MIRA
INFORM REPORT
|
Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SENA TEKS-SUKRU ILYAS |
|
|
|
|
Registered Office : |
Sururi Mah. Mahmutpasa Cad. Irfaniye Carsi No:186/46-47 Eminonu
Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.06.2001 |
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Com. Reg. No.: |
467764 |
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|
Legal Form : |
Sole-Proprietorship |
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|
Line of Business : |
Wholesale trade of textile products |
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 125,000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
SENA TEKS-SUKRU ILYAS |
|
ADDRESS |
: |
Head Office&Store: Sururi Mah. Mahmutpasa
Cad. Irfaniye Carsi No:186/46-47 Eminonu Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-519 74 89 |
|
FAX NUMBER |
: |
90-212-519 74 89 |
|
GSM NUMBER |
: |
90-535-290 04 90 (Gsm number of Sukru
Ilyas) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mercan / 29845890218 From
the beginning of year 2007,the sole proprietorships perform fiscal
manipulations with personal ID number instead of tax number. So the number of the subject changed from 4740109647
to 29845890218 for fiscal manipulations |
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REGISTRATION NUMBER |
: |
467764 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
The subject sole-proprietorship is declared
to be established on 22.06.2001. As the sole-proprietorships are not obliged
to be registered at commercial registry, it has not registered at commercial
registry until December 2001. It was registered at Istanbul Commercial
Registry on 26.12.2001(Commercial Registry Gazette Date/No: 02.01.2002/5456) |
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LEGAL FORM |
: |
Sole-Proprietorship |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
The liability of the sole-proprietorships is
not limited to the capital. The owners of the sole-proprietorships are
responsible for the debts of the sole-proprietorships with all of their
personal wealth. |
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HISTORY |
: |
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Previous Address |
:Sumer Mah. 4/1 Sok. No:9 Zeytinburnu Istanbul |
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Address Changed On |
: 06.07.2007 (Commercial Registry Gazette
Date/No: 11.07.2007/6849) |
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OWNERSHIP /
MANAGEMENT
|
OWNER |
: |
Sukru Ilyas The owner Sukru Ilyas was born in 1972 |
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|
|
Other companies owned by the owner are
declared to be : None Properties owned by the owner: No detailed
information about real estates of the owner. |
|
DIRECTORS |
: |
Sukru Ilyas |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Wholesale trade of textile products |
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|
SECTOR |
: |
Commerce |
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|
TRADEMARK(S) |
: |
None |
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|
NUMBER OF
EMPLOYEES |
: |
3 |
|
|
NET SALES |
: |
(YTL) 388,468 417,821 901,101 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
YTL 402,498 YTL 891,023 YTL 799,430 |
(2005) (2006) (01.01.-30.09.2007) |
|
|
|
The firm had amounts of imports which were over its sales volume, the
subject was working with high amounts of inventories in 2005 and 2006. |
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IMPORT COUNTRIES |
: |
India, China… |
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MERCHANDISE
IMPORTED |
: |
Scarfs, shawls, table clothes, dowry
products |
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PREMISES |
: |
Head Office&Store: Sururi Mah.
Mahmutpasa Cad. Irfaniye Carsi No:186/46-47 Eminonu Istanbul Branch: Kapalicarsi Yorgancilar Cad. No:42
Eminonu Istanbul (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Trend of business was steady in 2006,
there was an upwards trend in the first 9 months of 2007. |
|
SIZE OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi in Istanbul |
|
CREDIT FACILITIES |
: |
The subject rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
The capitalization was insufficient as of 31.12.2006.
