT LIABILITIES |
7.594.959 |
|
0,75 |
|
4.620.714 |
|
0,48 |
|
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Financial
Loans |
4.536.292 |
|
0,45 |
|
2.818.989 |
|
0,29 |
|
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Accounts
Payable |
2.906.692 |
|
0,29 |
|
1.675.481 |
|
0,17 |
|
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Loans
from Shareholders |
64.760 |
|
0,01 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
15.275 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
53.038 |
|
0,01 |
|
17.197 |
|
0,00 |
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Provisions |
18.843 |
|
0,00 |
|
25.422 |
|
0,00 |
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Other
Current Liabilities |
59 |
|
0,00 |
|
83.625 |
|
0,01 |
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LONG-TERM LIABILITIES |
1.676.678 |
|
0,17 |
|
713.176 |
|
0,07 |
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Financial
Loans |
766.678 |
|
0,08 |
|
713.176 |
|
0,07 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
910.000 |
|
0,09 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
821.323 |
|
0,08 |
|
4.345.438 |
|
0,45 |
|
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Paid-in
Capital |
282.933 |
|
0,03 |
|
4.000.000 |
|
0,41 |
|
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|
Reserves |
237.955 |
|
0,02 |
|
26.919 |
|
0,00 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
300.435 |
|
0,03 |
|
318.519 |
|
0,03 |
|
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|
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TOTAL LIABILITIES AND EQUITY |
10.092.960 |
|
1,00 |
|
9.679.328 |
|
1,00 |
|
The financial statements of
2007 have not become certain yet
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INCOME STATEMENTS
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YTL |
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|
YTL |
|
|
|
|
|
|
2006 |
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|
2007 |
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Net Sales |
5.857.773 |
|
1,00 |
|
7.662.548 |
|
1,00 |
|
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|
Cost of
Goods Sold |
4.043.736 |
|
0,69 |
|
5.811.956 |
|
0,76 |
|
|
|
Gross Profit |
1.814.037 |
|
0,31 |
|
1.850.592 |
|
0,24 |
|
|
|
Operating
Expenses |
1.230.329 |
|
0,21 |
|
1.283.318 |
|
0,17 |
|
|
|
Operating Profit |
583.708 |
|
0,10 |
|
567.274 |
|
0,07 |
|
|
|
Other
Income |
32.078 |
|
0,01 |
|
500.923 |
|
0,07 |
|
|
|
Other
Expenses |
8.937 |
|
0,00 |
|
98.812 |
|
0,01 |
|
|
|
Financial
Expenses |
230.370 |
|
0,04 |
|
567.241 |
|
0,07 |
|
|
|
Profit (loss) Before Tax |
376.479 |
|
0,06 |
|
402.144 |
|
0,05 |
|
|
|
Tax
Payable |
76.044 |
|
0,01 |
|
83.625 |
|
0,01 |
|
|
|
Net Profit (loss) |
300.435 |
|
0,05 |
|
318.519 |
|
0,04 |
|
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FINANCIAL
RATIOS
|
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2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,28 |
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|
2,00 |
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Acid-Test Ratio |
0,47 |
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|
1,17 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,28 |
|
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|
0,25 |
|
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Short-term Receivable/Total Assets |
0,26 |
|
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|
0,43 |
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Tangible Assets/Total Assets |
0,02 |
|
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|
0,02 |
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TURNOVER RATIOS |
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Inventory Turnover |
1,45 |
|
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|
2,39 |
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|
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Stockholders' Equity Turnover |
7,13 |
|
|
|
1,76 |
|
|
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Asset Turnover |
0,58 |
|
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|
0,79 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,08 |
|
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|
0,45 |
|
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Current Liabilities/Total Assets |
0,75 |
|
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|
0,48 |
|
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Financial Leverage |
0,92 |
|
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|
0,55 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,37 |
|
|
|
0,07 |
|
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Operating Profit Margin |
0,10 |
|
|
|
0,07 |
|
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Net Profit Margin |
0,05 |
|
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|
0,04 |
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COLLECTION-PAYMENT |
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|
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|
|
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Average Collection Period (days) |
159,09 |
|
|
|
197,78 |
|
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Average Payable Period (days) |
339,79 |
|
|
|
103,78 |
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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%)