MIRA
INFORM REPORT
|
Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EYUP TEKSTIL KADIFE SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Terazidere Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa-Istanbul |
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
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|
Date of Incorporation : |
07.08.1995 |
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|
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|
Com. Reg. No.: |
333688 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufacture and Trade of Velvet Woven Fabric |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 15,000 |
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|
|
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
EYUP TEKSTIL KADIFE SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Production Plant: Terazidere
Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa-Istanbul/Turkey Administrative Office: Terazidere Mah.
Meltem Sok. No:14 Bayrampasa-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-613 12 74 (Head Office) 90-212-577 77 44 (Administrative Office) |
|
FAX NUMBER |
: |
90-212-612 73 04 (Administrative Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bayrampasa / 3840042820 |
|
REGISTRATION NUMBER |
: |
333688 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
07.08.1995 (Commercial Registry Gazette Date/No:
10.08.1995 / 3847) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 250,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 30,000 |
|
|
|
|
Regist. Capital Changed on |
: 26.12.2006 (Commercial Registry Gazette
Date/No: 29.12.2006 / 6715) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Abdullah Karakas Sonay Karakas |
75 % 25 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
DIRECTOR |
: |
Abdullah Karakas |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of velvet woven
fabric. |
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|
SECTOR |
: |
Textile |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
17 |
|
|
NET SALES |
: |
(YTL) 358,178 766,902 697,757 813,754 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
IMPORT |
: |
The firm has not performed any imports
yet. It is planning to import yarn from India. |
|
|
EXPORT VALUE |
: |
(YTL) 57,981 362,999 577,465 660,119 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Russia, Ukraine, Kazakhstan, Moldavia |
|
|
MERCHANDISE
EXPORTED |
: |
Chenille fabric, yarn etc… |
|
|
PREMISES |
: |
Head Office/Production Plant: Terazidere Mah.
Funda Sok. Ustun Ishani No:16/2 Bayrampasa-Istanbul (rented) Administrative Office: Terazidere Mah.
Meltem Sok. No:14 Bayrampasa-Istanbul (rented) Workshop: Terazidere Mah. Funda Sok. No:29
Bayrampasa-Istanbul (rented) Branch: Vatan Mahallesi Eski Kaldirim Sk.
No:32/3 Bayrampasa - Istanbul |
|
TREND OF
BUSINESS |
: |
Fluctuating |
|
SIZE OF BUSINESS |
: |
Lower moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Kuveyt Turk Katilim Bankasi Bayrampasa
branch in Istanbul Albaraka Turk Katilim Bankasi Bayrampasa
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) |
||||
|
Capitalization was low as of 31.12.2006.
However it has to be noted that, 75 % of total liabilities and equity was
consisting of loans from shareholders rather than liabilities to third parties
as of 31.12.2006 indicating not too high
indebtedness to third parties. |
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|
LIQUIDITY |
||||
|
Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
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|
Net Loss |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
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|
GENERAL
FINANCIAL POSITION |
||||
|
The firm had net loss in 2006 but profitability was low in the first 9
months of 2007. Capitalization was low
as of 31.12.2006 but indebtedness to third parties was not too high.
Liquidity may be regarded as being high as of 31.12.2006 disregarding “loans
from shareholders” from “current liabilities”. |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that credit relation
is admissible with the subject. However the subject is a limited company so
the liability of the shareholders is limited to the capital share of the shareholders.
So in view of its amount of equity total, we are of the opinion that, the
subject is suitable for a max. credit of USD 15,000 . |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(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 |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
745.665 |
|
0,93 |
|
911.595 |
|
0,94 |
|
|
|
Cash and Banks |
781 |
|
0,00 |
|
15.541 |
|
0,02 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
459.790 |
|
0,58 |
|
283.435 |
|
0,29 |
|
|
|
Other
Receivable |
30.718 |
|
0,04 |
|
3.723 |
|
0,00 |
|
|
|
Inventories |
205.037 |
|
0,26 |
|
520.161 |
|
0,54 |
|
|
|
Advances Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current
Assets |
49.339 |
|
0,06 |
|
88.735 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
53.290 |
|
0,07 |
|
60.489 |
|
0,06 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed
Assets (net) |
53.290 |
|
0,07 |
|
60.489 |
|
0,06 |
|
|
|
Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
798.955 |
|
1,00 |
|
972.084 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
733.975 |
|
0,92 |
|
911.795 |
|
0,94 |
|
|
|
Financial Loans |
16.943 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
134.634 |
|
0,17 |
|
176.257 |
|
0,18 |
|
|
|
Loans from
Shareholders |
544.456 |
|
0,68 |
|
729.404 |
|
0,75 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from
Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
35.400 |
|
0,04 |
|
5.007 |
|
0,01 |
|
|
|
Provisions |
2.542 |
|
0,00 |
|
1.127 |
|
0,00 |
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
64.980 |
|
0,08 |
|
60.289 |
|
0,06 |
|
|
|
Paid-in Capital |
30.000 |
|
0,04 |
|
30.000 |
|
0,03 |
|
|
|
Inflation Adjustment
of Capital |
76.355 |
|
0,10 |
|
76.355 |
|
0,08 |
|
|
|
Reserves |
897 |
|
0,00 |
|
4.201 |
|
0,00 |
|
|
|
Revaluation
Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated
Losses(-) |
-45.575 |
|
-0,06 |
|
-45.575 |
|
-0,05 |
|
|
|
Net Profit
(loss) |
3.303 |
|
0,00 |
|
-4.692 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
798.955 |
|
1,00 |
|
972.084 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
766.902 |
|
1,00 |
|
697.757 |
|
1,00 |
|
813.754 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
701.234 |
|
0,91 |
|
579.544 |
|
0,83 |
|
705.502 |
|
0,87 |
|
|
|
Gross Profit |
65.668 |
|
0,09 |
|
118.213 |
|
0,17 |
|
108.252 |
|
0,13 |
|
|
|
Operating
Expenses |
50.344 |
|
0,07 |
|
116.892 |
|
0,17 |
|
102.185 |
|
0,13 |
|
|
|
Operating Profit |
15.324 |
|
0,02 |
|
1.321 |
|
0,00 |
|
6.067 |
|
0,01 |
|
|
|
Other Income |
5.540 |
|
0,01 |
|
4.592 |
|
0,01 |
|
96 |
|
0,00 |
|
|
|
Other Expenses |
12.223 |
|
0,02 |
|
9.478 |
|
0,01 |
|
1.909 |
|
0,00 |
|
|
|
Financial
Expenses |
626 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
8.015 |
|
0,01 |
|
-3.565 |
|
-0,01 |
|
4.254 |
|
0,01 |
|
|
|
Tax Payable |
4.712 |
|
0,01 |
|
1.127 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
3.303 |
|
0,00 |
|
-4.692 |
|
-0,01 |
|
4.254 |
|
0,01 |
|
|
|
FINANCIAL
RATIOS
|
||||||||||||
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|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
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|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,02 |
|
|
|
1,00 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,67 |
|
|
|
0,33 |
|
|
|
-- |
|
|
|
|
|
|
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|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,26 |
|
|
|
0,54 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,61 |
|
|
|
0,30 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,07 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,42 |
|
|
|
1,11 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
11,80 |
|
|
|
11,57 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,96 |
|
|
|
0,72 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,08 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,92 |
|
|
|
0,94 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,92 |
|
|
|
0,94 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
-0,08 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,00 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
-0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
215,84 |
|
|
|
146,24 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
69,12 |
|
|
|
109,49 |
|
|
|
-- |
|
|
|
|
|
|
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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%)