It has to be noted that, 69 % of “total liabilities and equity” was
consisting of “loans from the owner” rather than liabilities to third parties
indicating very low indebtedness to third parties. It has to be noted that
the liability of the sole-proprietorships is not limited to the capital. The
owners of the sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth. However we have no
detailed information about real estates of the owner |
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LIQUIDITY |
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|
Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from the owner” from “current liabilities” |
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PROFITABILITY |
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|
High |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2006 |
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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 125,000 may be granted to the subject
company.
|
|
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 |
||||||||
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|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT ASSETS |
280.037 |
|
0,99 |
|
835.467 |
|
0,97 |
|
|
|
Cash and
Banks |
375 |
|
0,00 |
|
2.170 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
0 |
|
0,00 |
|
52.839 |
|
0,06 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
701 |
|
0,00 |
|
|
|
Inventories |
242.340 |
|
0,85 |
|
694.998 |
|
0,81 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
37.322 |
|
0,13 |
|
84.759 |
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
3.816 |
|
0,01 |
|
22.693 |
|
0,03 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
2.937 |
|
0,01 |
|
21.207 |
|
0,02 |
|
|
|
Intangible Assets |
879 |
|
0,00 |
|
703 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
783 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL ASSETS |
283.853 |
|
1,00 |
|
858.160 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
38.390 |
|
0,14 |
|
607.632 |
|
0,71 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
7.000 |
|
0,01 |
|
|
|
Accounts
Payable |
0 |
|
0,00 |
|
170 |
|
0,00 |
|
|
|
Loans
from the owner |
36.805 |
|
0,13 |
|
596.069 |
|
0,69 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
1.585 |
|
0,01 |
|
4.393 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from the owner |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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|
|
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|
STOCKHOLDERS' EQUITY |
245.463 |
|
0,86 |
|
250.528 |
|
0,29 |
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
283.853 |
|
1,00 |
|
858.160 |
|
1,00 |
|
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|
INCOME STATEMENTS |
||||||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
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|
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|
Net Sales |
388.468 |
|
1,00 |
|
417.821 |
|
1,00 |
|
901.101 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
305.121 |
|
0,79 |
|
316.078 |
|
0,76 |
|
851.171 |
|
0,94 |
|
|
|
Gross Profit |
83.347 |
|
0,21 |
|
101.743 |
|
0,24 |
|
49.930 |
|
0,06 |
|
|
|
Operating
Expenses |
44.363 |
|
0,11 |
|
55.397 |
|
0,13 |
|
33.000 |
|
0,04 |
|
|
|
Operating Profit |
38.984 |
|
0,10 |
|
46.346 |
|
0,11 |
|
16.930 |
|
0,02 |
|
|
|
Other
Income |
6.210 |
|
0,02 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
45.194 |
|
0,12 |
|
46.346 |
|
0,11 |
|
16.928 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
45.194 |
|
0,12 |
|
46.346 |
|
0,11 |
|
16.928 |
|
0,02 |
|
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FINANCIAL RATIOS |
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2005 |
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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 |
7,29 |
|
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|
1,37 |
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|
-- |
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Acid-Test Ratio |
0,01 |
|
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|
0,09 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,85 |
|
|
|
0,81 |
|
|
|
-- |
|
|
|
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Short-term Receivable/Total Assets |
0,00 |
|
|
|
0,06 |
|
|
|
-- |
|
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|
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Tangible Assets/Total Assets |
0,01 |
|
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|
0,02 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,26 |
|
|
|
0,45 |
|
|
|
-- |
|
|
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Stockholders' Equity Turnover |
1,58 |
|
|
|
1,67 |
|
|
|
-- |
|
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Asset Turnover |
1,37 |
|
|
|
0,49 |
|
|
|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,86 |
|
|
|
0,29 |
|
|
|
-- |
|
|
|
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Current Liabilities/Total Assets |
0,14 |
|
|
|
0,71 |
|
|
|
-- |
|
|
|
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Financial Leverage |
0,14 |
|
|
|
0,71 |
|
|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,18 |
|
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|
0,18 |
|
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|
-- |
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Operating Profit Margin |
0,10 |
|
|
|
0,11 |
|
|
|
0,02 |
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Net Profit Margin |
0,12 |
|
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|
0,11 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
0,00 |
|
|
|
45,53 |
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|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
0,00 |
|
|
|
0,19 |
|
|
|
-- |
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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%)